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Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’) is pleased to note the following progress in relation to the San José Lithium Project (‘San José’, or ‘the Project’) for the quarter ended 31 March 2023.
HIGHLIGHTS
- Exploration permit over San José granted.
- Entire project area now defined by granted tenure.
- Permitting milestone reinforces government and stakeholder commitment to the Project.
- The Company’s permitting strategy and pathway has been endorsed and clarified.
- Ongoing local community endorsement of the Project highlighted through independent opinion poll.
- The EU Critical Raw Materials Act to establish critical raw material and processing targets.
- The proposed legislation will define Strategic Projects which will benefit from streamlined permitting and access to EU funding.
- Cash at 31 March 2023 of A$13.9 million.
Exploration Permit Extremadura SE Granted
The Company welcomed the announcement from the Extremadura Regional Ministry of Ecological Transition during the quarter to grant the Exploration Permit Extremadura S.E (‘PESE’), which applies to the grounds inclusive of the resource area relating to San José. The Company’s senior Executive travelled to Spain and met with Regional and Local Government representatives to finalise technical assessment of key permit applications.
Infinity CEO and Managing Director, Ryan Parkin, commented “The award of this key permit validates Infinity’s administrative rights to advance San José, and provides the momentum to accelerate towards the next stages of the Project in concert with the Extremadura Lithium Decree Law.”
Figure 1: Project Area Investigation Permit Ampliación Valdeflórez (Blue) – Granted Exploration Permit Extremadura S.E. (Green) - Granted San José lithium deposit
The granting of the PESE provides absolute reference to right of tenure for an extended area for San José. The Project area now includes grounds inclusive of PESE and the Investigation Permit Ampliación Valdeflórez (‘PIAV’). Refer to Figure 1: Project Area for further details.
Any future submission of an Exploitation Concession Application (‘ECA’) notification will comprise areas contained within PESE and PIAV.
The CEO of Extremadura New Energies, Ramón Jiménez, commented "The granting of the Exploration Permit is a major milestone for the Project, providing clarity on the permitting and administrative process for a fully integrated lithium project in the heart of Cáceres. The Regional Government of Extremadura has pre-empted Europe’s move to accelerate the permitting process through the adoption of the Lithium Decree Law and we will continue to collaborate with major stakeholders to deliver a strategically essential project for the local and regional community, Spain and broader Europe."
San José fully complies with the Extremadura Decree Law to exploit and process lithium in the region of Extremadura. For further details refer to ASX announcement 3 October 2022.
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This article includes content from Infinity 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.
INF:AU
EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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