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Premier1 Lithium Investor Kit
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Premier1 Lithium
Overview
Premier1 Lithium (ASX:PLC) is an Australian company focused on lithium exploration in Western Australia. The company was formed following the restructuring of SensOre. SensOre demerged its non-core software and AI technology business and the remaining company was rebranded as Premier1 Lithium to focus on the lithium business.
Premier1 employs artificial intelligence and machine learning technology to choose its lithium prospects. Through a data-driven approach, the company can strategically allocate resources to prioritize the most promising targets.
The company’s portfolio comprises one wholly-owned project and three other projects with joint venture (JV) partners. The wholly owned Abbotts North project is its flagship asset, with the Buttamiah Prospect as the primary area of focus. The Buttamiah Prospect is characterized by lithium-bearing pegmatite occurrences and has returned assays up to 1.25 percent lithium oxide at the surface.
The other three JV projects are: 1) Yalgoo and Yalgoo West Project, with JV partners Venture Minerals and Firetail; 2) Montague Project, with JV partner Gateway Mining; and 3) Gecko North Project, with JV partner LithGold.
Western Australia represents one of the best jurisdictions for lithium exploration. The state offers a stable investment environment supported by a transparent regulatory system, access to export markets, and minimal barriers to international trade. Archean cratons in the region are the most prospective and represent some of the world’s largest lithium-bearing pegmatite deposits. The company’s Abbotts North Project is in the Archean cratons making it a sought-after lithium asset.
According to the Office of the Chief Economist within the Department of Industry, Science and Resources, Western Australia is projected to possess around 10 percent of the global lithium hydroxide refining capacity by 2024. That projection is expected to further increase to over 20 percent of the global lithium refining capacity by 2028.
Lithium as a mineral is in great focus, given its application in batteries for electric vehicles. It represents the most in-demand metal required for the energy transition. The global shift away from fossil fuels is ongoing, which should fuel demand for lithium in the next decade. According to a report by the International Energy Agency, global battery and minerals supply chains must expand by 10 times to meet the demand in 2030. This should benefit lithium which remains a key battery ingredient.
Projections by mining giant Albemarle suggest that lithium demand will reach 3.7 million tons by 2030 driven by favorable government policies in many countries aimed at phasing out new internal combustion engine car sales. As the global demand for lithium continues to expand, Premier1’s exploration and development initiatives are well-timed, providing investors with an opportunity to participate in the swiftly growing lithium market.
Company Highlights
- Premier1 Lithium is focused on lithium exploration in Western Australia, one of the best jurisdictions in the world for hard rock lithium.
- The company was formed following the restructuring of SensOre Limited. SensOre demerged its non-core software and AI technology business, and the remaining company was rebranded as Premier1 Lithium to focus on the lithium business.
- The company holds a pipeline of promising lithium projects led by its wholly owned flagship project, Abbotts North, and three joint venture projects – Yalgoo and Yalgoo West, Montague and Gecko North.
- The company’s lithium prospects are selected using AI and machine learning. This data-driven approach allows Premier1 to prioritize resource allocation toward the most prospective targets.
- Premier1 is on track to commence a 2,000-meter RC drilling program at Abbotts North in February 2024. All the environmental and heritage approvals required for the drilling program have been received.
- The focus of the drilling program is on the Buttamiah Prospect within the Abbotts North Project, which is characterized by lithium-bearing pegmatite occurrences and has returned assays up to 1.25 percent lithium oxide at the surface.
- In addition to Abbotts North, Premier1 has planned extensive exploration work at its JV projects. This includes pegmatite mapping and sampling, as well as soil and auger geochemistry to delineate drill targets at Montague and Yalgoo beginning the second half of 2024.
- Premier1 Lithium offers investors an attractive way to benefit from the growing demand for lithium.
Key Projects
Abbotts North Project
Abbotts North is the company’s 100 percent-owned flagship lithium project. This project is situated in the Abbotts Greenstone Belt region, which has not been previously explored for lithium. The Buttamiah prospect, the key target area within the Abbotts North, has shown confirmed pegmatite occurrences that yield up to 1.25 percent lithium oxide at the surface.
Several parallel lithium-bearing pegmatites have been mapped and sampled at the Buttamiah Prospect. The individual pegmatites exhibit an average width ranging from 2 meters to 3 meters and can be followed along a strike length of up to 350 meters. The main Buttamiah Prospect extends over a total area of 1.5 kilometers.
