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Highly Fractionated Pegmatites Confirmed at Black Mountain through K-feldspar Testing
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce that it’s K-feldspar testing program conducted at its Black Mountain hard rock lithium project (“Black Mountain”) has confirmed the moderately to highly fractionated state of the outcropping LCT pegmatites at the project.
HIGHLIGHTS:
- Analysis of the Rb content in K-feldspar crystals collected from outcropping pegmatites at Black Mountain confirms the moderately to highly fractionated state of the outcropping lithium-caesium-tantalum (LCT) pegmatites
- The K-feldspar potassium to rubidium (K:Rb) ratios of less than 30 are concentrated in the southern group of pegmatites, confirming that they remain the most prospective for lithium mineralization and, accordingly, are now the primary targets for future drilling
- The results of this work have demonstrated to the Company that K-feldspar testing can quickly and cost-effectively distinguish fractionated LCT pegmatites prospective for lithium mineralisation from unmineralised pegmatites and, accordingly, will be used at Chariot’s other projects in the U.S.A.
A pXRF (portable X-ray fluorescence) device was used on 218 potassium-feldspar (“K-feldspar”) samples collected from the outcropping pegmatites at Black Mountain.
Many of these samples also displayed anomalous caesium (Cs) and tantalum (Ta) values, further supporting the existence of LCT pegmatites in the area.
The Company will expand its drilling plans and drill test the Southern Target Area.
Chariot engaged Environmental Resources Management (ERM) to assist with an orientation sampling program at the Black Mountain project to:
1) determine fractionation states of pegmatites by sampling the K-feldspar minerals;
2) identify any fractionation trends (based on K/Rb ratios), in order to define and rank zones for further drill testing; and
3) test for LCT-pegmatite suite elements (Cs, Rb, Ta, and Sn), as further indication of LCT type pegmatites.
The results of this work demonstrate the effectiveness of using K-feldspar testing to distinguish prospective lithium mineralized LCT pegmatites from less fractionated pegmatites. K-feldspar testing has enabled the Company cost-effectively to sharpen the focus of its exploration activities at Black Mountain and will also be used to focus exploration at the Company’s other projects. K-feldspar sampling is currently being conducted at the Copper Mountain and South Pass projects in Wyoming U.S.A.
Figure 1: Black Mountain Leapfrog model showing the mapped pegmatites over the DEM, downhole pegmatite intersections and outcrop K/Rb fractionation data. Oblique view looking northeast.
Fractionation State of the Pegmatites
ERM’s experience and global dataset of K-feldspar K/Rb fractionation data indicates that pegmatites with a K/Rb value of less than 30, have the highest potential to host lithium mineralization (see also Chariot’s ASX announcement dated 19 June 20241). It was determined that the K-feldspar fractionation data from the Black Mountain pegmatites (see Table 1) are consistent with moderately to highly fractionated pegmatites with significant potential for LCT mineralization.
The pXRF analyses of K-feldspar (see Table 1) show elevated content of LCT-pegmatite suite elements (Cs, Rb, Ta, and Sn) and moderate to high fractionation states.
Table 1 Summary results of pXRF data from K-feldspar from the Southern Target Area
Table 2 Summary results of pXRF data from K-feldspar from the Northern Area
The Black Mountain pegmatites located in the project’s Southern Target Area exhibited K/Rb ratios averaging 24 and are associated with high-grade lithium mineralization encountered at surface and in drill holes. This drill data was provided by the Company in its ASX announcement dated 3 May 20242. The data indicates that the sampled pegmatites are all LCT-type.
Click here for the full ASX Release
This article includes content from Chariot Corporation, 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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Pilbara Minerals to Acquire Latin Resources, Expanding Lithium Portfolio to Brazil
Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) shared on August 15 that it plans to acquire Latin Resources (ASX:LRS,OTC Pink:LRSRF) through a a binding scheme implementation agreement.
The deal will give Pilbara Minerals ownership of Latin Resources' flagship Salinas lithium project.
It implies a value of AU$0.20 per Latin Resources share based on Pilbara Minerals' August 14 closing level of AU$2.85. That represents a 32 percent premium to Latin Resources' 30 day volume-weighed average price of AU$0.151 per share.
In total, Pilbara Minerals' purchase is valued at about AU$560 million.
