- Recently Lithium Australia has entered into joint funding deals with other prominent explorers to gain exposure to gold and base metals at little cost while preserving 100 per cent of the lithium potential of related projects.
- LIT, in conjunction with joint-venture partner Okapi Resources, will test lithium and gold targets around Lake Johnston and Medcalf project.
- Historical data supports exploration for Ni-Cu-PGE group mineralisation at the Coates Mafic Intrusive Complex.
- LIT and Focus Minerals have mutually agreed to cancel the Coolgardie Rare Metals Venture.
Lithium Australia NL (ASX: LIT) is committed to creating a circular battery economy for the battery industry by ensuring an ethical and sustainable supply of energy metals.
The exploration strategy of LIT involves joint funding of its exploration portfolio. In line with this strategy, recently, it has partnered with well-funded and progressive explorers - Okapi Resources Limited (ASX: OKR), Australian Vanadium Limited (ASX: AVL), Mercator Metals Pty Ltd, and Metal Hawk Ltd.
The deals have provided LIT, exposure to gold and base metals at low cost while preserving 100 per cent of the lithium potential of the concerned projects.
Lens through LIT's exploration milestones in Western Australia
Lake Johnston and Medcalf project: These projects are at 470 kilometres east of Perth, Western Australia (WA).
Earlier, LIT had implemented reconnaissance geological mapping and geochemical sampling there. Leading to the finding of a spodumene pegmatite cluster at Tamar Hill, near Lake Medcalf.
Now, the company, along with joint-venture partner Okapi Resources, will examine lithium and gold targets around the project’s areas during the December 2020 quarter.
Coates Mafic Intrusive Complex: It is located 50 km northeast of Perth in WA, nearly 29 km southeast of the recent nickel/copper/ platinum group elements ('Ni/Cu/PGE') discovery by Chalice Gold Mines Ltd at its Julimar project. Historical data from a detailed review of 1970s drilling backs exploration for Ni-Cu-PGE group mineralisation at the Coates Mafic Intrusive Complex. Micro-XRF scans of samples show - disseminated pyrrhotite and chalcopyrite within a discrete pyroxenite phase of a magnetite gabbro layer.
Image source: LIT’s ASX announcement dated 17 September 2020
On 27 May 2020, LIT announced a collaboration with Australian Vanadium and Mercator Metals to evaluate the complex.
For more information, read here: Lithium Australia's Strategic Alliance to Explore Ni-Cu-PGE Mineralisation at Coates Mafic Intrusive Complex
Emu Lake Project: It is situated 75 km northeast of Kalgoorlie, WA and covers an area of approximately 44 km2. LIT has divested this project (exploration licence E27/562) to an unlisted public company named Metal Hawk Ltd.
The exploration licence E27/562 was transferred to Metal Hawk for a consideration of AUD 60,000. LIT holds 100 per cent of the rights to lithium mineralisation at Emu Lake, and manages the tenement holding costs and expenditure commitments.
LIT targeted the tenement as having potential for lithium mineralisation as it is peripheral to a cluster of Kurnalpi Terrane granite intrusions. At these intrusions, most lithium-bearing pegmatites occur inside a 5 km halo around alkali metal-enriched granitic intrusions.
Kurnalpi Terrane's lithium mineralisation potential was further enhanced by Breaker Resources NL's (ASX:BRB) discovery of Manna spodumene pegmatites southeast of the Emu Lake project.
Greenbushes area: It is situated 200 km south of Perth, WA, which hosts the world's biggest lithium mine. LIT with subsidiary Stanifer Pty Ltd, has a notable exploration holding proximal to that mine.
Talison Lithium Pty Ltd, which is a joint venture between two of the world's biggest lithium companies - Albemarle Corporation and Tianqi Lithium Corporation, operates the mine.
Lepidolite Hill: It is situated 15 km south of Coolgardie in WA. LIT and Focus Minerals Limited (ASX: FML) have mutually agreed to cancel the Coolgardie Rare Metals Venture. It will result in transferring 100 per cent of specific titles to LIT in return for a royalty payable to Focus.
As per the agreed terms, Focus will transfer Lepidolite Hill tenements P15/5574, P15/5739 and P15/5575 to LIT. LIT will grant Focus a royalty equal to 20% of the statutory royalties payable to WA in relation to those tenements.
Lithium Australia MD Adrian Griffin Comments
Image source: LIT’s ASX announcement dated 21 September 2020
On 21 September 2020, LIT closed the day's trade at AUD 0.055.
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