Li3 Lithium Based In Canada Increases Interest In Mutare Lithium Project To 50%
Li3 Lithium Corp., a Canada-based miner, has increased its interest in the Mutare Lithium project in eastern Zimbabwe to 50%. Li3 Lithium has taken over the operatorship and management of the exploration program at the project, following its assumed 100% control of Li3 Resources, which had a 50% interest in the Mutare project. Premier Africa Minerals controls the remaining balance.
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.
Li3 Lithium has mobilized a full exploration team to conduct an aggressive exploration program on the Mutare project. The company is focused on acquiring and developing hard rock lithium assets in Zimbabwe, where the founders have significant experience and relationships. Auclair said in a company statement:
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.
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.
Zimbabwe, 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. Major Chinese battery metals companies have committed approximately US$1.4 billion to acquire and develop lithium projects in Zimbabwe over the past year.
In November 2021, Chengxin Lithium Group acquired 51% ownership in Sabi Star Lithium Tantalum Mine for $76.5 million, increasing the company’s presence in the lithium industry and expanding its operations in Zimbabwe.
