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Highlights
- High-grade gold assays: Crescent East returned 128.5 g/t gold, while Bourkes United recorded 106.6 g/t gold.
- Extensive magnetic survey: 700-line-kilometre high-resolution survey identified key gold-bearing structures.
- Upcoming drilling: A 3,000-metre RC drilling program is planned for Q1 2025, pending heritage clearance
Exploration Progress at Yalgoo Project
Premier1 Lithium Ltd (ASX:P1L) advanced its exploration efforts at the Yalgoo Project during the December quarter, identifying multiple high-grade gold targets. A high-resolution airborne magnetic survey, spanning 700 line kilometres, focused on key prospects including Crescent, Olive Queen, and Cumberland. The survey extended into the untested Mulloo shear zone, offering new exploration opportunities.
A collaboration with Spartan Resources (ASX:SPR) enabled the integration of broader geophysical data, leading to a refined structural analysis. Reprocessed magnetic data provided further insights into mineralisation controls, enhancing drill target prioritisation.
Following the survey, a first-pass mapping and sampling program was completed, resulting in significant gold assay results from multiple locations.
Notable Assay Results
A total of 168 rock chip samples were collected from key prospects, returning high-grade gold assays:
- Crescent East: 128.5 g/t gold, 78.9 g/t gold, 5.5 g/t gold.
- Olive Queen (South): 54.8 g/t gold, 12.7 g/t gold, 3.1 g/t gold.
- Bourkes United: 106.6 g/t gold.
- Broken Mount: 13.1 g/t gold, 3.6 g/t gold.
- Mulloo Hill: 18.1 g/t gold.
The Crescent East prospect, extending over 500 metres, showed strong surface anomalies associated with brecciated quartz veining in mafic and ultramafic lithologies. The Mulloo Hill target, located 15 kilometres south of Crescent, emerged as a promising new high-grade gold discovery.
Drilling and Exploration Plans
Premier1 Lithium has secured approval for a Program of Work (PoW) at the Wadgingarra area, with heritage clearance surveys scheduled for February 3, 2025. The company plans to commence a 3,000-metre reverse circulation (RC) drilling program in Q1 2025, focusing on Crescent, Olive Queen, and Cumberland.
The Yalgoo Project spans 220 square kilometres within the highly prospective Yalgoo-Singleton Greenstone Belt. Over 25 kilometres of untested shear zones remain open for exploration. Historical drilling targeted near-surface oxide zones, leaving deeper high-grade extensions largely unexplored. The current exploration strategy aims to unlock the full potential of these mineralised structures.
Corporate Developments
Premier1 Lithium strengthened its financial position with a capital raise of approximately A$1.5 million through a placement and entitlement offer. The company also received A$889,546 from the R&D Tax Incentive program, further supporting its exploration initiatives.
With high-grade assay results, expanded target areas, and upcoming drilling, Premier1 Lithium continues to advance exploration at Yalgoo, positioning itself within one of Western Australia's key gold-bearing regions.
