Lithium Plus Minerals (ASX:LPM) submitted a mining lease application for the future development of its Lei lithium deposit, located on EL31091 in the Northern Territory, according to a Monday filing with the Australian Securities Exchange.
The application covers the depositâs current mineral resource estimate of 4.09 million tonnes at 1.43% lithium oxide, and additional areas of prospective lithium mineralization contiguous to the deposit.
The proposed stage 1 development consists of an underground mine, a waste dump, crushing and screening facilities, and a road train loading area to support mining-related activities, the filing said.
Additionally, the profit-sharing arrangement contemplated in the recently inked non-binding MOU offtake agreement with Canmax Technologies (SHE:300390) is intended to support the viability of the development, according to the company.
Lithium Plus Minerals shares rose nearly 19% in midday trading.
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