Lithium Australia NL (ASX:LIT) continues the strategic consolidation of lithium interests in the Lake Johnston area.
Lithium Australia NL (ASX:LIT) continues the strategic consolidation of lithium interests in the Lake Johnston area. The Lake Johnston pegmatite field, which is proximal to Poseidon Minerals Ltd’s (ASX: POS) Maggie Hays and Lake Johnston operations, is located 440 km east of Perth, Western Australia (Figure 1) and serviced by supporting infrastructure.
- Multi-commodity deal gives LIT access to most of the prospective Lake Johnston lithium pegmatite field, located in Western Australia
- LIT has issued 9 million shares to Lefroy Exploration Ltd for lithium rights
- LEX has issued 3 million shares to LIT for gold and nickel rights
- LEX to re-list this Wednesday in a highly anticipated debut
LIT’s transaction with Lefroy Exploration Limited (ASX:LEX) provides LIT with access to most of the Lake Johnston lithium pegmatite field, in that all lithium rights in the following areas will be ceded to LIT (see Figure 1).
- E63/1722 – LEX granted exploration licence
- E63/1723 – LEX granted exploration licence
The amalgamation of lithium rights adds significantly to the potential of LIT’s lithium pegmatite occurrences located on Exploration Licence E63/1777 where pegmatites with abundant lepidolite cross tenement boundaries into E63/1722 and 1723. These occurrences are in close proximity to lithium mineralization reported by Poseidon Nickel Limited, (ASX: POS) (Refer to the POS release dated 12 October 2016).
Lithium Australia’s CEO, Adrian Griffin commented: “The significance of past sampling in the areas presents a compelling case for a regional consolidation of lithium rights. We will have worked closely with LEX in the first steps towards achieving this and we wish LEX well for its re-listing tomorrow.”