iTech teams with lithium titan SQM to explore Reynolds Range in the NT

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iTech Minerals signs MoU with lithium producer SQM to explore Reynolds Range SQM can earn up to 70% of the project where ~55km strike remains to be tested Company says Chilean giant brings financial ...

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SQM can earn up to 70% of the project where ~55km strike remains to be tested. Company says Chilean giant brings financial and technical resources to the table","collect":0,"end_time":0,"defaultTopTitle":"stockhead.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4545":"锂电池","BK4585":"ETF&股票定投概念","LU1861219969.SGD":"Blackrock Future of Transport A2 SGD-H","LU0505663152.USD":"abrdn SICAV I - FUTURE MINERALS \"A\" (USD) ACC","SQM":"智利矿业化工","BK4096":"电气部件与设备","BK4588":"碎股","LU0072463663.USD":"Blackrock Latin American A2 USD","LU1861214812.USD":"Blackrock Future of Transport A2 USD","BK4093":"化肥与农用药剂","LU0572108347.SGD":"Blackrock Latin American A2 SGD-H","BK4109":"特种化学制品"},"translate_title":"iTech与lithium titan SQM合作探索北部地区的雷诺兹山脉","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SQM":1},"content_text":"iTech Minerals signs MoU with lithium producer SQM to explore Reynolds Range\nSQM can earn up to 70% of the project where ~55km strike remains to be tested\nCompany says Chilean giant brings financial and technical resources to the table\nSpecial Report: iTech Minerals has signed a binding MoU with one of the world’s largest lithium chemicals producers, Sociedad Química y Minera de Chile, through its subsidiary SQM Australia, to develop the Reynolds Range lithium project in the NT.The project contains over 60km of outcropping pegmatites with known spodumene-bearing pegmatite at the GMF Pegmatite and rock chips containing more than 8% Li2O.To explore the ~55kms of strike length left to be tested is a monumental task for a junior – which is where SQM comes in.The company said this memorandum of understanding (MoU) will aim to bring the technical and financial resources of a world-class producer to help extract the full value of the asset.SQM will be getting a good deal, too. On the completion of due diligence – and payment of a A$2m initial fee – it can secure an immediate 30% interest in the lithium mineral rights.SQM can then earn up to 51% in the lithium rights by spending A$7 million on exploration, within 4.5 years of the commencement date, with a minimum spend of A$2 million within the first 1.5 years.It then has the option to earn up to 70% in the lithium rights by paying an additional A$3 million to iTech and defining a resource estimate exceeding 50Mt at 1.0% Li2O or equivalent – or spending an additional A$15 million on exploration.iTech retains 100% of the rights to all other minerals including copper and gold.SQM to fund extensive explorationGiven the highly volatile nature of the current lithium market and pricing, iTech Minerals (ASX:ITM) says SQM will bring the resources to give the project the best opportunity for exploration success.“The Reynolds Range lithium project is a new lithium pegmatite discovery in the Northern Territory,” MD Mike Schwarz said.“With high grade rock chips of up to 8% Li2O at the GMF Pegmatite and known pegmatites outcropping over the entire 60km tenement package, iTech believes it will take the technical capability and financial resources of one of the world’s largest lithium chemical producers, like SQM, to fully capture the value of this exciting new project.“With SQM initially funding and managing all aspects of lithium exploration and development, iTech can focus its resources on exploration of the copper and gold potential of the Reynolds Range tenement package of which it retains 100% ownership.“iTech looks forward to a valuable and productive working relationship with SQM as we explore this exciting new region side by side.”SQM will operate the project during the earn-in period, with the companies to create a technical committee to oversee the development of the project.Additionally, payment of a one-off success fee will be payable by SQM upon completion of a definitive feasibility study and a decision to mine. The fee will be calculated based on the lithium oxide content in the resource.This article was developed in collaboration with iTech Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Explore More   Investor Guide: Battery Metals FY2023","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485403703"}