"This acquisition is on-strategy, diversifying the business with what we believe is a counter-cyclical, accretive extension that further builds out Pilbara Minerals' position as one of the leading lithium materials suppliers globally,” Dale Henderson, managing director and CEO of Pilbara Minerals, said in a press release.
He added that Salinas, which is located in Minas Gerais, Brazil, will complement Pilbara Minerals' Western Australia-based Pilgangoora operation, which is of the world’s largest independent hard-rock lithium operations.
Meanwhile, Latin Resources shareholders will get exposure to Pilgangoora, which is already in production, and will gain greater security as Pilbara Minerals helps to de-risk funding and development at Salinas.
“I have spent time at Pilbara Minerals' Pilgangoora mine, met with the Pilbara Minerals team and I'm in no doubt that Pilbara Minerals' expertise in lithium mining will be an enormous benefit not only to Latin Resources and its 100%-owned Brazilian subsidiary, Belo Lithium, but to Brazil itself,” said Chris Gale, managing director of Latin Resources.
Salinas is located in Minas Gerais' Bananal Valley area, 10 kilometres outside the town of Salinas. The project's resource estimate, which covers the Colina and Fog's Block deposits, stands at 77.7 million tonnes at 1.24 percent lithium oxide.
According to the company, Salinas is neighboured by lithium producer Sigma Lithium (TSXV:SGML,NASDAQ:SGML).
Latin Resources plans to hold a meeting for shareholders to vote on the acquisition plan in mid-November. If approved, it is expected to close in late November or early December.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Great Bear Project Delivers Further Outstanding Copper, Gold & Silver Assays
Latest assays include 42.2% Cu, 17.4/t Au and 716g/t Ag. High-grade precious and base metal occurrences continue to grow
White Cliff Minerals Limited (“the Company”) is delighted to announce a further batch of assay results from rock chip samples taken during the maiden field program at the Great Bear Project (“Great Bear” or “the Project”), Northern Canada. Results confirm widespread high-grade precious and base metal mineralisation associated with multiple IOCG and epithermal systems.
- Latest assay results continue to demonstrate the significant potential of the wider Great Bear area
- High grade precious and base metals assay results from an additional four project areas at Great Bear reinforce the potential for multiple occurrences of metal accumulation within this underexplored district
- These results confirm an additional three IOCG mineralised structures, evidenced by high grade Copper, Gold and Silver assays
- At Coyote, just 5km east of the Phoenix district (Glacier, Cleaver & Rust), an outcropping zone of intense epithermal alteration and veining (440 x 195m) has been discovered on the northeastern rim of the Sparkplug collapsed caldera ring feature, results include:
- At Cougar, an area of intense outcropping IOCG alteration has been identified 3.4km SE of Viper, along the regional scale Contact Lake structural zone. Widespread, pervasive, hematite and goethite alteration can be seen over an area of 1500m N/S and 1100m E/W. A single grab sample result returned 13.5% Cu, 1.14g/t Au, 97.4g/t Ag (F005648). Further sampling of this area was not possible due to weather and time constraints.
- At Viper, initial sampling and mapping has identified an IOCG style phyllic alteration zone that is adjacent to the historical K2 occurrence. High-grade silver was identified over a 75m N/S strike:
- At Payback, 13km south of Phoenix, assays from four massive sulphide rock chip samples returned:
- Remaining assay results from the balance of the Great Bear field campaign expected over the coming weeks
"These results are further examples of the type of exceptional results we are now seeing from the Great Bear Project. As the exploration programme expanded outwards from the central airstrip “camp zone”, the scale of the opportunity we have before us can now be seen. Consistent & numerous high-grade Copper, Gold and Silver occurrences continue to demonstrate immense potential within the broader Great Bear region.
To have such consistently high grade copper and precious metal results, along significantly expanding strike lengths within such a small percentage of the overall area (less than 15 km N/S and 5 km E/W) is truly exciting. We now fully understand for the first time the significance of historical statements regarding Great Bear from the Canadian Mines Department that this area is the most prospective area in Canada to host multiple large IOCG style deposits. Work will now focus on correlating results from the aerial MT survey with known outcropping structures and sample sites to facilitate planning for the second phase of work at Great Bear. Dozens more highly prospective targets identified are still to be sampled due to the significant size of the Company’s 2900sq km’s licence area.
