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Assay Results Confirm 74.4m At 1.18% Li2o, Including 32.95m At 1.81% Li2o At Mavis Lake
Lithium exploration and project development company Critical Resources Limited ASX:CRR (“Critical Resources” or “the Company”) is pleased to announce assay results from the first drill hole of the summer 2023 resource extension drilling program at the Company’s 100%-owned Mavis Lake Lithium Project in Ontario, Canada.
Highlights
- Assay results from drill hole MF23-207 confirm outstanding thick intercept of high- grade lithium mineralisation at the Mavis Lake Main Zone
- The significant intersection of spodumene mineralised pegmatite returned:
- 74.4m at 1.18% Li2O, from 176.15m down-hole, including:
- 32.95m at 1.81% Li2O from 215.6m down-hole
- The intercept is interpreted to be associated with a new plunging trend, which the Company is excited to comprehensively drill test over the coming weeks
- Permits for new drill pads have also been submitted to further test the extent of this significant mineralisation trend
- The wide, high-grade intercept is located outside the current resource model and is expected to add significantly to our current Mineral Resource
- Resource extension drilling continues at the Main Zone with further assays pending
Assay results confirm the significance of the intercept, averaging 1.18% Li2O across the 74.4m intercept, with multiple sections grading over 1.8% Li2O and further sections grading up to 3.28% Li20.
The Drill Hole Summary can be seen in Table 1, full exploration results are provided in Appendix 1.
Thick, High-Grade Intercept
MF23-207 has intersected an exceptional interval in terms of both its thickness (and therefore implications for a future resource upgrade) and the grade of the spodumene mineralisation encountered.
The interval has an average grade of 1.18% Li2O and includes significant intervals of high-grade mineralisation. A detailed breakdown can be seen in Table 2.
The intercept is expected to add both tonnage and increased grade to a future Resource upgrade. The true thickness is 60% of the down-hole width, calculated by the contact angles relative to core axis and the modeling of ore shapes with other known drill hole data. A total true thickness is 44.6m in width, representing a significant increase of current MRE projected mineralisation shapes.
This interval is possibly a complex plunging structure that extends throughout the entire ~1.5km Main Zone area, as shown in Figure 1.
Figure 1 – Long Section Model, looking SE, of the Main Zone with the projected plunge area (dark red) related to the 74.4m intercept in MF23-207
MF23-207 was designed to extend the current resource towards the north and follow known mineralisation at depth. The hole was designed to intersect the Main Zone mineralisation shapes obliquely, due to the location of permitted drill pads.
New drill permits have been submitted for the purpose of testing the pegmatite closer to true widths. Ice drilling may be conducted in the winter months to continue testing this swell area at depth.
Figure 2 shows a Cross-Section of Drill Hole MF23-207 in context with previous intercepts and modelling of the current 8Mt resource.
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This article includes content from Critical 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.
QXR Quarterly Activities Report for Period Ended 31 March 2024
HIGHLIGHTS
Liberty Lithium Brine Project, USA
- Two diamond drillholes were completed with numerous brine aquifers intersected in drillhole #2 and a similar geological sequence to Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA.
- Detailed downhole geophysics and packer sampling are being analysed by brine specialists.
- QXR entered into a Letter of Intent with Stardust Power Inc., a development stage American manufacturer of battery-grade lithium products, to assess the Liberty Lithium brines.
Pilbara Iron Ore Project
- Encouraging Iron Ore Samples with up to 58.5% Fe in rockchip samples were returned from over 4km of a Banded Iron Formation (BIF) at Western Shaw, together with a comprehensive review of prior exploration.
Gold Projects – Queensland
- QX Resources holds gold project areas within the Drummond Basin that include two historical open pit gold mines. A detailed review is underway due to the success of a previous trenching program (Big Red and Red Dog) and significant anomalies nearby.
OPERATIONS
Liberty Lithium Brine Project, USA
The Liberty Lithium Brine Project, located in SaltFire Flat, California, covers contiguous claims over 102km2 (25,300 acres), being one of the largest single lithium brine projects in the USA (Figure 1). The Company entered an Option to Purchase Agreement and an Operating Agreement to earn a 75% interest in the large scale Liberty Lithium brine project in California, USA, from vendor IG Lithium LLC (ASX announcement 5 October 2023). An extensive lithium brine surface anomaly with elevated lithium results up to 215mg/L Li extends over 10km (ASX announcement 26 July 2023). Geophysical analysis shows a large basin over 1,000 metres deep and indicating brine aquifer targets at depth. The Project’s geological setting mirrors Albemarle’s nearby producing Silver Peak lithium brine deposit in Clayton Valley USA 1.
