Tambourah Metals partners with Chilean powerhouse SQM to chase lithium targets north of Perth
Tambourah Metals (ASX: TMB) has entered into an agreement with leading Chilean lithium producer Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM) to jointly explore for new lithium targets in Western Australia.
Under the agreement with SQM’s wholly owned local subsidiary SQM Australia, the Chilean company is entitled to an exploration earn-in across six of Tambourah’s Julimar Nth projects located 120km north of Perth.
SQM has agreed to sole fund a minimum of $1.5 million and up to $3 million of exploration and development activities to earn an initial 50% interest (and can earn a maximum of 70%) in all mineral rights at the Julimar Nth project.
The Chilean company will also repay $350,000 of Tambourah’s previous expenditure on the project.
The projects are situated in the same Julimar Ultramafic Complex as Chalice Mining’s (ASX: CHN) world class nickel-copper and platinum group elements (PGEs) Julimar discovery.
SQM is well known in WA
A leading global lithium producer, SQM is no stranger to Australia as it holds a 50/50 interest with Wesfarmers in the world-class Mt. Holland lithium project and a number of other WA lithium assets.
The Chilean miner gained its initial entry into the Australian lithium market and its 50% interest in Mt Holland, when it entered into an agreement with the new unlisted Kidman Resources back in 2017.
Tambourah chief executive officer, Ralf Kriege, said the new relationship will allow the Western Australian company to draw upon SQM’s technical expertise in pegmatite- hosted lithium exploration while allowing Tambourah to work in parallel on its other lithium and critical mineral projects.
Strong endorsement of Julimar Nth
“This strategic investment by SQM is a strong endorsement of the lithium potential of Tambourah’s Julimar Nth project and highlights its potential for Lithium prospectivity.”
Tambourah is also hunting for nickel, copper, gold and platinum group elements at Julimar Nth.
The company operates three lithium projects in the Pilbara Region including: Russian Jack, Tambourah Lithium and Nullagine Lithium.
It also owns three gold projects in the Pilbara Region: Tambourah, Cheela and Nullagine.
In the North East Goldfields area is also exploring for nickel, copper, platinum group elements and rare earth elements (REE) at the Achilles project.
SQM a global powerhouse
Alongside its Western Australian lithium activities, SQM conducts mining and chemical operations in Chile and a number of countries around the globe.
Recently celebrating its 52nd anniversary, SQM can trace its lithium history as far back as 2010 and the company is acknowledged as a global leader in lithium, potassium nitrate, iodine and thermo-solar salts markets.
It has operations in 110 countries including Argentina, India, China and France and has a current market cap of around $30 billion.