{"id":844,"date":"2023-11-01T22:46:34","date_gmt":"2023-11-01T22:46:34","guid":{"rendered":"https:\/\/economicherald.net\/?p=844"},"modified":"2023-11-01T22:46:34","modified_gmt":"2023-11-01T22:46:34","slug":"wesfarmers-inks-45m-deal-for-lithium-rights-at-davyhurst-where-pegmatites-trend-into-olympios-mulwarrie-tenure","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=844","title":{"rendered":"Wesfarmers inks $45m deal for lithium rights at Davyhurst, where pegmatites trend into Olympio\u2019s Mulwarrie tenure"},"content":{"rendered":"

Wesfarmers purchases 65% of Ora Banda Mining\u2019s Davyhurst lithium rights in a $45m farm-in deal
\nDavyhurst is adjacent to Olympio\u2019s Mulwarrie lithium project, which is subject to farm-in agreement with Liontown Resources<\/p>\n

\u00a0<\/p>\n

Wesfarmers has inked a $45m deal for 65% of the lithium rights at Ora Banda Mining\u2019s Davyhurst project, adjacent to Olympio Metals\u2019 Mulwarrie lithium tenements in WA\u2019s Eastern Goldfields mining district.<\/strong><\/p>\n

The Eastern Goldfields are becoming a significant focus for lithium exploration and development and host to several operating mines such as Mt Marion, Mt Cattlin and Bald Hill, as well as a bunch of others proposed for development or already under construction.<\/p>\n

Wesfarmers (ASX:WES)<\/strong><\/a>, under its subsidiary Wesfarmers Chemical, Energy & Fertilisers (WesCEF) division has now paid $30m cash up front and will form a JV with Ora Banda Mining (ASX:OBM)<\/strong><\/a>.<\/p>\n

It also has the option to spend $15m on exploration over three years to bump that share up to 80%.<\/p>\n

\u00a0<\/p>\n

Lithium trending into Mulwarrie<\/strong><\/h2>\n

Gold is the main focus for OBM at Davyhurst, yet a three-hole exploration program at its Federal Flag prospect in April intersected spodumene at 1.28% Li2O 10km south of the Davyhurst plant and trend towards Olympio Metals (ASX:OLY)<\/strong><\/a> Mulwarrie tenure.<\/p>\n

Outcropping pegmatites are known to trend into OLY\u2019s ground.<\/p>\n

\u201cThe OBM-WesCEF transaction highlights the value that existing producers and offtake partners are placing on securing lithium exploration ground in this region,\u201d OLY MD Sean Delaney says.<\/p>\n

\u00a0<\/p>\n

OLY Mulwarrie JV and the Davyhurst project. Pic supplied: (OLY)<\/p>\n

\u00a0<\/p>\n

Mulwarrie is being explored as a farm-in agreement with Liontown Resources (ASX:LTR)<\/strong><\/a> which has paid $400,000 for rights to earn 51% of the project while OLY retains significant exposure to discovery success.<\/p>\n

As part of a minimum commitment, Liontown completed a geochemistry program across the package, with results currently being assessed.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Olympio Metals, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n

\u00a0<\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Wesfarmers inks $45m deal for lithium rights at Davyhurst, where pegmatites trend into Olympio\u2019s Mulwarrie tenure<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Wesfarmers purchases 65% of Ora Banda Mining\u2019s Davyhurst lithium rights in a $45m farm-in deal Davyhurst is adjacent to Olympio\u2019s Mulwarrie lithium project, which is [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nWesfarmers inks $45m deal for lithium rights at Davyhurst, where pegmatites trend into Olympio\u2019s Mulwarrie tenure - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=844\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wesfarmers inks $45m deal for lithium rights at Davyhurst, where pegmatites trend into Olympio\u2019s Mulwarrie tenure - 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