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Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to report assay results from the second of two holes from its inaugural diamond drilling campaign at the 100%-owned Red Mountain Lithium Project in Nevada, USA. Drill-hole RMDD002 has returned an outstanding thick intersection of some of the highest-grade lithium mineralisation seen to date at the Project, intersecting:
- 86.9m @ 1,470ppm Li / 0.78% Lithium Carbonate Equivalent1 (LCE) from 18.3m, including an internal high-grade zone grading 32.1m @ 2,050ppm Li / 1.09% LCE from 46.2m
Key Highlights
- Strong lithium mineralisation returned in assays for drill- hole RMDD002, which intersected:
- 86.9m @ 1,470ppm Li from 18.3m, including 32.1m of high-grade mineralisation @ 2,050ppm Li from 46.2m.
- RMDD002 marks the thickest intercept recorded to date at Red Mountain.
- Mineralisation successfully extended 375m north of previous northernmost intersections in holes RMRC002 & 003.
- Lithium mineralisation remains open down-dip to the east and along strike to the north.
- Outstanding results strenghten the foundation for a maiden Mineral Resource Estimate in 2025.
The identification of thick, lithium mineralisation in the northernmost drill-hole at Red Mountain highlights the immense scale of the project, with strong lithium mineralisation now intersected in all drill-holes now spanning a north-south strike extent of over 5km and surface sample geochemistry indicating further potential to the north, south and west of the current drilled extents7, 9 (Figure 4).
Of particular significance in hole RMDD002 is the presence of an internal 32.1m zone of very high-grade lithium mineralisation averaging 2,050ppm Li. The identification of substantially higher-grade lithium mineralisation in this hole, as well as that in the previously announced diamond drill hole RMDD001, indicates strong potential for further high-grade zones to be discovered at Red Mountain.
With all results for the recent diamond drilling now received, the Company is finalising geological mapping ahead of planning and permitting for the next round of drilling at the Project, which will be conducted at the earliest opportunity in the 2025 field season.
Astute Chairman, Tony Leibowitz, said:
“Like all great discoveries, Red Mountain continues to grow and improve the more we drill. The manifest scale and high tenor of mineralisation are testament to Red Mountain being one of the most important recent US lithium discoveries. This drill hole is the latest in a succession of thirteen, all of which intersected strong lithium mineralisation, establishing a solid foundation for a maiden mineral resource estimate to be advanced rapidly in 2025.”
Background
Located in central-eastern Nevada (Figure 5), the Red Mountain Project was staked by Astute in August 2023.
The Project area has broad mapped tertiary lacustrine (lake) sedimentary rocks known locally as the Horse Camp Formation2. Elsewhere in the state of Nevada, equivalent rocks host large lithium deposits (see Figure 5) such as Lithium Americas’ (NYSE: LAC) 62.1Mt LCE Thacker Pass Project3, American Battery Technology Corporation’s (OTCMKTS: ABML) 15.8Mt LCE Tonopah Flats deposit4 and American Lithium (TSX.V: LI) 9.79Mt LCE TLC Lithium Project5.
Astute has completed substantial surface sampling campaigns at Red Mountain, which indicate widespread lithium anomalism in soils and confirmed lithium mineralisation in bedrock with some exceptional grades of up to 4,150ppm Li2,8 (Figure 4).
The Company’s maiden drill campaign at Red Mountain comprised 11 RC drill holes for 1,518m over a 4.6km strike length. This campaign was highly successful with strong lithium mineralisation intersected in every hole drilled9. Two diamond drill holes have been drilled at the project.
Scoping leachability testwork on mineralised material from Red Mountain indicates high leachability of lithium of up to 98%, varying with temperature, acid strength and leaching duration10.
Other attractive Project characteristics include the presence of outcropping claystone host-rocks and close proximity to infrastructure, including the Project being immediately adjacent to the Grand Army of the Republic Highway (Route 6), which links the regional mining towns of Ely and Tonopah.
Results
Hole RMDD002 successfully intersected an 86.9m thick zone of lithium mineralised clay-bearing mudstone, sandstone, tuff and limestone, from 18.3m to 105.2m down-hole. The best grades were developed in the most clay-rich zones, which exhibit a desiccated and cracked appearance in drill core once dry (Figure 2). An internal very high-grade zone of 32.1m graded 2,050ppm Li, with a maximum single sample grade of 3,850ppm Li from 59.4-61.5m (195-201.7ft), which is the drill sample with the highest lithium grade achieved to date at the project.
Figure 1. RMDD002 interpretative cross section, lithium geochemistry and (50-110m off-section) rock chip samples
Interpretation
The two northernmost holes drilled as part of the maiden Red Mountain RC drilling campaign, RMRC002 and RMRC003, intersected thin zones of near-surface lithium mineralisation. It was interpreted at the time that these two holes ‘clipped’ the edge of a zone of lithium bearing clay-rich rocks that was likely to thicken towards the east (see ‘open’ arrow in Figure 3)9. RMDD002 was designed to test this interpretation and, in addition, extend the mineralisation 375m further north beneath an extrapolated zone of strong rock chip sample results (Figure 1).
