Africa-Press – Zimbabwe. UK Correspondent & Agencies
TORONTO-BASED Li3 Lithium Corp. has doubled its interest in Mutare Lithium to 50 percent and taken over operatorship and management of the exploration programme at the project in eastern Zimbabwe.
The development comes after assumed 100% control of Li3 Resources which had a 50% interest in the Mutare project with the balanced controlled by Premier Africa Minerals.
François Auclair, CEO of Li3 Lithium, has visited the Mutare Project twice since February and believes it has excellent potential for large-scale lithium mineralization.
“There are numerous spodumene rich pegmatites visible at surface and the project is adjacent to the large-scale Sabi Star Lithium Mine which recently commenced production,” he said in a company statement.
“Li3 Lithium is confident about the presence of lithium but what remains to be determined are its tonnage, grade and mineralogy.
“For this reason, we have mobilised a full exploration team. An aggressive exploration program on the Mutare Project is now underway with initial results expected in the coming weeks and months.”
Li3 Lithium is focused on acquiring and developing hard rock lithium assets in Zimbabwe where the founders have significant experience and relationships.
“As evidenced by recent market growth, hard rock lithium deposits are forecast to continue to dominate the global supply of lithium given the scarcity, complexity and capital-intensive nature of alternative brine sources,” the company statement added.
Zimbabwe, which is estimated to hold Africa’s largest lithium resources and the fifth largest globally, is rapidly emerging as an important player within the lithium supply chain.
Over the past year, major Chinese battery metals companies have committed approximately US$1.4 billion to acquire and develop lithium projects in Zimbabwe.
In November 2021, Chengxin Lithium Group acquired a 51 percent ownership interest in the Sabi Star Lithium Tantalum Mine for US$76.5 million.