Lithium Projects

Lithium Projects: Kobold Metals Lithium Earn-in and Joint Venture Agreement

In November 2023, Iondrive secured an Earn-in and Joint Venture Agreement with KoBold Metals on 5 of Iondrive’s Lithium Projects. KoBold is a US-based, privately held, mineral exploration company that couples geology, geoscience, data science, machine learning, and artificial intelligence to search for critical minerals needed for the clean energy transition and to accelerate growth in electric vehicles. The company is backed by world-class technology investors including Bill Gates’ Breakthrough Energy, Jeff Bezos, and Jack Ma.

Under the terms of the Agreement, KoBold may earn a 75% interest in Iondrive’s Samgeun, Seobyeok, Danyang, Seosan, and Cheongpyeong Li Projects through a two-stage earn-in arrangement of AUD$7 million over 5 years. ION’s wholly-owned subsidiary, Korea Metals Resources (KMR), has been engaged as Field Operator by KoBold during the earn-in period for a minimum of 18 months. Revenue for services provided as Field Operator helps minimise KMR’s cost base in South Korea.

Samguen Li Project

The Samguen Li Project includes five exploration licence applications covering 13.7 km2, in the northern region of Gyeongsangbuk-do a). Geology comprises Precambrian metasediment and gneiss intruded by pegmatites, aplites and felsic dykes. This project area contains anomalous Li from the KIGAM stream-sediment sampling with the highest values between 121 and 361 ppm Li. The project lies ~2 km northwest of the historical Boam mine, where Li was mined from 1945–1963. The Uljin pegmatites consists of breccia-type and vein-type Li and tin (Sn) mineralisation, hosted within the Yulri Formation and Janggun Limestones. Recent fieldwork conducted under the Kobold JV has returned rock chip samples up to up to 0.43% ppm Li2O from schist intercalated with granite. Mapping by ION and KoBold geologists was found to be broadly consistent with the 1:50,000 KIGAM geological maps (see figure). Further planned fieldwork at Samgeun include follow up mapping and stream-sediment sampling across the project area to explore for and to locate as yet any unmapped pegmatite dikes.

Samguen Lithium Project map

Seobyeok Li Project

The Seobyeok Li Project comprises of 36 exploration licence applications covering 98.8 km2, in northern Gyeongsangbuk-do. The application area comprises Precambrian schists, gneiss and limestone, with pegmatites mapped by KIGAM located throughout the ION exploration licence applications. Fieldwork conducted by the JV to dates has returned rock chip samples over 0.4% Li2O and mapping has confirmed the including presence of pegmatite dikes up to 20m wide.

Lithium Projects