Australian Vanadium Ltd, Lithium Australia NL and Mercator Metals Pty Ltd agree to collaborate to advance exploration for nickel, base metals, gold and platinum group minerals.
- Lithium Australia NL (ASX:LIT) and Mercator Metals Pty Ltd hold adjoining tenements to AVL’s Coates Project.
- Combined contiguous tenement package covers 59km2 covering the entire Coates Mafic Intrusive Complex.
- Letter of Understanding signed by the three parties which envisages attracting a senior partner for the project.
- Tenements open to either joint venture development or combined sale.
- The Coates Project vanadium deposit is located on a southern extension of the mafic-ultramafic sequence, host to the recent nickel-copper-platinum group elements (PGE) discovery at Julimar project by Chalice Gold Mines (ASX:CHN).