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Lithium Australia shares edge up on Ni-Cu-PGE prospects confirmation at Charger Metals’ Coates Project

Highlights

  • A SkyTEM geophysical survey has been completed on the Coates Project, with Ni-Cu-PGE prospects confirmed. 
  • Of the 22 targets delineated as potential sulphide conductors, Target 1 with a cluster of 19 HEM anomalies is of the highest priority. 
  • A detailed aeromagnetic survey is planned to be undertaken on the project. 

Lithium Australia NL (ASX:LIT) is encouraged by results from the recently completed SkyTEM geophysical survey, undertaken over much of the Coates Project, located ~60 kilometres north-east of Perth, Western Australia.

Lithium Australia holds a 30% interest in the Coates Project, with the remaining stake owned by Charger Metals NL (ASX:CHR). The Coates project is prospective for Nickel (Ni), Copper (Cu), Gold (Au) and Platinum Group Elements (PGE).  

The interpretation of the preliminary data from the survey, flown by SkyTEM Australia Pty Ltd, has delineated 22 targets indicative of potential sulphide conductors.  

Triggered by the significant update, shares of Lithium Australia edged up 9.1% on 14 October 2021, trading at AU$0.120.  

RELATED ARTICLE: Lithium Australia buoyed as SkyTEM survey commences at Charger Metals’ Coates Project   

Overview of SkyTEM survey generating Ni-Cu-PGE targets 

In August 2021, a helicopter electromagnetic (HEM) survey was undertaken to test the Coates Ni-Cu-Au-PGE Project, focusing on a mafic intrusion and surrounding ground for conductors. The survey included an area with previously defined Ni-Cu-PGE geochemical anomalies. 

 HEM Survey, Coates Project 

Copyright © 2021 Kalkine Media, Data Source: CHR update, dated 14 October 2021 

ALSO READ: Lithium Australia’s Strategic Alliance to Explore Ni-Cu-PGE Mineralisation at Coates Mafic Intrusive Complex 

While the preliminary data has been interpreted, the final data will be processed and interpreted shortly. As part of data processing and interpretation, modelling for conductance and geometry would be undertaken as appropriate.  

Every flight line’s profiles were analysed, with 105 anomalies of potential interest identified, classified as well as ranked. Of these, 22 priority targets have been delineated. 

The T1 target, associated with the Coates mafic complex, stands out as extensive among these targets 

ALSO READ: Lithium Australia (ASX:LIT) riding high on JV progress with Charger Metals   

Target 1 - standout cluster of HEM anomalies

SkyTEM Target 1 is of the highest priority and covers a cluster of 19 HEM anomalies interpreted to form several parallel conductors, extending more than 1500 metres of strike length.

Some of the EM responses have been reported to have very high conductivity.  The northern end of Target 1 has a Ni-Cu-Au-PGE geochemistry anomaly, while the southern end of the target has previously not been tested.  

Charger Metals’ Geophysical Consultant Bill Peters of Southern Geoscience Consultants noted: “Target T1 within Charger’s tenements consists of several excellent conductors striking over 1,500m and closely related to weakly magnetic horizons.” 

Some of the other less extensive targets are also good conductors. These targets, including Target T8, which is highly conductive and along strike from the Target T1, are planned to be progressively tested. Along trend, there are other similar conductors of interest. 

Way forward for Exploration 

Ni-Cu-PGE Exploration, Coates Project 

Source: Copyright © 2021 Kalkine Media, Data Source: CHR  update, dated 14 October 2021 

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