I look forward to continued similar results from the rest of the project areas in coming weeksas well as the highly anticipated results from the Rae Copper, Silver and Gold Project”
Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals 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.
At-The-Market Raise
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to announce that it has utilised its At-the-Market Subscription Agreement (ATM) with Acuity Capital (see announcements on 12 April 2024, 14 May 2024, 11 June 2024, 12 July 2024, 15 July 2024 and 2 August 2024) to raise $1,100,000 (inclusive of costs) by agreeing to issue 9,000,000 fully paid ordinary GLN.ASX shares to Acuity Capital at an issue price of $0.1222 per share.
The 9,000,000 Galan shares will be issued out of the Company’s LR7.1A capacity. The issue price of $0.1222 represents a discount of 9.3% to the 15-day VWAP of $0.1348 to Thursday 15 August 2024 (inclusive).
The funds raised will be put towards working capital. An Appendix 2A will follow.
The Galan Board has authorised this release.
Click here for the full ASX Release
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.
Extraordinary Grade Copper, Gold and Silver Assays Received
First batch rock chip assay results confirm high-grade large-scale potential of Great Bear Lake Project. Initial assays from Phoenix results include 42.6% Cu, 38.2g/t Au and 310g/t Ag
White Cliff Minerals Limited (“the Company”) is delighted to announce first batch assay results from rock chip samples taken during the maiden field program at Great Bear Lake Project (“Great Bear” or “the Project”), northern Canada. Results confirm widespread high-grade precious and base metal mineralisation associated with multiple IOCG and epithermal systems.
- Heli supported sampling programme designed initially to focus on priority areas surrounding existing airstrip infrastructure - First results received to date are for Phoenix
- Widespread, high-grade, Copper, Gold and Silver mineralisation confirmed. Phoenix is a district scale mineralised region, one of six (6) major project areas that were sampled within the Great Bear Lake Project, Northwest Territories, Canada
- Initial assays confirm historical results as well as significantly expand areas of known IOCG and epithermal mineralisation
- Mineralisation now identified along more than a 3.4km E/W structural corridor with extensive IOCG and phyllic characteristics identified along the entire length
- Better results from Phoenix include:
- A 1.1km intensely mineralised E/W structure returned impressive Copper, Gold, Silver and Cobalt results include:
- 42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437)
- 39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436)
- 39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435)
- 3.08% Cu, 7.96g/t Au, 310g/t Ag, 0.16% Co (F005434)
- 5.70% Cu, 1.87g/t Au, 96.7g/t Ag (F005438)
- A broad outcropping 785 x 460m epithermal alteration zone returned:
- 6.31% Cu, 28.2 g/t Ag, 0.468 g/t Au, 440 ppm Co (F005688)
- 3.00% Cu, 249 g/t Ag, 0.717 g/t Au, 888 ppm Co (F005646)
- 3.64% Cu, 4.73 g/t Ag, 0.047 g/t Au (F005632)
- 2.78% Cu, 25.7 g/t Ag, 0.358 g/t Au (F005633)
- 1.76% Cu, 1.29 g/t Au, 10.1 g/t Ag (F005694)
- An additional nearby 215m N/S outcropping sulphide rich quartz vein returned high grade gold, silver and copper with best results of 38.2g/t Au, 76.5g/t Ag, 4.16% Cu (F005424) and 29.7g/t Au, 121g/t Ag, 2.55% Cu (F005426)
- A 1.1km intensely mineralised E/W structure returned impressive Copper, Gold, Silver and Cobalt results include:
- Further rock chip assays are expected from the other 6 initial project areas sampled at Great Bear expected over the coming weeks following QA/QC review and interpretation
“This initial batch of rock chip assays from Phoenix, the first project area to be sampled due to the proximity to the existing large airstrip at Great bear, has delivered outstanding initial results. Not only have we confirmed the historical results and sample locations, but we have expanded the area of known mineralisation at the project. This first success gives us great optimism regarding the other 4 project areas at Great Bear.
This remote and previously underexplored area has turned out to be a much larger metal rich hydrothermal system than previously thought. Historically seen as a series of sporadic high-grade results, this maiden mapping and sampling programme has confirmed for the first time a continuity and significant lateral extent of the known mineralisation.
