Rare Earth Mineral PLC’s (LON:REM) Toronto-listed associate Macarthur Minerals (CVE:MMS) has entered the US lithium market after acquiring the Stonewall project in Nevada.
Macarthur – which already owns a portfolio of lithium exploration assets in Western Australia – says the lithium project is “essentially drill-ready”.
A US-based mineral exploration firm is already being engaged to undertake a shallow drilling programme for due diligence purposes.
Macarthur’s chief executive, David Taplin, has called the project “exciting”, adding that the acquisition gives the company “a truly global lithium strategy”.
Stonewall covers an area of roughly 5,700 acres (23km²) and is located within 50km of Albemarle Corporation’s (NYSE:ALB) Silver Peak mine, which is the only producing lithium mine in North America.
Earlier this week, Macarthur announced that it had added another lithium project to its Australian portfolio.
Rare Earth Minerals acquired its 15.5% stake in Macarthur in March this year for C$300,000.
Shares in REM were up 0.02p, or 3%, to 0.8p.