On 3 April 2019, Lithium Power International Limited (ASX: LPI), a lithium mining and exploration company from the metals and the mining sector, provided an update on the development program of WA properties of the company located in the region of the Pilbara and Greenbushes in the north and south-west of Western Australia.
Lithium Power International in the announcement stated that it would soon be starting the drilling program of its portfolio of highly prospective lithium pegmatite assets that is situated in Western Australia. This drilling program will be a part of the first stage of the development program. The company expects that the drilling activities will commence from May 2019 and will continue in Q2 and Q3 on the Tabba Tabba and Strelley lithium properties.
Over the greenstone belt at Tabba Tabba, a preliminary sampling was conducted which yielded positive results. The results demonstrated a higher concentration of lithium up to 689 ppm along with caesium, tantalum, tin and beryllium which are the indicators for productive LCT lithium pegmatites.
The main purpose of these activities is for the company to be able to define an initial resource that would act as the base for the scoping study. It would also provide support in the preparation of the pre-feasibility study.
Recently, Fortescue Metals Group (ASX: FMG) made a significant discovery of lithium at the Shear Zone, next to the Tabba Tabba project of the company. The zone showed that it contains Li2O up to 1.2% which comprises of historical Tabba Tabba tantalum mine as well as Strelley pegmatites.
At Tabba Tabba, there will be an initial exploration program that consists of drilling of 4000 metres. Apart from the drilling program, the company would also be targeting greenstone lithologies at Tabba Tabba possessing 4.3 km long zone of elevated lithium. There will be additional drilling on the extension of the greenstone belt, north into Strelley.
Once the final access permits are granted to the company, the exploration activities at the Greenbushes properties of Lithium Power International will be ramped up. Besides, the company will also be evaluating other lithium assets in order to either acquire or look for a potential partnership to scale its WA projects.
On 15 March 2019, Lithium Power International Limited announced its half yearly results where the company made a net loss of $7,883,943, up by ~ 262.33% as compared to its previous corresponding period and the increased expenses drove the loss during the period. The balance sheet showed a fall in the net asset base as a result of a fall in the total asset. The net cash and cash equivalent declined during the period by $6,234,930. As a result, the net cash and cash equivalent to the company by the end of the period was $17,132,094.
On 21 January 2019, Lithium Power International Limited through its JV company Minera Salar Blanco S.A. provided an update related to the maiden ore reserve along with the mineral resource update for its North Chile Maricunga lithium project.
By the end of the trading duration on 3 April 2019, the closing price of the shares of Lithium Power International was A$0.215, up by 4.878% as compared to its previous closing price. The company has a market capitalization of A$53.82 million and has ~262.51 million outstanding shares.
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