Mineral Commodities Ltd. said Jan. 10 that, through its wholly owned subsidiary MRC Exploration Australia Pty. Ltd., it entered into a term sheet to earn up to a 90% interest in lithium-tantalum prospective tenement package in Western Australia.
The tenement package comprises M59/714, held by private owner Angelo Levissianos, as well as E59/2325 and E59/2326, which are currently both held by MRC Exploration Australia after being introduced by Levissianos.
Under the deal, the explorer may earn the interest by paying A$45,000 to Levissianos and sole funding exploration work, including an eight-hole drilling program, within a two-year period. Levissianos will retain a 10% free carried interest up to a decision to mine, or may elect to convert to a 2% net smelter royalty.