Encouragingly Phoenix which is only the first of 5 project areas we have received assay results for, shows all the necessary characteristics of a major high-grade discovery with two major IOCG hydrothermal systems less than 2km apart with high grade epithermal mineralisation interspersed between these two larger areas and along a total strike length of 3.4km.”
“We anticipate continued assays over the coming month from the balance of work undertaken at Great Bear and I look forward to the release of these as they come to hand.
Importantly, this first field programme validates our strategy to pivot to the untapped resources of Canada’s far north, in the “scramble for what’s left”. As resource nationalism creates and will continue to create uncertainty over future supply lines, operating in Canada allows us to sleep at night.
We are doing what we said we would do - identifying opportunities and delivering results for shareholders and these are fantastic initial results.”
Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals 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.
Expert: Regional Hubs Key to Breaking China's EV Supply Chain Dominance
During a presentation at Fastmarkets' annual Lithium Supply and Battery Raw Materials conference, Andy Leyland, founder of Supply Chain Insights, emphasized the need to develop more regional supply chains to lessen dependence on China, but acknowledged that this transition is being hindered by significant obstacles, including high costs, a lack of transparency and insufficient government support.
“To build out a linear supply chain, you're not just building mines, you’re not just building refineries to produce hydroxide. You also need to build the cathode capacity, you also need to build the battery capacity,” he said. “And that means encouraging a whole group of companies to make investments in different stages of the supply chain.”
Underscoring the importance of building and fortifying regional supply chains, Leyland noted that demand for lithium-ion battery cells is projected to increase at a compound annual growth rate (CAGR) of 20.2 percent in the next decade.
This demand will be led by the electric vehicle (EV) sector, which currently accounts for nearly 1 terawatt hour (TWh) of production, with that amount expected to grow to almost 5 TWh by 2035. The portable electronics and energy storage sectors will also contribute to an upward demand trend for lithium-ion batteries over the same period.
By 2035, Leyland expects all three segments to account for 7.5 TWh of production capacity.
For now, 90 to 95 percent of the cells built in the US are destined for the EV sector — according to Leyland, the market is in the second phase of a four phase EV adoption model, which has made investment precarious.
The four phases of EV adoption that Leyland described are:
- Phase 1: Global EV sales limited by supply, including production and supply chain issues.
- Phase 2: Global EV sales limited by demand. Increase in plug-in hybrid EVs / hybrids.
- Phase 3: Potential for EVs to surpass internal combustion engine vehicles on all major metrics, but market specific.
- Phase 4: Global EV sales increasingly forced by political mandates, potentially held up by Global South.
While in Phase 1 the EV market was constrained by limited supply, now the market is more limited by consumer demand, influenced by factors like charging infrastructure, range anxiety and costs.
Although there is growing interest in EVs, efforts are still needed to persuade consumers to make the switch. Leyland explained to the audience that this is partly because clear evidence about the benefits of EVs is lacking, especially regarding their range, charging speed, sticker price and lifetime cost of ownership.
“In a couple of years’ time — probably about three years from now — in European and North American markets, we actually get to a stage where it's very difficult to justify buying an internal combustion vehicle,” he said.
This shift is already happening in China and is expected to spread.
Eventually, political mandates will further restrict internal combustion vehicle sales, with targets set for around 2030 to 2040, though some of these deadlines might be delayed, said Leyland.
Regional hubs, nearshoring needed to diversify beyond China
Although EV adoption is currently in a plateau period, experts like Leyland continue to stress that now is the time to develop robust and resilient supply chains to facilitate eventual mandates and decarbonization targets.
The development of regional hubs, along with nearshoring, the process of relocating business operations to nearby countries, will help nations reduce dependence on single sources for EV battery raw materials.
However, Leyland stressed that it's not easy to invest in various stages of the supply chain simultaneously.
"It’s very difficult to do, because in the vast majority of circumstances, you don't have one company operating across the supply chain," he explained during his presentation at the Fastmarkets event.
He mentioned GM (NYSE:GM) and Tesla (NASDAQ:TSLA) as companies that have joint venture and supply deals both up and downstream, but juxtaposed them with Chinese companies like BYD (OTC Pink:BYDDF,SZSE:002594) and Ganfeng (OTC Pink:GNENF,SZSE:002460,HKEX:1772), which are integrated across the entire EV supply chain.
