Mandrake Resources Reveals Lithium Exploration Target At Utah Project

Mandrake Resources Ltd (ASX: MAN) has a dual commodity focus on lithium and uranium and remains fully funded with over $15 million in cash.

At the company’s Utah Lithium Project, an exploration target under JORC 2012 has been defined which ranges from 1.7 to 5.6 million tonnes of contained lithium carbonate equivalent (LCE).

This demonstrates the potential scale of the project.

Utah Lithium is positioned within Utah’s pro-mining jurisdiction, in the prolific ‘lithium four corners’ of the Paradox Basin, which benefits from a favourable regulatory environment supporting mining activities.

The project has access to Tier 1 infrastructure, including power and water resources.

Mandrake’s lithium venture spans a land area exceeding 88,000 acres and is 60 kilometres southeast of Anson Resources Ltd’s (ASX: ASN) project with a mineral resource of over 1 million tonnes of LCE at 124mg/L.

Next steps

The Utah Lithium Project aligns with the proactive efforts of the U.S. government and industry to promote domestic exploration and production of strategic and critical materials.

News flow will continue as work has commenced evaluating the conversion of the exploration target to a mineral resource estimate.

Results from DLE testing of lithium-rich brines are due shortly.

Mandrake is also investigating uranium at the project, with additional rock chip results imminent.

Initial results from preliminary fieldwork and sampling have returned consistent, significant concentrations of up to 0.55% uranium.

As part of Mandrake’s lithium exploration, a Well Access Agreement was executed with Paradox in May 2023 allowing Mandrake to sample Paradox-owned oil and gas wells.

Paradox operates over 150 wells on approximately 98,000 net acres in the Paradox Basin.

The petrophysical logs of these oil and gas wells compiled by Mandrake include intersections of known uranium host rocks with, in most instances, gamma logs that potentially indicate the presence of uranium mineralisation.

This dataset is crucial in that it will likely be able to determine the distribution and volume of uranium-bearing units across the project area.

 

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