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This article includes content from Astute Metals NL, 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.
Greenland Tanbreez Project Maiden Drill Results
European Lithium Limited is pleased to announce that it has received the results for the first out of sixteen diamond drill holes from its confirmation drilling program at the Tanbreez Project in Greenland containing high-grade rare-earth and rare metal elements.
The drill program executed in September-October 2024 comprised sixteen holes with samples from the first hole having now been received back from the laboratory.
The Tanbreez mineralization is contained within a highly fractionated Zr-Nb-Ta- REE, including HREE, in the southern part of the Ilimaussaq intrusive complex in South Greenland. The Ilimaussaq intrusion is possibly the most differentiated deposit known globally to date, covering a potential area of approximately18 km long and 8 km wide, and of significant depth, that covers a portion of the Tanbreez tenement.
The commodities are hosted in the mineral eudialyte being concentrated in the kakortokite rock layer at the floor of the exposed intrusion. The kakortokite sequence is outcropping over an area of approximately 5.0 km by 2.5 km and has a total thickness of 270 m.
The assays from the first drill hole confirm a significant 40 m wide intersection from surface of high- grade rare-earth oxide averaging 4,722.51 ppm TREO (including 26.96% averaged heavy rare earth” HREO”), 1.82% ZrO2 “zircon oxide”, 130.92 ppm Ta2O “tantalum pentoxide”, 1852.22 ppm Nb2O5 “niobium pentoxide”, 393.68 ppm HfO2 “hafnium oxide” and 101.67 ppm Ga2O3 “gallium oxide” (See Appendix 1 Sample and assay sheet and Appendix 2 Drill hole collars)
Commenting on the assay results, Tony Sage, Executive Chairman of the Company, said:
”I am pleased to report the outstanding assay results from the first hole confirming the high-grade, high-tonnage and high-quality potential that Tanbreez brings to EUR and Critical Metals Corp. The company is pleased to announce that its first confirmation drill hole has yielded the high-grade percentage of light earth and heavy rare earth ratios with strong tantalum, niobium, and gallium results. We are excited by the scale of the thick source rock only 40 meters from the surface containing the mineralized high-grade intersection within the first drill hole”.
Figure 1: Exploration Drilling maps for the program 2024
Photo 1. Drill rig commences operations at the Tanbreez Project in Greenland.
About European Lithium
European Lithium Limited is an exploration and development stage mining company focused mainly on lithium in Austria, Ireland, Ukraine, and Australia.
European Lithium currently holds 66,416,641 (74.34%) ordinary shares in Critical Metals. Based on the closing share price of Critical Metals being US$8.50 per share as of 17 January 2025, the Company’s current investment in Critical Metals is valued at US$564,541,448 (A$908,911,732) noting that this valuation is subject to fluctuation in the share price of Critical Metals.
For more information, please visit https://europeanlithium.com.
This announcement has been approved for release on ASX by the Board of Directors.
About CRML
Critical Metals Corp. is a leading mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners. Its initial flagship asset is the Wolfsberg Lithium Project located in Carinthia, 270 km south of Vienna, Austria. The Wolfsberg Lithium Project is the first fully permitted mine in Europe and is strategically located with access to established road and rail infrastructure and is expected to be the next major producer of key lithium products to support the European market. Wolfsberg is well positioned with offtake and downstream partners to become a unique and valuable building block in an expanding geostrategic critical metals portfolio. In addition, Critical Metals owns a 20% interest in prospective Austrian mineral projects previously held by European Lithium and recently entered into an agreement to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (refer ASX announcement 11 June 2024 and 19 June 2024).
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This article includes content from European 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.
CleanTech Lithium
Investor Insight
Executing a well-defined project development strategy for its lithium assets and advancing Direct Lithium Extraction (DLE), CleanTech Lithium is poised to become a key player in an expanding batteries market.
Overview
CleanTech Lithium (AIM:CTL,FWB:T2N) is a resource exploration and development company with four lithium assets with an estimated 2.72 million tons (Mt) of lithium carbonate equivalent (LCE) in Chile, a world-renowned mining-friendly jurisdiction. The company aims to be a leading supplier of ‘green lithium’ to the electric vehicle (EV) market, leveraging direct lithium extraction (DLE) – a low-impact, low-carbon and low-water method of extracting lithium from brine.
Lithium demand is soaring as a result of a rapidly expanding EV market. One study estimates the world needs 2 billion EVs on the road to meet global net-zero goals. Yet, the gap between supply and demand continues to widen. As the world races to secure new supplies of critical minerals, Chile has emerged as an ideal investment jurisdiction with mining-friendly regulations and a skilled local workforce to drive towards a clean green economy. Chile is already the biggest supplier of copper and second largest supplier of lithium.