Two vertical diamond drill holes were completed (369m & 443 metres depth), spaced 4km apart (Figure 2,3). Holes were centred over an extensive lithium brine surface anomaly and significant MT geophysical target, interpreted as a series of conductive brine bearing aquifers at depth. Brine horizons were intersected in both holes with numerous brine aquifers intersected in drillhole #2 (ASX announcement 8 Feb 2024).
Fine grained lake sediments with sandy layers were common from the top of hole underlain by gravels, conglomerates and coarse alluvial fan material. The geology intersected is similar in profile to the producing sequences of Clayton Valley NV, where Albemarle’s producing lithium brine deposit is located.
Detailed downhole geophysics and brine sampling was conducted with specific aquifers sampled using packer sampling. The intervals were determined from the downhole geophysical and geological logs.
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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.
Quarterly Activities/Appendix 5B Cash Flow Report
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) Pursuit Minerals Limited (ASX:PUR) (Pursuit or the Company) is pleased to present its activities report for the quarterly period ended 31 March 2024.
HIGHLIGHTS
1. Commencement of Stage 1 Drilling Program at the Rio Grande Sur Lithium Project.
2. Completion of commissioning of Lithium Carbonate Pilot Plant.
3. Discussions underway with provincial Government for evaporation pond environmental permitting.
4. $1.36 million in cash and equivalents available at quarter end.
PROJECT DEVELOPMENT
During the March 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological studies, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
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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.
Jindalee Advances US Government Funding for McDermitt
On 30 January 2024, Jindalee Lithium Limited (Jindalee, the Company) lodged its December 2023 Quarterly Activities Report, which summarised activities undertaken at the Company’s 100% owned McDermitt Lithium Project located in Oregon, USA (Project)1. McDermitt is currently the largest lithium deposit in the USA by contained lithium in Mineral Resource and is a globally significant resource with the potential to supply lithium carbonate equivalent (LCE) to US supply chains for decades2 (Table 1).
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners.
- Substantial Government funding for US critical mineral projects continues.
Jindalee is pleased to provide an update on US government funding opportunities for McDermitt.
Grant applications lodged with two US Government agencies (Defense and Energy)
Jindalee advises that the Company has lodged applications for non-dilutive grant funding with both the Department of Defense (DoD) and the Department of Energy (DoE) (Battery Manufacturing and Recycling Grant).
If successful, the DoD grant application is expected to co-fund an accelerated Feasibility Study and associated drilling and testwork, whilst the DoE grant application is designed to potentially co-fund the engineering, procurement, construction and development of a lithium processing facility at McDermitt.
Both grant applications have passed initial reviews by the agencies. The DoE grant application was accompanied by letters of support from Oregon and Nevada politicians and agencies, as well as potential Project partners.
The Company expects to provide updates regarding the status of applications and any potential award decision in the second half of 2024.
Substantial Government funding for US critical mineral projects continues
The US Government is committed to securing a domestic supply for critical minerals to reduce reliance on foreign sourced materials, including lithium, and is providing significant support and funding via the Inflation Reduction Act, the Defense Production Act and other initiatives as recent developments indicate.
On 14 March 2024 Lithium Americas Corp (TSX: LAC, Market Cap: C$1.5bn6) announced that it had received a conditional commitment from the DoE for a US$2.26 billion loan for financing the Phase 1 construction of processing facilities at the Thacker Pass Lithium Project3, located approximately 30km south of McDermitt (Figure 1). The loan, anticipated to cover approximately 75% of Thacker Pass’s initial capital cost, offers favourable terms with an interest rate equivalent to the US Treasury rates (0% spread) and a tenor of 24 years.
On 8 April 2024 Perpetua Resources Corp (TSX: PPTA, Market Cap: C$538m6) announced that it had received a Letter of Interest from the US Export-Import Bank for potential debt of up to US$1.8 billion for capital funding of the Stibnite Gold and Antimony Project in Idaho, USA4. This follows earlier grants of up to US$59.4 million received by Perpetua Resources from the DoD to assist with construction readiness and permitting of the Stibnite Project5.
Jindalee’s CEO Ian Rodger commented “We are very pleased with the progress of our grant applications for the McDermitt Lithium Project, particularly with the strong backing we’ve received from key stakeholders, including US politicians and potential Project Partners. The support for our applications highlights the strategic importance of our Project and its alignment with US national interests. These non-dilutive grants, if successful, promise to significantly enhance equity returns, reinforcing our strategy and amplifying the value we deliver to our shareholders.
Table 1 – Summary of 2023 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppmNote: totals may vary due to rounding. (Lithium carbonate equivalent (LCE) is calculated by taking the lithium value and multiplying by 5.323 to determine the molar equivalent in standard industry fashion).
