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Lithium Australia’s JV partner identifies drill-ready targets at Bynoe Project

Image Source: © Radius06 | Megapixl.com

Highlights

  • The soil geochemistry program conducted at LIT’s 30%-owned Bynoe Project has returned encouraging results.
  • The initial results have highlighted three drill-ready targets on the two Enterprise and Bucks lithium trends.
  • An aeromagnetic survey has kicked off to help orient and extend prospective areas as well as to better trace buried pegmatites.
  • Priority targets will be prepared for drilling, which is scheduled to start in early 2022.

In a significant development, Lithium Australia’s JV partner Charger Metals NL (ASX:CHR) has updated on the progress of soil geochemistry and mapping programs at the Bynoe Project in the Northern Territory.

Charger owns a 70% interest in the project while the remaining 30% interest is held by Lithium Australia (ASX:LIT). Located within the Bynoe Pegmatite Field, the project is surrounded by the large tenement holdings of the advanced-stage Finnis Lithium Project.

Bynoe Project Location (Source: CHR Update, dated 27 October 2021

Of 3,034 soil samples taken during August 2021, 637 assays have been received till date. The results highlight three parallel, drill-ready targets at the centrally located Enterprise 1, Enterprise 2 and Bucks Lithium Trends.

Moreover, mapping has confirmed nine clusters of pegmatites at the project. These clusters are formed within three north-easterly trending lithium zones some 4 kilometres wide.

ALSO READ: Lithium Australia (ASX:LIT) riding high on JV progress with Charger Metals  

Three drill-ready lithium targets

Three drill-ready lithium targets

Data source: CHR update, 27 October 2021

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

What’s Next?

The remaining soil geochemistry results are anticipated to be received soon. Meanwhile, an aeromagnetic survey has kicked off to help orient and extend prospective areas as well as to better trace buried pegmatites. These areas are evident from mapping and geochemistry.

Priority targets, including the recently identified, will be prepared for drilling, which is scheduled to start in early 2022.

ALSO READ: Lithium Australia shares edge up on Ni-Cu-PGE prospects confirmation at Charger Metals’ Coates Project

LIT shares were trading at AU$0.130 on 28 October 2021 (AEDT 10:32 AM).


 


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