Mandrake Resources identifies historic drill core for Utah Lithium Project

Mandrake Resources Limited (ASX: $MAN) has identified core samples from 16 historic oil and gas wells within its Utah Lithium Project area. The core samples, stored at the Utah Core and Research Center, have been analyzed for rock-quality characteristics, significantly enhancing the confidence of the maiden JORC 2012 Mineral Resource Estimate, which is on track for delivery early in Q3 2024.

Executive Commentary on Core Analysis and Project Outlook

The direct analysis of core samples from historic wells within our Utah Lithium Project area has provided invaluable data, significantly improving the quality and confidence of our upcoming Mineral Resource Estimate. The exceptional porosity and permeability data from the project area demonstrate the high deliverability of the brine-host reservoir rock, indicating good brine yield. Access to core-derived permeability and porosity data will not only enhance the accuracy of our reservoir models but also reinforce the robustness of our Mineral Resource Estimate. This positions us well for forthcoming Direct Lithium Extraction pilot testing and future production, aligning with our ambitions to advance our large-scale lithium project in the prolific 'lithium four corners' Paradox Basin in south-eastern Utah, USA.

Summary of Mandrake Resources' Lithium Project Advancements

Mandrake Resources Limited has made significant advancements in its Utah Lithium Project by identifying and analyzing historic drill core samples, leading to a substantial improvement in the confidence and quality of the upcoming Mineral Resource Estimate. The access to core-derived permeability and porosity data is expected to generate a more robust Mineral Resource Estimate, reinforcing the accuracy of reservoir models and positioning the company well for future production and Direct Lithium Extraction pilot testing. With a favorable regulatory environment and access to Tier 1 infrastructure, the project aligns with the proactive efforts of the US government and industry to promote domestic exploration and production of strategic and critical materials.