Platypus Minerals announced that lithium exploration company Lepidico has increased its exposure to the lithium sector by signing a memorandum of understanding (MoU) with specialised minerals producer Crusader Resources under which the two companies will seek to exploit lithium resources in Brazil through a 50:50 strategic joint venture.
The agreement between the two companies will see Crusader’s 100% owned Manga prospect in central Brazil transferred to the JV, which will have exclusive rights in Brazil to Lepidico’s “L-Max” technology, and access to Lepidico mineral identification techniques for exploring for lithium.
The announcement comes just two days after Platypus announced that it had entered into a 1 month exclusivity with Lepidico to investigate whether or not it could reach an agreement for the acquisition of Lepidico or its assets.
Platypus said it is fully supportive of Lepidico entering the MOU with Crusader.
“This positive development demonstrate the extent of the potential in the lithium sector represented by Lepidico, both through growing its exploration assets as well as through the potential application of its proprietary L-Max lithium processing technology,” Platypus said in a statement to the ASX.
“In relation to the Agreement, Platypus and Lepidico have commenced mutual due diligence, which will include a site visit by Platypus personnel to the Euriowie tenement near Broken Hill in NSW.”