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Tearlach and Blackrock Silver enter JV agreement to develop lithium project

Published by , Editorial Assistant
Global Mining Review,

Tearlach Resources Limited has announced that it has entered into an agreement to acquire up to 70% interest in the lithium mining rights with Blackrock Gold Corp., a wholly-owned subsidiary of Blackrock Silver Corp.

Tonopah North/Gabriel project highlights:

  • Lithium values up to 1217 ppm lithium over 1.5 m in drill hole TN22-012 have been intercepted in drilling, in addition to the continuity of broad zones of mineralisation up to 56.4 m in thickness in drill hole TN22-009.
  • The average thickness of the lithium-bearing zone is 28.1 m.
  • The lithium bearing zone comes within 8 m of the surface on the northeast portion of the property and has been intersected down to 117 m below the surface.
  • The mineralisation is similar to the nearby TLC lithium deposit owned by American Lithium Corp, located 3 km to the northeast of the company's land holdings.

The option agreement outlines two stages Tearlach must fulfill to complete its obligations to Blackrock Gold:

  1. Earn 51% interest in the lithium mineral rights of Tonopah North claims (optimised zone) by spending an aggregative US$5 million in exploration and development work on the property.
  2. Earn 70% interest in the lithium mineral rights of the optioned zone by spending an additional US$10 million in exploration and development work on the property.

 Morgan Lekstrom, CEO of Tearlach, commented:

“This is a significant growth step for Tearlach in becoming a leading multijurisdictional lithium company and for Blackrock Silver diversifying their already world-class silver project. Blackrock Silver has done an excellent job building a strong shareholder base and discovering a world-class silver deposit. Now Tearlach, through strong relationships, has identified a significant shareholder opportunity in what we believe could be an extensive lithium discovery and district. We are excited to join the American-made history that is Tonopah, by adding a local green energy component and discovery.”

Additionally, Morgan Lekstrom stated:

“With initial RC holes grading up to 1217 ppm and with thicknesses up to 56.4 m and 117 m depth, we see a mirror potential of American Lithium’s TLC deposit (US$768 million exploration company) directly north of us. With initial mapping completed and our world-class Nevada based team with significant geological and processing experience in lithium-bearing clays, we have a roadmap to accelerate and aggressively drill. We plan to drill a much larger core program and advance to the resource estimate while concurrently running engineering and process models.”

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This article has been tagged under the following:

US mining news Lithium mining news North American mining news