Eastern Resources and Yongxing Special Materials Australia Pty Ltd have incorporated a company to seek lepidolite lithium projects in Australia
Eastern Resources Limited (“Eastern Resources” or the “Company”) is pleased to announce that a new company, EFE Yongxing Pty Ltd (“JV Company”), has been incorporated by Eastern Resources and Yongxing Special Materials Australia Pty Ltd (“YSMA”), a subsidiary of Yongxing Special Materials technology Co. Ltd (“YONGXING”). Eastern Resources has 60% interest in the JV Company by contributing $100,000 and YSMA has 40% interest by contributing $900,000.
The JV Company is the corporate entity through which the Company and YSMA will seek lepidolite projects in Australia (“Projects”) and carry out any works related to pre-acquisition of the Projects, consistent with the parties’ objectives as set out in the Strategic Partnership with YONGXING (refer ASX release – 4 May 2022). Utilising the JV Company, Eastern Resources can increase focus not only on lepidolite projects, but also on lithium projects with both lepidolite and spodumene potential.
Eastern Resources has strengthened its relationship with YONGXING which focusses on lepidolite lithium mineralisation and YAHUA (refer ASX release – 15 November 2021) which focusses on spodumene lithium mineralisation. These two strategic relationships provide Eastern Resources with excellent coverage over the primary lithium sources.
Eastern Resources will explore for lepidolite as well as spodumene in the existing Trigg Hill Lithium Tantalum Project and Taylor Lookout Lithium Tantalum Project. Assay results from initial exploration programmes at the Trigg Hill Project are expected to be received and released before the end of the month and will focus ongoing exploration programmes at this project area.
The JV Company will actively seek lepidolite opportunities from exploration stage through to projects with established resources, and also will investigate any potential opportunities regarding producing lepidolite concentrates/DSO by co-operating with operating lithium mines and lithium projects in advanced stage.
Source: Company Press Release