Mandrake Resources Limited has secured over 56,000 acres (approximately 226 km2) of lithium brine prospective ground in the Paradox Basin. The lithium brine land tenure comprises: 34,670 acres of leases pursuant to an Other Business Agreement (OBA) with the Utah School and Institutional Trust Lands Administration (SITLA), the organization which manages the Utah State Government's trust lands and mineral rights. Over 1,000 claims have been acquired on Bureau of Land Management (BLM) land which totals over 21,383 acres.

Claim staking has targeted the most prospective lithium brine areas in the Paradox Basin. A global review undertaken by Mandrake of several lithium assets and numerous lithium hard-rock, clay and brine prospective areas throughout the world identified the Paradox Basin in the United States as the most attractive opportunity for the Company to successfully develop a world-class lithium project. The Utah Lithium Project was generated by Mandrake internally meaning there is no vend or acquisition cost to reduce Mandrake's cash position or dilute its existing shareholders.

The Paradox Basin in the south-eastern Utah `lithium four corners' area hosts hypersaline brine historically documented to contain significant concentrations of lithium, boron, potassium salts (potash) and other elements. The United States' biggest potash producer, Intrepid Potash operates the Cane Creek potash mine which is located approximately 50km to the north west of the Utah Lithium Project whilst mid-tier ASX-listed lithium developer Anson Resources is located approximately 60km north west. Project Geology and Lithium Brines: The Paradox Basin is composed of sedimentary rocks that overlie an Early Proterozoic basement of metamorphic gneiss and schist that is locally intruded by granite (Nuccio and Condon, 19962; Tweto,19873).

The prospective reservoir brine occurs in deep-seated, confined Paleozoic sedimentary reservoirs, or aquifers, that are still being assessed and may vary in depth between 2,000 and 7,000 feet (610 and 2,134 metres) below surface. The geological units of most interest to Mandrake currently include the Pennsylvanian age Paradox Member (within the Hermosa Formation) and the Mississippian Leadville-Ouray Limestone Formation (Leadville Limestone). The Utah Lithium Project is in the northern Paradox Basin where numerous oil and gas companies operate wells which can be re-entered to collect brine for assaying and mineral processing test work.

The brine is historically documented to be saturated with halite (salt), along with other minerals of interest including the potential for lithium, magnesium, boron, bromine, and potash. Mandrake has conducted a compilation of historical brine analyses from oil and gas wells within the Utah Lithium Project. Most of the historical lithium-brine analytical results are from geological units that are not of interest to Mandrake (i.e., Culter-Honaker Trail and McCracken formations).

A lithium result of 75.0 mg/L Li is documented from brine collected from the Leadville Limestone Formation in the Lisbon B 815 well; this formation is a target geological unit of interest to Mandrake.