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Lithium Australia (ASX:LIT) in high spirits with advancing exploration at Bynoe Project

Image Source: © Radius06 | Megapixl.com

Highlights

  • Lithium Australia’s JV partner has commenced exploration activities at the Bynoe Lithium Project. 
  • A field crew mobilised to the project is focusing on expanding mapping and geochemical sampling. 
  • Half of the tenement area is yet to be geochemically sampled.
  • Mapping, geochemistry and aeromagnetic programs are underway at the Bynoe Lithium Project.

Lithium Australia NL (ASX:LIT) is making serious strides in the lithium exploration space, with the recent commencement of exploration activities at its 30%-owned Bynoe Lithium Project, located ~35 kilometres southwest of Darwin, Northern Territory. 

The Company’s joint venture partner Charger Metals NL (ASX:CHR) has reported about the mobilisation of a field crew to the project to expand mapping and geochemical sampling.

Significantly, Charger Metals recently exercised an option to acquire a 70% interest in Lithium Australia’s Bynoe, Coates, and Lake Johnston projects.

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Significant undertakings to shape up the project development

The Bynoe project exhibits prospectivity for spodumene, which is a preferred lithium mineral. Moreover, the area is a past producer of cassiterite (Sn) and is recognised as prospective for tantalite (Ta), which are hosted in pegmatites.  

Source: Company Update, dated 11 August 2021

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A significant portion of the project has not been geochemically sampled so far. As a result, mapping, geochemistry and aeromagnetic programmes are now being undertaken at the Bynoe Lithium Project. 

Within a 5-kilometre-long zone, 14 pegmatite anomalies have been identified from existing geochemistry. The program’s focus is to refine the 5-kilometre-long cluster of lithium targets, which can subsequently lead to the planning of a drilling programme. 

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About the Bynoe Project

The Bynoe project is stationed within the Bynoe Pegmatite Field, which constitutes a portion of the significantly larger Litchfield Pegmatite Belt. The Bynoe Pegmatite Field is around 70 kilometres long and 15 kilometres wide.  

An extensive tenement holding of the Finnis Lithium Project, held by Core Lithium Limited (ASX: CXO), surrounds the Bynoe project. The Finnis Lithium Project is at a very advanced stage of development, with DFS (definitive feasibility study) completed. This project boasts a mineral resource inventory of 14.7Mt at 1.32% Li2O. 

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A quick look at hierarchy of project developments

Altura Mining Limited (ASX:AJM), erstwhile known as Haddington Resources Ltd, completed the most comprehensive programme of work targeting tantalum on the Bynoe project during 2007-2012. The work consisted of rock-chip and shallow rotary air blast (RAB) drilling programmes, with sampling completed on a 400m x 100m grid spacing.

Subsequently, Lithium Australia sampled termite mounds at the tenement’s northern end, extending several anomalies. Meanwhile, further evaluations by Charger Metals have highlighted many of the anomalies associated with identified but undrilled pegmatites. 

Charger Metals continues to make progress on the project, with a detailed aeromagnetic survey scheduled by end-August 2021.


 


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