Figure 1 – McDermitt Caldera: Location of McDermitt and Thacker Pass projects
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This article includes content from Jindalee Lithium 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.
Uranium Anomaly Delineated by Soil Results at Napperby Project
Oceana Lithium Limited (ASX: OCN, “Oceana” or “the Company”) is pleased to announce that the results of recent soil sampling have defined a uranium anomaly in excess of 4.5km in length and up to 700m in width at its 100% owned Napperby Project in the Northern Territory, Australia.
Highlights
Napperby Project, Northern Territory, Australia
- Soil sampling results have delineated a large uranium anomaly in excess of 4.5km in length and up to 700m in width
- Re-examination of hyperspectral data by HyVista supports ‘roll-front’ style uranium mineralisation interpretation for the anomaly
- Follow-up mapping of the identified uranium and sulphide targets to commence, with results to refine / generate drill targets
- Field exploration activities will assess lithium-caesium-tantalum (LCT) pegmatites potential along with uranium and Rare Earth Elements
The Napperby Project is located within the highly prospective Arunta Province, which is endowed with some of the most prospective rocks for lithium (Li), Rare Earth Elements (REEs) and uranium (U) mineralisation in the Northern Territory.
As announced on 21 February 2024, the Paleoproterozoic Wangala and Ennugan Mountains granites have long been recognised as “Hot Granites” and known to be anomalously enriched in a range of elements including U, thorium and REEs. Both granite plutons show outstanding uranium/thorium ratios and are almost fully encapsulated within Oceana’s Napperby Project leases EL32836 and ELA32841 (under application), as shown in Figure 1.
A soil geochemistry infill sampling program was completed during the December quarter in the southeast corner of EL32836 to better define and understand the lithium anomalies highlighted by the 2022 soil sampling program (refer to ASX Announcement dated 28 November 2022).
A total of 107 samples were collected in the last campaign at 200m spacings for approximately 30 line-km, infilling the previous 2km line spacing to 500m. Although initially targeting lithium, the results from the soil sampling have defined a large arcuate uranium anomaly, as shown in Figure 2.
Figure 1: Map showing U/Th ratios and known uranium, thorium and REE mineral occurrences at Napperby Project
Figure 2: Large uranium anomaly in soils - Line spacing is 500m and sample centres of 200m
The uranium anomaly is mostly covered by Quaternary sediments and residual soils. The relatively low absolute values for the anomaly (500 – 3,680ppb U) are the result of using mobile metal ion sampling techniques which enables field teams to sample large areas without the need to carry large heavy samples around in the field. Because the samples are not crushed and pulverized, it is only unbound or weakly attached metal ions that are removed from soils and as such it is not the absolute values of elements that are of interest but the relative differences of values within a given data set.
Modelling and interpretation of the available hyperspectral data at Napperby was completed by HyVista Pty Ltd (HyVista). Modelling of the geochemical alteration zones interpreted from the hyperspectral data relative to the uranium surface anomaly confirmed that the anomaly has the potential to host significant “roll-front” type uranium mineralisation.
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This article includes content from Oceana Lithium, 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.
HMW Project Achieves 1,000t LCE Contained Inventory as Lithium Chloride Production Journey on Track
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to provide a further update on the progress of construction activities at its 100% owned Hombre Muerto West (HMW) Phase 1 lithium brine project, with lithium chloride production expected in H1 2025. Galan continues its steady progress in advancing its low cost, high grade HMW project to production in a timely manner.
HMW Project Update
- Pond 1 and 2 evaporation continues; approx 1,000t LCE contained inventory
- Pond 3 earthworks almost complete, liner installation at 60% and filling of pond 3 commenced; Pond 4 earthworks have commenced
- Overall project completion now at 33%, with pond construction 45% complete; project execution is advancing as planned
- Aligning with the physical progress of the project, capital expenditure also sits at 33% of the Phase 1 budget
- Key processing parameters; average brine flow rate, average Li grade from wells and evaporation rates in line with the Feasibility Study. The project remains on track to commence production in H1 2025
- Opportunities to reduce the Capex and Opex for HMW Phase 1 identified; engineering and procurement teams working to quantify these opportunities within the next two months
- Low all-in sustaining costs; HMW is expected to be in the 1st quartile of lithium industry’s cost curve with an initial reserve estimate of 40 years
- Phase 2 Operating cost to LiCl concentrate of $US3,510/t LCE equates to a low Li2O equivalent operating cost of SC6 (Spodumene Concentrate) $US310/t-$US350/t; solid production margins at current spot prices
- Following the recent agreement signed with the Catamarca government, offtake and funding discussions are advancing; Glencore due diligence process continues.
