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Woomera Mining Limited (ASX:WML) provided an update on the companyâs Musgrave project on 22nd March 2019. The company decided to bring its participation in the project, under the Heads of Agreement (HOA) with OZ Exploration Pty Limited, back to the 100% control of the Musgrave project.
This will mark an end to the participation of the OZ exploration in the project and OZ Exploration has requested a meeting to discuss the details for the ending of the participation in the project.
Woomera Mining will notify its shareholders on the outcome of the discussion in the meeting.
As per the Woomera Limited, the board members and the management of the company are confident that under the 100% control of the company, the Musgrave project remains a valuable and highly prospective asset, despite the disappointment caused by non-proceedings of the Heads of Agreement with OZ exploration. The company said that it is determined and has all the means to proceed forward with the exploration plans on selected targets identified by the early exploration, conducted under the Heads of Agreement within the project.
Woomera Limited said that the company is waiting for the replacement of the exploration licence and is ready to proceed with the suspended drilling program and complete it as soon as the licence replacement is provided to the company. The formal notice of the intention to grant the replacement of the exploration licence was published in the Advertiser newspaper on 14th March 2019 by the SA Department of Energy and Mining (DEM).
The exploration results from the Musgrave project has delivered encouraging indications to date, and the same will be followed upon, once the company receives the replacement of the licence.
As per the company, it is actively exploring across the portfolio of Copper, Lithium, Gold, Uranium, Iron Ore, Nickel and Cobalt assets in the region of Mt Cattlin, Musgraves, Pilgangoora and the Gawler Craton and will continue to do so in the future. Recently, the company identified multi-mineral pegmatites in a sampling from Pilgangoora region.
While the company awaits the replacement of the exploration licence from the SA Department of Energy and Mining, it has received an exploration licence (E74/632) in the Mount Cattlin lithium project and intends to target lithium pegmatites on the newly granted licence.
The Mt Cattlin prospect which is located nearby to Ravensthorpe approx. 500Km southeast to Perth in Western Australia now consists of three lithium tenement for a total of an approximately 128Km square. All the three-lithium tenement of Mt Cattlin in Ravensthorpe are nearby to the Galaxy Resources (ASX:GXY) Lithium Tantalum Mine.
The Project hold great prospects for lithium-bearing spodumene and lepidolite mineralisation, and the company plans to immediately conduct an auger geochemical sampling on the north-east structural trend to test the lithium bearing pegmatites. The sampling is expected to be completed by the company during May 2019, and the assay reporting will proceed after that in the early coming quarters.
The stock of the company plunged on ASX to mark a low of A$0.033 (as on 22nd March) and closed on a negative note at A$0.033, down by 13.158% as compared to its previous close.
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