Lithium Australia and Lefroy Exploration Complete Lake Johnston Lithium Rights Transfer

- October 18th, 2016

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.

HIGHLIGHTS

  • 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.”

Connect with Lithium Australia NL (ASX:LIT) to receive an Investor Presentation.

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