{"id":3587,"date":"2023-12-21T04:36:45","date_gmt":"2023-12-21T04:36:45","guid":{"rendered":"https:\/\/economicherald.net\/?p=3587"},"modified":"2023-12-21T04:36:45","modified_gmt":"2023-12-21T04:36:45","slug":"poseidon-strikes-strategic-farm-in-to-lithium-tenements-near-lake-johnston","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3587","title":{"rendered":"Poseidon strikes strategic farm-in to lithium tenements near Lake Johnston"},"content":{"rendered":"<p>Farm-in deal to earn into two tenements near Poseidon\u2019s Lake Johnston project<br \/>\nOutcropping lithium-bearing pegmatites with high grades up to 3.85%<br \/>\nPoseidon monetising non-core assets with gold tailings trial and water access deal<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em><\/strong><strong> Poseidon Nickel has made a strategic move in the lithium space with the execution of a deal that provides the company with exposure to high-grade lithium very close to its Lake Johnston project in Western Australia, where the company is already seeing positive signs of the highly sought-after battery metal.\u00a0 <\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/poseidon-nickel-pos\/\">Poseidon Nickel (ASX:POS)<\/a> has entered into a farm-in agreement with unlisted Mantis Resources to earn into two tenements that host outcropping lithium-bearing pegmatites near Poseidon\u2019s Lake Johnston project.<\/p>\n<p>Historical composite sampling within Mantis\u2019 tenements returned high grades of up to 3.85% lithium oxide.<\/p>\n<p>The deal comes close on the heels of a review of the lithium potential at Poseidon\u2019s Lake Johnston project, which the company revealed this week had uncovered some very promising findings, including <a href=\"https:\/\/stockhead.com.au\/resources\/poseidon-proving-up-nickel-sulphide-lithium-potential-of-lake-johnston\/\">elevated levels of lithium similar to those recently reported by others in the region<\/a>.<strong>\u00a0<\/strong><\/p>\n<p>The Lake Johnston region is emerging as an exciting new major lithium province following potentially significant discoveries that have sent investors into a frenzy and caught the eye of the majors, including <a href=\"https:\/\/stockhead.com.au\/company\/rio-tinto-rio\/\">Rio Tinto (ASX:RIO)<\/a>.<\/p>\n<p>\u201cAs we enhance our understanding of the lithium potential in the district, the farm-in agreement with Mantis is a strategic step forward to build value of our lithium portfolio at Lake Johnston,\u201d Poseidon CEO Craig Jones explained.<\/p>\n<p>\u201cThe limited historical exploration work completed to date within the Mantis tenements for lithium has already identified outcropping lithium bearing pegmatites.<\/p>\n<p>\u201cWith the recent increase in lithium focused exploration activity in the region, it is opportune timing for Poseidon to farm-in to these highly prospective tenements.\u201d<\/p>\n<p>Location of farm-in tenements in proximity to Lake Johnston project<\/p>\n<p>Jones also pointed to the \u201cstrategic value\u201d of Poseidon\u2019s 1.5-million-tonne-per-annum (Mtpa) Lake Johnston processing plant, which is becoming more valuable given the heightened levels of exploration for lithium by numerous companies nearby.<\/p>\n<p>Following an initial payment of $48,000, Poseidon can earn an initial 90% stake in the project by spending $500,000 on exploration over a three-year period. It can then acquire the remaining 10% by providing Mantis with a 1% net smelter royalty.<\/p>\n<p>\u201cOur first phase of work on the Mantis tenements will be to expand upon and validate the historical lithium results with low-cost soil and grab samples as soon as we have access to the ground, and in parallel continue with the exciting lithium work programs over our 100% owned tenements at Lake Johnson,\u201d Jones said.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Monetising non-core assets<\/strong><\/h2>\n<p>In another win for Poseidon, the company also announced today that it had secured an agreement with Mt Morgans WA Mining, a subsidiary of <a href=\"https:\/\/stockhead.com.au\/company\/genesis-minerals-gmd\/\">Genesis Minerals (ASX:GMD)<\/a>, which will undertake a processing trial of up to 100,000 tonnes of Lancefield gold tailings through its currently idled Laverton processing facility.<\/p>\n<p>Genesis recently acquired Mt Morgans as part of its takeover of <a href=\"https:\/\/stockhead.com.au\/company\/dacian-gold-dcn\/\">Dacian Gold (ASX:DCN)<\/a>.<\/p>\n<p>The 2.9Mtpa Laverton mill, which is close to Poseidon\u2019s Windarra and Lancefield gold tailings projects, is currently on care and maintenance with Genesis working towards an eventual restart, sourcing ore from nearby operations including the Lancefield tailings.<\/p>\n<p>Poseidon acquired an option for the right to treat tailings from Lancefield in August 2020.<\/p>\n<p>The companies will enter into a profit-share arrangement ahead of the start of the processing trial.<\/p>\n<p>Mt Morgans has also negotiated a five-year deal to secure up to 2.5 gigalitres of water each year from Poseidon\u2019s South Windarra open pit.<\/p>\n<p>This will deliver Poseidon an initial $1m payment once all the necessary and regulatory approvals have been granted and $400,000 for each year Mt Morgans draws water.<\/p>\n<p>\u201cThis is a great result for both Poseidon and Mt Morgans as we look to monetise our non-core assets and Mt Morgans progress with the restart of their operations at Laverton with a secure water supply and the opportunity to process the Lancefield gold tailings,\u201d Jones said.<\/p>\n<p>\u201cThe supply of water from South Windarra will not affect our development plans for the tailings recovery project at Windarra and allows for discussions to continue with third parties to advance various opportunities.<\/p>\n<p>\u201cThe cost of the trial will be borne by Mt Morgans and any profit generated will be shared on an agreed basis, if successful.\u201d<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Poseidon Nickel, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/poseidon-strikes-strategic-farm-in-to-lithium-tenements-near-lake-johnston\/\">Poseidon strikes strategic farm-in to lithium tenements near Lake Johnston<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Farm-in deal to earn into two tenements near Poseidon\u2019s Lake Johnston project Outcropping lithium-bearing pegmatites with high grades up to 3.85% Poseidon monetising non-core assets <a href=\"https:\/\/economicherald.net\/?p=3587\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3588,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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