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Highlights
- Australasian Metals is strengthening its position in the global space through persistent efforts for gold and lithium exploration at its tenements.
- The company reported encountering multiple pegmatite dikes in drill holes MPDD002 and MPDD003 at Mt Peake Project.
- Through its subsidiary-Pure Mining-A8G has secured the May Queen South Bauxite Project with JORC 2012 Inferred MRE of 54.9Mt.
- A8G's initial field program at May Queen South, completed in July 2023, identified promising geology for the project.
Australasian Metals Limited (ASX: A8G) is strengthening its position in the global space through persistent efforts for gold and lithium exploration at its tenements across Queensland and Northern Territory.
In this article, we will have a breath of view of developments undertaken across projects during the quarter ended 31 December 2024.
Mt Peake Lithium project, Northern Territory
In October 2023, Australasian Metals Limited (A8G) launched its first drilling program at the Mt Peake Project. The program consisted of three reconnaissance diamond drill holes totalling 600 meters.
Two of the drill holes were strategically placed to explore geological zones beneath previously identified lithium-bearing pegmatite outcrops. These outcrops contained promising lithium grades of 1.61% Li2O and 1.15% Li2O, with tantalum (Ta) concentrations of 225 ppm and 223 ppm respectively.
The third drill hole targeted a soil geochemical anomaly located along the southeast trend from Core Lithium's EL26848 tenement. This area showed spodumene outcrops at the surface, and geochemical sampling identified 6 samples with lithium oxide exceeding 1%, with a maximum value of 4.78% Li2O.
The company reported encountering multiple pegmatite dikes in drill holes MPDD002 and MPDD003. The primary minerals identified within these pegmatites were quartz, feldspar, muscovite, epidote, and tourmaline.
May Queen South Bauxite Project
Australasian Metals has secured this project through its subsidiary, Pure Mining Pty Ltd. The project with a JORC 2012 Inferred Mineral Resource estimate of 54.9Mt, was acquired from Eastern Exploration Pty Ltd (a subsidiary of Atlantic Lithium Limited) for a cash consideration of $10,000.
Initial exploration activities, including mapping, sampling, and laboratory analysis, have yielded promising results. These activities have identified significant high-grade bauxite mineralization across a combined surface area of 16 square kilometers, with an average alumina content of 42%.
Initial tests have been conducted on bulk samples (25-50kg) of the surface duricrust and bauxite resource at the May Queen South Project. These tests were carried out by Core Resources in Brisbane, Australia.
A8G's initial field program at May Queen South, completed in July 2023, identified promising geology for the project. The program discovered multiple high-grade surface samples containing 6.0% to 17.6% titanium dioxide (TiO2).
Mt Clermont Project, Queensland
The Mt Clermont Project boasts over 6,700 meters of historical drilling data. The company is committed to further exploration by targeting additional sulphide lenses along the prominent Retro fault system.
Geological consultant Ian Cooper has been involved for defining exploration targets for both the Mt Clermont polymetallic project and the Capella gold project.
A recent field exploration trip investigated the potential for a northeast-trending mineralized zone at the Mt Clermont Project. Also, auger drilling was completed between Retro South and Nanya prospects.
Australasian Metals plans to re-process and analyze all available historical data from the Mt Clermont project.
A8G shares traded at AU$0.071 apiece on 20 March 2024.
