Highlights
- Preparations have begun for diamond drilling at the Mt Peake lithium project.
- All permits are in place to commence the maiden diamond drilling program in the under-explored region.
- Under the Resource the Territory Initiative, the company was awarded AU$95,185 in grant funding for the campaign.
Australasian Metals Limited (ASX: A8G) is preparing to commence diamond drilling at its 100%-owned project in the Northern Territory -- Mt Peake lithium project.
The project sits within the Mt Peake area of the Anningie Tin-Tantalum-Pegmatite fields, and the area is considered highly prospective for hard rock lithium mineralisation.
Covering an area of 640km2, the project shares a boundary with the Anningie lithium project of ASX-listed Core Lithium Limited.
Image source: A8G
All permits in place for Mt Peake diamond drilling
The mining management plan for the project is approved, and A8G has obtained an Aboriginal Area Protection Authority certificate. The certificate allows the company to undertake drilling activities at the high-priority targets within the project.
All in all, all permits are in place to initiate the first diamond drilling program covering this under-explored region.
Under the Resource the Territory Initiative, the company was awarded AU$95,185 in grant funding, which is planned to be directed towards the diamond drilling campaign. The initiative is administered by the Northern Territory Geological Survey. With the financial support, the company says that it may plan an expanded drilling campaign, if required, which would cover a greater area.
Shares of A8G traded at AU$0.220 apiece on 4 October 2023, up ~10% from the last close.