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Highlights
- Diamond drilling program at Mt Peake lithium project will target three holes.
- The campaign is partially funded by the Northern Territory government.
- Technical input from CSIRO and UWA along with soil and rock-chip geochemistry led to defining the primary targets.
Australasian Metals Limited (ASX: A8G) has commenced maiden drilling campaign at its Mt Peake lithium project, which sits within the Northern Arunta pegmatite province in the Northern Territory. The drilling campaign would cover 600 metres testing three drill holes.
The primary targets have been identified via soil and rock-chip geochemistry, along with technical input provided by CSIRO and UWA.
image source: A8G
The campaign aims at testing the geological zone which sits below the historically identified lithium bearing pegmatite outcrops - JC001 and MP10127.
The lithium mineralisation at JC001 stands at 1.61% Li2O and 225 ppm Ta and MP10127’s mineralisation is 1.15% Li2O & 223 ppm.
The third hole would focus on testing the well-defined soil geochemical anomaly sharing boundary with Core Lithium’s (ASX: CXO) owned EL26848, where six samples delivered more than 1% Li2O with up to 4.78% Li2O, with spodumene occurring at the surface.
The drilling program is partially funded by the Northern Territory government.
Data source: company update
This 100% owned project of A8G includes one exploration licence spread over an area of 640 square kilometres.
A8G shares traded at AU$0.205 apiece on 9 October 2023.