Lithium Consolidated Mineral Exploration Ltd (ASX: LI3) is into an exploration of lithium and have secured the Odzi West hard rock lithium project in eastern Zimbabwe as they have been granted 21 new Prospecting Licenses in eastern Zimbabwe, which comprises 11 of the newly granted Licenses in eastern Zimbabwe. To consolidate their position over the previously announced, Day Dawn and Bepe lithium exploration projects they have also been granted ten other Licenses at the Bepe and Day Dawn projects.
In total the company has in eastern Zimbabwe, 59 Licenses covering an area of 2,543 ha in the Mutare Greenstone Belt with 9 License applications which are pending grant, and which cover an area of 953 ha and 50 granted Licenses covering an area of 1,590 ha. Based on the initial exploration activities the Odzi West lithium project was secured further to their increasing knowledge of the hard rock lithium potential in the Mutare Greenstone Belt pegmatites.
The Odzi West Project is located at the south-western end of the Mutare Greenstone Belt and comprises 11 of the newly granted Licenses. There are minimum seven clusters of artisanal workings on separate, distinct pegmatites with historical reports documenting the petalite in one area of workings and presence of spodumene in another area of moderately extensive workings. With near surface, sheet-like configurations image analysis specifies that the pegmatites could be moderately extensive as several appear to be flat-lying. The artisanal and historical workings appear to be inactive at present while they have produced beryl and tantalite in the past.
For their lithium and tantalum potential, overall, there are inspiring indications of prospects worthy of further evaluation with some of the clusters of artisanal workings within the newly granted licenses. Depending on the results of exploration and mineral resource demarcation, given the proximity of the projects to each other the Zimbabwe Projects could be developed independently or as satellite mining operations. For beryl and tantalite, the Zimbabwe Projects cover pegmatite outcrops and artisanal mine workings and the possible concealed extensions of the exposed pegmatites.
Lithium Consolidated Mineral Exploration Ltd traded at around $0.063 with a daily price change of 1.613% as at December 11, 2018. The stock is trading very close to its 52-week low. For the past one-year period the stock has seen a performance change of -54.07%. The market capitalization of the stock is $5.61 million as at today at the current prevailing market price.
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