Lithium Australia NL (ASX: LIT) acquires, explores, and develops mineral properties. The Company produces battery-grade lithium carbonate from lithium micas. Lithium offers its services worldwide.
On 5 February 2019, the company has disclosed about the survey of lithium pegmatites at Medcalf, Western Australia. As per the release, a snippet briefing the critical highlights of Pyrite hill drilling update is stated below:
The company had identified in the year 2018, the extracts of lithium pegmatite swarms at Medcalf, part of the Company’s Lake Johnston project. This region lies within the territory of highly lithium-prospective Yilgarn Craton, which has a significant amount of lithium extracts.
Much of the mineralisation in these regions, which comprises the Medcalf and the Mt. Day prospect, has similar features when it comes to the geological aspects.
Medcalf exploration: The exploration programme undertaken in January 2019 involved field mapping, rock-chip sampling; and geochemical soil sampling. Samples generated during the programme have been submitted for laboratory analysis in Perth, Western Australia, with results expected in March 2019.
The company’s wholly owned Medcalf lithium project is located in the regions of the southeast part of the Company’s Lake Johnston venture in the southern Yilgarn area of Western Australia. It is about 460 kilometres east of Perth, the state’s capital, some 45 kilometres southeast of Lithium Australia’s Mt Day lithium prospect and about 120 kilometres east-southeast of the Earl Grey lithium deposit currently being developed by Kidman Resources (ASK: KDR) and SQM.
Both the regional geological setting and the proximity of the pegmatites to fertile granites are essential in the emplacement of LCT pegmatites. It appears that for the Mt Day and Medcalf pegmatite fields, that source granites may form part of the same igneous complex.
Brittle failure zones in the greenstones and gneisses adjacent to the fertile granites are excellent target zones. Indeed, the greenstones between Medcalf and Mt Day may well host further LCT pegmatite occurrences, as might other parts of the greenstone sequence adjacent to the granite dome.
Lithium Australia has most of that greenstone sequence covered by exploration licenses and has access through a lithium rights agreement with Lefroy Exploration (ASX: LEX).
Now let us quickly have a look at the company’s stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $0.088 and is trading up by 1.149% during the day’s trade, with a market capitalisation of ~$40.36 million. The counter opened the day at $0.088 and reached the day’s high of 0.09 & touched an Intraday low of $0.088. The stock has yielded a Year Till Date returns of -7.45% and posted returns of -20.91%, -11.22% & -3.33% over the past six months, three months & one-month period respectively. It had a 52-week high price of $0.19 and touched 52 weeks low of $0.087, with an average volume of 377,880 approximately.
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