Lithium Australia NL (ASX: LIT) announced that Southern Geoscience has completed a high-resolution aeromagnetic and radiometric survey at Youanmi, Western Australia. The Company expanded its extensive lithium holdings in Australia by way of an option to acquire the prospective Youanmi lithium and vanadium project, located in the Archean Yilgarn, 450Kms northeast of Perth. The modelling of the data will be completed within the next two weeks and will be used in synergy with surface mapping to define drill targets for both lithium and vanadium mineralisation. The company believes that the magnetics will identify similar extension as identified by Venus Metals (ASX: VMC) and referred as JORC 2012, which is an Inferred Mineral Resource of 110.6 million tonnes of 0.30% V2O5 over a strike length of 3.5Kms.
Earlier Lithium Australia announced on 2nd October 2018 that it had expanded its extensive lithium holdings throughout Western Australia with the acquisition of additional area in Youanmi region by taking an option over the Youanmi Lithium project from privately held exploration company, Diversity Resources Pty Ltd. The project consists of three exploration licenses (EL’s) and have massive lithium pegmatites under layered mafic rocks and also includes vanadium-rich magnetite horizons.
LIT verified to buy 100% of the Youanmi Lithium Project from Diversity Resources Pty Ltd rights, interests and title in and to investigation licenses 57/978 and 57/1049 and 57/1056 for $100,000 for an underlying half-year choice, non-refundable. A $100,000 for an expansion to the alternative time frame to a year, non-refundable; and $3.1M scrip practice and enduring gross generation sovereignty of 2% or $1 per ton of material mined and prepared (Whichever is more prominent). As per the company, the identification work included geological inspections, Geological mapping, minor orientation geochemistry, rock-chip sampling, acquisition and interpretation of publicly available aeromagnetic and radiometric images, digital terrain modelling, GPS topographic surveying, CAD drafting, and database creation.
The work uncovered the event of lithium-bearing pegmatites over a stretch of practically 3Km and a width of somewhere around 200 meters. Rock-Sampling has confirmed the presence of potential lithium in oxide form (up to 4.2% Li2o). The lithium so far inspected is identified as lepidolite. A large portion of the region around the known pegmatite area is secured by sheetwash, and all things considered, lithium pegmatites are undeniably broader than outcrops as of now known and recognized.
Lithium Australia NL additionally declared on fifth February 2019 about the recognizable proof of lithium pegmatites at Medcalf (part of the organization’s Lake Johnston venture), Western Australia.
Impact of these identifications:
The massive lithium bearing rocks identified by the company will provide an impetus to the company to participate in the current battery boom market, where the demand for lithium is at a surge amid electric vehicle demand. Lithium as a raw material is used in battery along with other metals such as nickel, copper, cobalt, etc. to make anode of an electricity storage battery.
The shares of Lithium Australia NL (ASX: LIT) closed (as of 13th February 2019) at AU$ 0.080 up 2.564% from its previous close. The share opened at AU$ 0.079 and made a high of AU$ 0.083 and a low of AU$ 0.079 with an average volume of 410,606.
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