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Wesfarmers (ASX:WES) has secured a $45m deal for 65% of the lithium rights at Ora Banda Mining’s Davyhurst project, adjacent to Olympio Metals’ Mulwarrie lithium tenements in WA’s Eastern Goldfields mining district.
Eastern Goldfields: A Lithium Hotspot
Eastern Goldfields is gaining significance as a lithium exploration and development hub, hosting several operating mines such as Mt Marion, Mt Cattlin, and Bald Hill, along with others proposed for development or under construction.
Wesfarmers’ Investment Details
Wesfarmers, under its subsidiary Wesfarmers Chemical, Energy & Fertilisers (WesCEF) division, has paid $30m cash upfront and will form a JV with Ora Banda Mining (ASX:OBM). It also has the option to spend $15m on exploration over three years to increase its share to 80%.
Gold and Lithium at Davyhurst
While gold is OBM’s main focus at Davyhurst, a recent exploration program intersected spodumene at 1.28% Li2O 10km south of the Davyhurst plant, trending towards Olympio Metals (ASX:OLY) Mulwarrie tenure.
Mulwarrie’s Farm-in Agreement
Mulwarrie is under exploration as a farm-in agreement with Liontown Resources (ASX:LTR), which has paid $400,000 for rights to earn 51% of the project while OLY retains significant exposure to discovery success. Liontown has completed a geochemistry program across the package, with results currently being assessed.
Company Website: https://www.wesfarmers.com.au
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