Premier1 is on track to commence a 2,000-metre RC drilling program in February 2024, designed to test the depth and extent of the mineralized pegmatite field at the Buttamiah Prospect. All the environmental and heritage approvals required for the drilling program have been received.
Several additional priority targets have been identified at the Abbotts North Project following the completion of the initial phase of field mapping, rock chip sampling and soil geochemistry in December 2023. The soil survey results unveiled areas of interest with a geochemical structure similar to those observed over the primary Buttamiah Prospect. Subsequent fieldwork will be undertaken to evaluate these newly identified priority targets and plan for additional heritage clearance surveys.
Yalgoo and Yalgoo West Project
Yalgoo and Yalgoo West are key projects in the company’s lithium portfolio. AI and machine learning were used to identify these projects as having significant potential for lithium. These assets are part of the Greenstone Belt region, which is underexplored. The greenstone belt is characterized by multiple phases of granitic intrusions, including known LCT pegmatites.
Premier1 can earn up to 70 percent of the lithium rights for the Yalgoo project from Venture Minerals and 80 percent of mineral rights (except rare earth elements) from Firetail Resources for the Yalgoo West project.
The land access approvals are in place and the company is planning extensive fieldwork, including pegmatite sampling, soil and auger geochemistry, to identify targets for initial drilling beginning H2 2024.
Montague Project
Montague project, located within the Greenstone Belt, is a joint venture between Premier1 and Gateway Mining. Premier1 can earn up to 80 percent interest in the JV by meeting certain expenditure criteria. Premier1 has selected tenements within the Montague project for lithium, using AI and machine learning.
The project comprises historical mining leases and is situated in proximity to geological formations that indicate the presence of lithium-bearing pegmatites.
Land access approvals are in place for the project and the next steps include pegmatite mapping and sampling, and soil geochemistry, which will be followed by drilling in H2 2024.
Gecko North Project
Gecko North project is a joint venture between Premier1 and LithGold Minerals. The company used AI and machine learning to generate lithium targets at Gecko North. Premier1 can earn up to 80 percent interest in this JV project. This includes earning 51 percent interest by spending $2.5 million over four years, and an additional 29 percent interest by completing a bankable feasibility study.
Land access approvals for this project are in place and the next steps include extending soil geochemistry and shallow drilling to test soil anomaly in H1 of 2024.
Management Team
Richard Taylor – Executive Director and CEO
Richard Taylor is a qualified lawyer and holds an MBA from Cambridge University and a master’s degree in law from ANU. He has more than 15 years of experience and has held several senior leadership roles in the resource sector. Previously, he has worked with Terramin Australia, Mineral Deposits, PanAust, MMG, and Oxiana. His experience spans various domains including strategy, business development and governance.
Jason Froud - Managing Director
Jason Froud is a geologist with over 25 years of experience in the resources sector working for major mining companies including Newcrest and WMC as well as global consultancies with experience across the mining cycle and numerous commodities. He was recently responsible for business development at Liontown Resources including the generation of new lithium and battery metals projects of Tier 1 potential including the execution of various farms-ins and joint ventures across Australia. With his wide range of experience including commercial and stakeholder engagement, Jason is ideally suited to drive PLC’s growth and success into the future.
Anja Ehser - Non-Executive Director
Anja Ehser is a geologist with over 15 years of experience in the mineral exploration sector in Europe, and Canada, focusing on base, precious and battery metals. She has held several senior leadership roles within the Deutsche Rohstoff Group and its subsidiaries.
Hugh Thomas - Non-executive Chairman
Hugh Thomas is an experienced public market director and former investment banker with over 30 years specialisation in the mining and exploration sectors particularly across the Asia Pacific and African regions. Thomas’ previoulsy served on the boards of various listed exploration companies and corporately as managing director and head of natural resources Asia Pacific for J.P Morgan and Morgan Stanley. Currently, Thomas serves as chairman of International Base Metals Limited and non-executive director of NT Minerals Limited.
