Lithium Australia’s JV partner reports encouraging results at Bynoe Lithium Project

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Lithium Australia’s JV partner reports encouraging results at Bynoe Lithium Project

December 13, 2021 08:31 PM AEDT

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Lithium Australia’s JV partner reports encouraging results at Bynoe Lithium Project — Image source: © Fambros | Megapixl.com

Highlights

Survey work on Lithium Australia’s jointly owned Bynoe project has confirmed that known pegmatites and lithium anomalies align with magnetic trends.

Recent drilling by Core Lithium has highlighted lithium-rich spodumene pegmatites 600m along trend from Charger’s Enterprise 1 Prospect.

The Bynoe Project is surrounded by very advanced stage Finnis Lithium Project owned by Core Lithium Limited.

Work is advancing towards the planning and permitting for a maiden drilling campaign at the project.

Shares of Lithium Australia NL (ASX:LIT) edged up 4.5% on 13 December 2021, following an encouraging update for its jointly owned Bynoe Project in the Northern Territory. The radiometric and aeromagnetic survey undertaken by the Company’s JV partner Charger Metals NL (ASX: CHR) has confirmed that known lithium anomalies and pegmatites align with magnetic trends.

ALSO READ: Lithium Australia (ASX:LIT) in high spirits with advancing exploration at Bynoe Project

Lithium Australia has a 30% interest in the Bynoe Project, and Charger Metals holds the remaining stake.

Geochemistry program highlights three drill-ready targets

The geochemistry program, which commenced in August 2021, collected 3,034 soil samples, with 637 assay results received to date. The results highlight three parallel walk-up drill targets for LCT pegmatite-hosted lithium at the Enterprise 1, Enterprise 2, and Bucks Trend Prospects.

ALSO READ: Lithium Australia (ASX:LIT) on track to tap appealing opportunities in cobalt- and nickel-free LIB market

Encouraging results from the neighbouring Finnis project

The Bynoe Lithium Project sits within the Bynoe Pegmatite Field, part of the much larger Litchfield Pegmatite Belt. Moreover, the project is surrounded by very advanced stage Finnis Lithium Project owned by Core Lithium Limited (ASX: CXO).

In December 2021, Core Lithium reported on significant lithium intersections in all drill holes at the Centurion Prospect.

ALSO READ: Lithium Australia lights up FY21 with key milestones across divisions

The aerial survey imagery undertaken by Charger positions the Prospect ~600 metres southwest along a structural trend from the Enterprise 1 Prospect of the Bynoe Project.

While many outcropping pegmatites have been located, others are expected to be found. Moreover, the pegmatite’s fertility has been highlighted, using geochemistry tailored to discover LCT (lithium-cesium-tantalum) systems. With image processed aeromagnetic data, the pegmatites’ trend and continuity have been further highlighted.

What’s next at Bynoe Project?

The remaining soil geochemistry results are awaited. Priority targets, such as those at the Enterprise 1, Enterprise 2 and Bucks Lithium Trends, are planned to be prepared for drilling during early 2022 following the Darwin wet season.

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