The Directors of Dart Mining NL have announced the signing of an earn-in agreement with Sociedad Química y Minera de Chile S.A. (via its wholly owned subsidiary SQM Australia Pty Ltd) (SQM), for its Dorchap Lithium Project.
- Dart Mining has granted SQM the right, but not the obligation, to sole fund exploration expenditure totalling AUS$12million over the next six years.
- During the first earn in period, SQM may earn an initial 30% interest in the Dorchap Lithium Project by sole funding exploration expenditure of AUS$3million for the next three years.
- Subject to meeting its initial funding obligations, and during the second and third earn in periods (respectively), SQM may elect to sole fund exploration expenditure of a further AUS$9million in aggregate over two further periods totalling three years to earn a further 40% interest in the project.
- SQM may, at any time after it has earned an initial 30% interest in the project, elect to enter into a Joint Venture agreement with Dart Mining (and cease earning a further interest), on terms to be agreed. If that occurs, each party will be liable to fund their expenditure commitments in proportion to their percentage interests in the project.
- Dart Mining is appointed as the initial manager of the project during the earn-in phase.
- SQM’s earn in rights are subject to conditions.
- On 23 June 2022, Dart Mining announced encouraging drilling results for the project, which includes 10 m @14.5% Spodumene. Spodumene is the primary ore mineral mined globally for hard-rock lithium deposits. Mineralogical analyses have determined Spodumene as being the primary lithium mineral in LCT pegmatite dykes of the Dorchap Range.
James Chirnside, Dart Mining Chairman, comments:
“Dart Mining is delighted to be partnering with SQM on the further exploration of its Dorchap Lithium project. The collaboration with SQM brings world class technical and operational expertise to a very worthy exploration target.
“Dart Mining was the first exploration company to discover Lithium on the East Coast of Australia in 2016. Through Dart’s persistence and early exploration efforts, the project is finally getting the recognition it deserves. We have a clear pathway for project exploration through to the next stage, and our partnership with SQM will ensure that we are able to both attain that objective and enhance our knowledge and understanding of the project within an accelerated timeframe.”
Carlos Díaz, SQM’s Executive VP for Lithium, comments:
“We are looking forward to this new endeavour with Dart to find and potentially develop the first lithium project in Victoria. We believe that the combination of both partners’ strengths and expertise will factor in the success of this partnership.”
Read the article online at: https://www.globalminingreview.com/mining/29072022/dart-mining-signs-earn-in-agreement-with-sqm-for-its-dorchap-lithium-project/
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