8th Jul 2016 07:09
LONDON (Alliance News) - Rare Earth Minerals PLC Friday said Macarthur Minerals Ltd, an exploration and production company in which it holds a stake, has expanded a joint venture in Western Australia.
Rare Earth holds a 15.5% stake in Macarthur Minerals, an Australian company listed in Toronto.
"Macarthur continues to demonstrate its ability to identify highly prospective areas for lithium development and we welcome the expansion of the memorandum of understanding with Venturex Resources," said Kiran Morzaria, chief executive of Rare Earth.
Macarthur and Venturex only recently signed the original memorandum of understanding that facilitates the partnership between the two firms within the lithium space, and the expansion has now included the lithium rights on the Whim Creek project in Western Australia.
Whim Creek covers approximately 124 square kilometres of mining and exploration licences and it is intended that the area will be fast-tracked for drilling and exploration once it has been confirmed as prospective for lithium, Rare Earth said.
Rare Earth shares were up 2.3% to 0.440 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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