Although the location of minerals and metals was long ago predetermined by geology, 70 to 80 percent of the processing and manufacturing capacity for these critical materials is dominated by China.
“That is politically unacceptable in Europe, it's politically unacceptable in the US and other countries, because of the political mandates,” said Leyland, adding that western companies are having to rebuild supply chains.
By 2030, Supply Chain Insights expects to see a global hub model that can facilitate domestic EV markets.
According to Leyland and his team, “battery ecosystems” will bolster supply chain security, promote localized job growth and lower environmental impact in Europe and North America, “in spite of China’s comparative advantage.”
Lack of investment fueling potential lithium shortage
Oversupply is weighing on lithium prices and market development, but Leyland stressed the need for market participants to take a long-term vision when it comes to supply of the key battery metal.
As mentioned, the lithium-ion battery cell market is expected to expand at a CAGR of 20.2 percent over the next decade, while the lithium market will register a 14 percent CAGR.
Currently, however, Leyland sees a "huge number of challenges" for the lithium industry.
He noted that in order to keep up with projected EV growth trends, supply wil need to double every five years.
“At least 80 as-yet-unfinanced lithium extraction operations are required by 2035,” a slide from his presentation states. “Much of the pipeline of projects are struggling with financing today. A similar number of lithium refineries and expansions are also needed, also often struggling with both financing and raw material supply.”
Adding to that, Leyland said it's challenging to build large stockpiles of lithium, which exposes the market to heightened volatility. “And it looks like with the lack of investment we're seeing now, by the time we get to 2027 to 2028, potentially we're going to have another big shortage of material,” he commented.
To combat a potential shortage, lithium prices need to reach US$23,000 per metric ton, which Leyland considers the incentive price. Currently, prices for lithium carbonate are at only US$11,115.
"(Until then), there are a lot of things that governments need to do to protect the industry. Because effectively, China has an existing industry and advantage,” he explained to the Fastmarkets audience.
Leyland went on to note that western OEMs are growing increasingly concerned about their competitive position, particularly when it comes to lower-cost, lower-margin lithium-iron-phosphate (LFP) cells. However, the introduction of higher tariffs on Chinese imports by the US, and possibly Europe, is providing them some relief.
He also highlighted the importance of government support in building battery cell production capacity.
“Because you have to pay billions of dollars for the factory, it is very difficult for companies to get into the supply chain without some level of government support,” he said, noting that the US has provided some large subsidies.
In addition to giving subsidies, governments can streamline legal challenges for extractive industries, expedite permitting, support debt financing, help to consolidate the qualification processes, implement policy coordination across countries and regions and work to increase social license for extractive industries.
“We really need to work on the social license that people have for extractive industries,” he emphasized in closing. “People associate the extractive industries with fossil fuels, and they just don't have in their mind that we should be investing in mining to actually aid the energy transition.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Company Update
Galan Lithium Limited (ASX:GLN) (Galan or the Company) wishes to provide the following Company update on its 100% owned Hombre Muerto West (HMW) lithium brine project in Argentina.
HMW Project
With lithium inventories continuing to increase in the HMW Phase 1 ponds, currently at 3,200t LCE, the Company has further advanced its financing process. The Company is pleased to advise it has now shortlisted partners and financiers in order to conclude a definitive sales agreement and financing in the near term, inclusive of non-dilutive options. Galan notes its ability to export lithium chloride concentrate has enabled access to a broader range of options.
Importantly, new piping from the central northern part of the HMW project has now been connected, increasing pond flow by up to 50%. In addition, the latest batch of liners have arrived on site for the installation process for Pond 4 and Pond 5 earthworks are now 80% complete.
Furthermore, Galan is very pleased to advise that the permitting for HMW Phase 2 production continues to advance with strong provincial government support. The granting of these permits is another key milestone for Galan as it proceeds with the four stage development of its HMW and Candelas projects.
Corporate
The Company refers to the unsolicited, conditional, non-binding indicative proposal regarding a potential acquisition of Galan’s Argentinian lithium assets referred to in the Company’s ASX release on 6 August 2024. Galan advises that it will not proceed any further with the proposal.
The Board remains confident and enthused by the interest shown for the development of its 100% owned HMW and Candelas projects and looks forward to providing further updates on its world class lithium brine projects.
Click here for the full ASX Release
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.
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