Paul Smith - Exploration Manager
Paul Smith has 13 years’ experience in the exploration of precious, base and critical minerals throughout Australia and Central Asia. He was recently leading the discovery, exploration and drill out at the Andover lithium project by Azure Minerals that has been acquired by joint bidders Sociedad Química y Minera de Chile S.A. (SQM) and Hancock Prospecting for $1.7 billion. Prior to working with Azure Minerals, Smith was senior geologist at Iluka Resources responsible for project generation and evaluation as well as project management.
High Grade Gold Trenching Program and Reassessment of Shuttered Gold Mines – Central Queensland
- A follow-up trenching program has been planned at the Big Red Gold Project, Queensland.
- Previous trenching at Big Red returned high grade gold results including 9m @ 5.9g/t Au, with gold mineralisation remaining open along strike.
- Interpreted strike length over Big Red currently exceeds 450m with probable further concealed extensions beneath sandy loam surficial cover.
- The Company’s Gold projects are located in the Drummond Basin in central Queensland – an under- developed region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces.
- A reassessment of two shuttered open pit gold mines within QXRs ground has commenced as these mines were last operated when the gold price was less than A$500/oz.
- QXR has numerous gold and copper-gold targets which will be developed towards further drilling leading to potential production scenarios with updated permitting guidelines.
High Grade Gold in Trenches at Big Red Project
Gold trenching is planned to extend current high grade gold results in trenches at the Disney-Big Red Project (ASX announcement 1 Nov 2021). Two elongate gold anomalous zones were defined over 650m and may extend up to 1200m long. Best historic trench results from hard rock at the base of trenches at Big Red were:
- Trench 1 - 9m @ 5.9 g/t Au within a mineralised zone 35m wide. Large zone 80m @1.2 g/t Au
- Trench 2- 3m @ 2.2 g/t Au within a mineralised zone 13m wide. Large zone 28m @ 1.8 g/t Au
- Trench 4 - 2m @ 23 g/t Au with a mineralised zone 7m wide. Large zone 32m @ 1.7 g/t Au
These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022). Further trenching is planned to extend the current zone of high-grade gold mineralisation prior to a drilling program over a number of shallow targets. The Company believes the potential of Big Red may be similar to nearby Twin Hills deposit with 1.0Moz (23.1Mt@1.5g/t Au) incl 49m @5.2g/tAu and Lone Sister 0.48Moz (12.5Mt@1.2g/t Au) incl. 28m @45.2g/t Au (c.f. ASX:GBZ announcement 5 Dec 2022, 28 Apr 2023, 9 Jun 2023)
Reassessment of Open Pit Gold Mines
A reassessment of the potential of past open pit gold mines is underway. The two open cut mines, Belyando and Lucky Break, were closed when gold was less than A$500/oz. Drilling data by QXR and previous explorers shows potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.
QXR Managing Director, Stephen Promnitz, said: “QXR has excellent potential for a gold discovery at Big Red in Queensland, which will be followed-up in the planned trenching program and followed later by a drill program, previously delayed due to inclement weather. Nearby closed open pit gold mines were operating at much lower gold prices and show potential for future production as part of a reassessment of their potential.”
Next Steps
Trenching
A new program of trenching at Big Red Project (Disney) is an initial phase to extend two north-east trending elongate zones previously encountered in QXR trenches with high grade gold results occurring over a strike length of 650 metres. The zones may potentially be up to 1200m long based on past soil sampling and geophysics (magnetic low zones within magnetic highs). Mineralised widths included 9m @ 5.9 g/t Au in trenches (ASX announcement 1 Nov 2021, 16 Feb 2022). Quartz breccias show textures similar to gold producing zones elsewhere in the region.
Figure 1: Big Red (Red Dog) Project –Past trenches; quartz breccias; area of past trenches (yellow rectangle) and planned extensions (orange rectangle)
Drill targets
Revised drill targets will be generated from the trenching results, merged with geophysical data. These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022).
Resource models
Updated resource modelling for Belyando and Lucky Break have been commissioned. Both mines show potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.
Background
QXR holds nearly 100,000 hectares of leases in the Drummond Basin of central Queensland – an under- developed region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces (1). Gold mineralisation is largely related to intrusives into the region with the largest producer – Pajingo (ex-Newmont) having produced 3.4 Moz since 1986 and was instrumental in the creation of gold miner Evolution when they purchased the mine from Newmont (Newcrest).
