Loyal Lithium (ASX:LLI) concludes aeromagnetic survey at Trieste Lithium Project - Kalkine Media

Highlights

• The survey has been completed across the most prospective greenstone targets at LLI’s large-scale lithium project located in Canada
• Trieste Lithium Project is much larger than the nearby located Adina Lithium Project of Winsome Resources
• Loyal Lithium had acquired the Trieste Project before the recent drill campaign results of Winsome’s Adina Project
• The latest work is planned to be followed by the field program to support the preparation of a pre-emptive drilling application enabling fast-tracked drilling

Loyal Lithium (ASX: LLI) -- a resource exploration company with interests in North America’s Tier 1 mining jurisdictions -- has reported completion of a high-resolution aeromagnetic survey at one of its projects -- the Quebec, Canada located Trieste Lithium Project. The survey, which has been done across the project’s most prospective greenstone targets, would help in the preparation of a pre-emptive drilling application, the company has said.

Notably, the Trieste project of LLI is situated a few kilometers east of the Adina Lithium Project. The latter project, which belongs to another ASX-listed company Winsome Resources, lately recorded a significant lithium (Li) mineralised intercept.

Share price gains over 9%

The shares of LLI gained over 9% and traded at AU$0.36 at the time of writing on 28 February 2023.

Survey to support pre-emptive drilling application

The progress relates to LLI’s Canada-based asset, Trieste Lithium Project, one of the three 100%-owned assets of the company in North America. The recently concluded aeromagnetic survey would support the pre-emptive drilling application, LLI says. Further, this will act as the precursor to “fast-tracked” drilling campaign at the site, subject to success in the inaugural field program.

Source: Image source: LLI ASX release dated 28 February 2023; © 2023 Krish Capital Pty. Ltd

How big is the opportunity at Trieste?

Notably, LLI has also said that its project -- which is over 8 times larger than that of Winsome Resources’ lithium asset nearby -- contains over 150 logged pegmatite outcrop observations. Moreover, there are 35 ‘A-Type’ (I1A) samples of pegmatite.

The helicopter-borne magnetic data survey at the Trieste project was conducted by Prospectair Geosurveys Inc (a prominent geophysics contractor), and it covered over 23 sq km area of northwest Trieste claims. Further, it spanned over a total of 555-line kilometre flown, with line spacings at 50 metres.

High concentration of resistive outcrop occurrences across the greenstone was reported. Levelling and findings report, LLI says, are awaited, while the first pass raw high-resolution magnetic data is available. This data can help in saving exploration time and costs. Also, it would help identify areas of demagnetisation. It is pertinent to note that Li pegmatites are not magnetic. The high-resolution data would also aid in inferring of potential Li source intrusives, besides locating concealed Li pegmatite extensions.

Image source: LLI ASX release dated 28 February 2023 

Encouraging Historical data

LLI has stated that historical data of the Trieste Lithium Project has 153 logged pegmatite outcrop observations. Among these, 35 have the same classification as those at the Adina Lithium Project. Notably, there are 11 times more A-Type’ (I1A) observations as compared to Winsome’s Adina. The data also has G Type observations, which also suggests prospective for Li alongside A Type.