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Mandrake Resources Ltd ( (AU:MAN) ) just unveiled an announcement.
Mandrake Resources has moved to defend its Utah Lithium Project tenure after identifying that Utah Brine Corporation, backed by Neometals and Omaha Value, has staked around 70 unpatented placer claims that allegedly overlap Mandrake’s existing claims. The apparent overlap affects about 1.5% of Mandrake’s 93,000-acre landholding, which contains a 3.3Mt LCE inferred resource and is considered a top-tier U.S.-domiciled lithium brine asset.
Mandrake contends the competing Utah Brine claims were located on ground not open to location and are therefore invalid, and its U.S. legal representatives have demanded that overlapping claims be formally abandoned and that Utah Brine refrain from entering the disputed ground. The dispute emerges amid a recovery in global lithium prices and heightened staking activity around the project, with Mandrake now reviewing legal correspondence from Utah Brine’s representatives and signalling it will update the market as the situation develops.
More about Mandrake Resources Ltd
Mandrake Resources Ltd is an ASX-listed exploration company focused on advancing its large-scale Utah Lithium Project in the Paradox Basin of south-eastern Utah, a prolific ‘lithium four corners’ region. The 100%-owned lithium brine project spans more than 93,000 acres and hosts an inferred mineral resource of 3.3 million tonnes of lithium carbonate equivalent, supported by Tier 1 infrastructure and a pro-mining U.S. regulatory environment.
Average Trading Volume: 433,140
Technical Sentiment Signal: Hold
Current Market Cap: A$15.05M
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