Pioneer Resources Moves to 51% at Mavis Lake

THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) completed a busy week by reaching an agreement with its Joint Venture partner, TSX Venture-listed International Lithium Corp. (ILC).

Pioneer Resources finalised the deal with ILC to fast-track its earn-in into the Mavis Lake lithium project in Canada to 51 per cent.

Both Pioneer and ILC see merit in the JV focussing its attention solely on the Mavis Lake project, following the completion of two drilling programs carried out during the 2017 and 2018 winters which intersected thick zones of spodumene mineralisation.

“Changes to the agreements in place with ILC are a win-win for both parties and reflect the good working relationship between Pioneer and ILC,” Pioneer Resources managing director David Crook said in the company’s announcement to the Australian Securities Exchange.

“Our strategy is to ensure that our best projects get the money and attention they deserve and this Agreement will allow Pioneer to focus its exploration attention in Canada on the Mavis Lake project.”