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- Kalamazoo Resources (KZR) enters a joint venture (JV) with NASDAQ listed Sociedad Química y Minera de Chile (SQM) for a lithium exploration project in the Pilbara
- KZR agrees to give SQM exploration options and earn-in across two of its Pilbara lithium projects
- SQM was granted an initial 30 per cent of interest and can earn up to 70 per cent in all mineral rights at KZR’s two lithium projects by exclusively funding $12 million
- SQM is among the world leaders in lithium production, with the company owning a 50 per cent JV in the Australian based Mt Holland Lithium Project
- Kalamazoo shares are trading red 2.6 per cent and are priced at 37.5 cents a share
Kalamazoo Resources (KZR) has entered a joint venture (JV) with NASDAQ listed Sociedad Química y Minera de Chile (SQM) for a lithium exploration project in the Pilbara.
KZR has agreed to give SQM exploration options and earn-in across two of its Western Australian lithium projects.
SQM has been granted an initial 30 per cent of interest and can earn up to 70 per cent in all mineral rights at KZR’s DOM’s Hill and Marble Bar Lithium projects by exclusively funding $12 million for exploration and development for the next four years.
According to the announcement, SQM is among the world leaders in lithium production, with the company owning a 50 per cent JV in the Australian based Mt Holland Lithium Project.
Kalamazoo has actively been searching for new greenfield lithium exploration opportunities, aiming to discover and develop long-life, large scale lithium in Australia.
As part of the announcement, KZR said the most recent satellite imagery, field reconnaissance and geochemical soil sampling found pegmatite-hosted lithium-caesium-tantalum mineralisation potential at its wholly-owned DOM Hill lithium project.
“It is a terrific validation that SQM, one of the world’s major lithium producers, shares our confidence in the potential to discover another large-scale lithium deposit in the Pilbara, ” CEO Luke Reinehr said.
“This JV now provides us with the opportunity to tap into SQM’s undoubted lithium expertise and participate in a very focused exploration and potential development program”.
SQM’s Senior Vice-President Pablo Altimiras added that the company is “delighted to start this new endeavour with Kalamazoo, and we are confident that we can leverage the strengths of both partners to find and potentially develop a new lithium project in the Pilbara”.
Kalamazoo shares have traded red 2.6 per cent and were priced at 37.5 cents a share at 11:20 am AEDT.