In addition, Galan’s team are analysing options to reduce capital expenditure, these opportunities are focussed on selecting the minimum infrastructure required to commence production of Phase 1. Multiple trade-off exercises are being assessed such as the analysis of rental options for energy supply, reduction of the size for selected buildings, usage of independent smaller control systems, instead of a larger central control system for all facilities.
As previously announced, the HMW project was separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate by H1 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The very positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).
Ponds 1 and 2 completed with evaporation continuing
Pond 3 liner installation and Pond 4 earthworks
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“We are very proud of the solid progress being made by the HMW Phase 1 construction team. With more than one third of the project completion now achieved, Galan is well on its way towards its targeted commencement of production in H1 2025. Galan would like to acknowledge and sincerely thank the Government of the Catamarca Province in Argentina for their continued support, evidenced by the recent agreement signed to commercialise lithium chloride concentrate from HMW. We are excited about the opportunities this agreement now presents to Galan’s future”
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This article includes content from Galan Lithium, 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.
Quarterly Activities Report to 31 March 2024
Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is working on a pipeline of promising lithium projects with Abbotts North being the premier exploration project hosting outcropping lithium bearing pegmatites.
HIGHLIGHTS
- First phase of drilling completed at Abbotts North Project (Buttamiah Prospect), WA, with 11 RC holes drilled totaling 1,623m
- Assay results from Abbotts North confirm continuation of LCT system and delineate targets to north and east
- Montague field work commenced identifying abundant newly mapped pegmatites
- Field programs planned at Montague, Yalgoo and Abbotts North for June Quarter
- Demerger transaction completed 25 January 2024
- Transition underway to new leadership team at PLC to align with new strategy
Safety and Environment
Premier1 conducted field exploration activity with no reportable ESG related incidents in the quarter.
Abbotts North Project
Premier1 successfully completed the first phase drilling program at Abbotts North, located 35km north of Meekatharra, Western Australia. The program was completed on time and under budget. A total of 11 RC holes for 1,623m were drilled to test the main outcropping pegmatites at the Buttamiah Prospect.
Nine of 11 drill holes intercepted pegmatites of on average 1 to 3m and locally up to 4m thickness hosted within an amphibolite unit. Occasionally, lepidolite has been identified and further analyses are planned to determine the presence of spodumene in the system. Assays were released subsequent to the end of the quarter. The results show elevated lithium across the stacked pegmatites of up to 0.41% Li2O, confirming the continuation of the LCT system down depth and along strike.
Additional studies of the outcropping pegmatites in the larger Buttamiah Prospect area including fractionation vectoring using K/Rb ratios suggest the core of the system to be located to the east of the previous drilling. In addition, the data indicate that LCT pegmatites occur within the granites to the north of the drill area. Further mapping and sampling of pegmatites in these areas as well as over the remaining tenement package has commenced. Focus is to delineate drill targets of higher grades and thicknesses that have the potential to form a significant lithium deposit within the existing LCT system.
Figure 1: Cross-section of intercepted pegmatites showing significant results >0.05% Li2O.
Premier1 also completed a soil geochemistry program at the Abbotts North project for a total of 600 samples. Factor analysis (FA) was employed with the purpose of identifying multielement signatures within the soil assay samples which may be indicative of Li mineralisation. The work was successful in identifying spatial and geochemical associations between lithium mineralisation and mapped geology.
Montague Project
Premier1 commenced pegmatite mapping and rock chip sampling at the Montague lithium project. The Company has identified abundant new pegmatites along a mafic-ultramafic and siliclastic sequence of the greenstone belt up to 1km west of the main granite contact to the east. Potassium-Rubidium (K/Rb) ratios defined at least two areas of interest that showed high fractionation of below 40 that indicate prospectivity for Lithium-Caesium-Tantalum (LCT) pegmatites.
The recently commenced first phase of field mapping and sampling has identified pegmatites in these two areas of interest. Occasionally, green mica has been identified and a first set of samples has been sent to the lab. Feldspar samples were taken of all newly mapped pegmatites to determine fractionation trends for further target vectoring and identification of potential drill targets for the second half of 2024.
The project covers the south-eastern portion of the Gum Creek Greenstone Belt which consists of early–mid Archean greenstone belts, intruded by late Archean granitoids and overlain by sporadic Proterozoic metasediments. Vast areas of Cainozoic sediments and transported regolith cover the region. Margins of the belt are typically dominated by contact-metamorphosed basalts and banded iron formations.
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This article includes content from Premier1 Lithium, 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.
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