Cobre Montana (ASX:CXB) and Focus Minerals (ASX:FML) have...

Cobre Montana (ASX:CXB) and Focus Minerals (ASX:FML) have started the Coolgardie Rare Metals Venture to evaluate lithium and rare metals within their 20 prospecting licences and 2 mining leases south of Coolgardie, Western Australia.

These cover Lepidolite Hill where, in addition to lithium, the mica contains high concentrations of rubidium as well as Tantalum Hill, a well-documented tantalite occurrence.

The mineral occurrences within the vicinity of Lepidolite Hill were first identified in the 1940s, explored by Western Mining Corporation in the 1960s, and mined from 1971 to 1973 for petalite, beryl and lepidolite.   

Cobre is sole funding exploration to the point of committing to a definitive feasibility study within five years of the commencement date.

At that point, the CRMV will be replaced a contributing joint venture with Cobre holding a 80% interest and Focus the remaining 20%.

CRMV complements Cobre’s option to purchase Exploration Licence 74/0543 in the Ravensthorpe mineral field.

This contains a large part of the Cocanarup Pegmatite Field which, like the pegmatites within the CRMV, hosts lithium and rare metals.

E74/0543 consists of 24 blocks. The most northern extremity is 5 kilometres northwest of the mothballed Mt Cattlin mine and extends approximately 20 kilometres along the greenstones in a south-westerly trend.

Lithium is a metal in demand given the growth in the global lithium-ion battery market.

Developing applications in the grid and renewable energy storage segment are helping boost demand for lithium-ion batteries.