The QXR leases show potential for epithermal gold and porphyry related copper gold deposits and include two historical open pit gold mines, Belyando and Lucky Break, that were last producing when the gold price was under A$500/oz. QXR holds 85,800 Ha of exploration leases on a 100% basis and 11,500 Ha (70%QXR) in a JV with private company, Zamia Resources.
Click here for the full ASX Release
This article includes content from QX Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Further MOU Extension with Aleees and NT Government
Parties have now agreed a revised project development timeline below:
The MOU builds on the ongoing project development workstreams undertaken by Avenira, Aleees and the NT government. The extension is valid until 30 June 2025.
Avenira continues to pursue the LFP battery manufacturing project following the completion of a positive Scoping Study3, which demonstrated the strong economic and technical viability of the project.
Under the September 2022 announcement, a tripartite non-binding MOU was signed whereby Avenira, Aleees and the NT Government would work towards the development of a LFP battery cathode manufacturing facility, with the NT Government assisting and advising where appropriate in relation to necessary infrastructure including water, energy, power, telecommunications, road, port and rail access and service requirements.
This agreement has been extended to 30 June 2025 to allow the NT Government to continue to provide Aleees and Avenira with support through to the completion of the next stage studies.
Commenting on the extension of the MOU, Avenira’s Charman and Chief Executive Officer, Brett Clark, said:
“The MOU extension demonstrates the continuing support of the Northern Territory Government and Aleees with this significant LFP cathode project in Darwin.”
Click here for the full ASX Release
This article includes content from Avenira Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Substantial High-Grade Lithium Achieved Following Completion of Drill Hole 1 at Rio Grande Sur
HIGHLIGHTS
- Drillhole 1 (DDH-1) at the Maria Magdelena tenement of the Rio Grande Sur Project, has completed with substantial high grade intercepts of lithium brine discovered at depths as low as 557m.
- High-grade assays include the following intervals:
- 629mg/L (“milligrams per liter of Lithium”) from an interval of 512.75m to 518m
- 620mg/L from an interval of 115.5m to 117.5m
- 611mg/L from an interval of 258.25m to 260.25m
- 608mg/L from an interval of 495.25m to 497.25m
- 607mg/L from an interval of 369.25m to 371.25m
- Importantly, these grades over 600mg/L which were all discovered at depth are beneath the currently calculated mineral resource estimate and are expected to add to its size and grade.
- With completion of DDH-1, the crew is in the process of relocating to Sal Rio II to commence Drillhole 2 (DDH-2).
- The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L1.
In relation to the progress of DDH-1 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The results from DDH-1 are substantial as we demonstrate the world class potential of the Rio Grande Sur Project. With completion of DDH-1, we are continuing the important advancements we have made in our understanding of the RGS Project mineralisation, with the results continuing to demonstrate the potential large scale of the project. With outstanding high grade brine intercepts of ~600mg/L at depths of 115.5m and those grades continuing to ~520m, the project is exceeding our expectations.
“We continue to progress with permitting for the drilling program in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program works as we target a substantial mineral resource upgrade. This is in addition to works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit advancing off-take discussions with multiple requests for product samples from potential off-take partners.”
High-Grade, Deep Depth Lithium Brine Assay Results
DDH-1 of the Stage 1 drilling program completed on site at the Rio Grande Sur Project in mid-June 2024 having reached a depth of 560m.
Throughout the drilling of hole 1, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered across the depths of the hole. Of particular interest, at a depth of approximately 100-130m, a highly porous sandy unit was encountered with Lithium brine grades substantially above expectation, based on historical drilling results. This zone has been earmarked as the potential location of a pumping well due to its heightened porosity and average grade of 620mg/L. As drilling continued to depth, DDH-1 continued to deliver exceptional grades averaging above 600mg/L and the presence of good quality, porous and permeable sands.
Table 1 – Lithium Assays, Interval Data and Drillhole Collar
Intercepts from DDH-1 have shown highly favourable geology in line with, and exceeding expectations from historical drilling (to depths of 50m) carried out on the Rio Grande Salar. Lithium brine sample grades from the sampling of the hole are averaging above 600mg/L against the average grade of 351mg/L used to develop the current Mineral Resource Estimate (“MRE”). Additionally, the mineralisation extended to a depth of ~560m also well below the depth used to develop the MRE1.
Click here for the full ASX Release
This article includes content from Pursuit Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Premier1 Lithium Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects