Oar Resources has signed a binding option term sheet with Denchi and First Standard Minerals for the full acquisition of a lithium project near Wiluna in Western Australia.
The exploration is targeting pegmatite-hosted lithium mineralisation, with initial indications pointing to the existence of lithium-caesium-tantalum (LCT) pegmatites, the same host rock found at several key lithium projects including Pilbara Minerals’ Pilgangoora project and Talison’s Greenbushes operation.
The project covers a combined area of 217.7 square kilometres across one granted tenement and two tenement applications, and lies 120km north-west of Liontown Resources’ rich Kathleen Valley lithium deposit.
Oar executive chairman Chris Gale said the project would help develop Oar Resources into a battery metals-focused company.
“Oar currently has a graphite project in South Australia, and now with a lithium project in our stable we have two key battery metal elements to focus on, then we can hopefully develop to the next stage of drilling out a resource,” he said.
“We see this project as a valuable addition to our stable of critical mineral assets that are in demand globally as the race for renewables continues to accelerate.”