With an experienced team in natural resources, CleanTech Lithium holds itself accountable to a responsible ESG-led approach, a critical advantage for governments and major car manufacturers looking to secure a cleaner supply chain.
Laguna Verde is at pre-feasibility study stage targeted to be in ramp-up production from 2027. Laguna Verde has a JORC resource estimate of 1.8 Mt of lithium carbonate equivalent (LCE) while Viento Andino boasts 0.92 Mt LCE, each supporting 20,000 tons per annum (tpa) production with a 30-year and 12-year mine life, respectively. The latest drilling programme at Laguna Verde finished in June 2024, results from which will be used to convert resources into reserves.
The lead project, Laguna Verde, will be developed first, after which Veinto Andino will follow suit using the design and experience gained from Laguna Verde, as the company works towards its goal of becoming a significant green lithium producer serving the EV market.
The Company is carrying out the necessary environmental impact assessments in partnership with the local communities. The indigenous communities will provide valuable data that will be included in the assessments. The Company has signed agreements with the three of core communities to support the project development.
DLE Pilot Plant Inauguration event held in May 2024 with local stakeholders and indigenous communities in attendance
The company also has two prospective exploration assets - the Llamara project and Salar de Atacama/Arenas Blancas project. Llamara project is a greenfield asset in the Antofagasta region and is around 600 kilometers north of Laguna Verde and Veinto Andino. The project is located in the Pampa del Tamarugal basin, one of the largest basins in the Lithium Triangle.
Salar de Atacama/Arenas Blancas comprises 140 licenses covering 377 sq km in the Salar de Atacama basin, one of the leading lithium-producing regions in the world with proven mineable deposits of 9.2 Mt.
CleanTech Lithium is committed to an ESG-led approach to its strategy and supporting its downstream partners looking to secure a cleaner supply chain. In line with this, the company plans to use renewable energy and the eco-friendly DLE process across its projects. DLE is considered an efficient option for lithium brine extraction that makes the least environmental impact, with no use of evaporation ponds, no carbon-intensive processes and reduced levels of water consumption. In recognition, Chile’s government plans to prioritize DLE for all new lithium projects in the country.
CleanTech Lithium’s pilot DLE plant in Copiapó was commissioned in the first quarter of 2024. To date, the company has completed the first stage of production from the DLE pilot plant producing an initial volume of 88 cubic metres of concentrated eluate – the lithium carbonate equivalent (LCE) of approximately one tonne over an operating period of 384 hours with 14 cycles. Results show the DLE adsorbent achieved a lithium recovery rate of approximately 95 percent from the brine, with total recovery (adsorption plus desorption) achieving approximately 88 percent. The Company’s downstream conversion process is successfully producing pilot-scale samples of lithium carbonate . As of January 2025, the Company is producing lithium carbonate from Laguna Verde concentrated eluate at the downstream pilot plant - recently proven to be high purity (99.78%). Click for highlights video.
CTL’s experienced management team, with expertise throughout the natural resources industry, leads the company toward its goal of producing green lithium for the EV market. Expertise includes geology, lithium extraction engineering and corporate administration.
Company Highlights
- CleanTech Lithium is a lithium exploration and development company with four notable lithium projects in Chile and a combined total resource of 2.72 million tonnes JORC estimate of lithium carbonate equivalent.
- Chile is one of the biggest producers of lithium carbonate in the world and the Chilean Government has prioritized innovative technologies such as DLE for new project development
- The Company leverages DLE, an efficient method for extracting lithium brine that aims to minimize environmental impact, reduce production time and costs, resulting in high-purity, battery-grade lithium carbonate
- The Company is targeting a dual-listing on the ASX in Q1 2025.
- CleanTech Lithium’s flagship project, Laguna Verde is at the Pre-Feasibility Stage, once completed, the Company looks to start substantive conversations with strategic partners.
- The Company has an operational DLE pilot plant in Copiapó, Chile producing an initial volume of 88 cubic meters of concentrated eluate, which is the lithium carbonate equivalent (LCE) of approx. one tonne, proving the Company’s capacity to produce battery-grade lithium with low impurities from its Laguna Verde brine project.
- In January 2025, the Company announced to the market the production of high purity lithium carbonate (99.78%)
- The Board consists of the former CEO of Collahuasi, the largest copper mine in the world, having held senior roles at Rio Tinto and BHP. In-country experience developing major commercial projects runs throughout the team.
- Recently appointed Australian native Tony Esplin as CEO Designate and acts as a consultant until the proposed ASX listing. Mr Esplin’s priority is to take Laguna Verde Project into the development and commercial production phase – previously Newmont’s Suriname Merian GM and director. The US$800m Project was brought to commercial production on time and under budget.
- CleanTech Lithium’s operations are underpinned by an established ESG-focused approach - a critical priority for governments introducing regulations that require a cleaner supply chain to reach net-zero targets.
Key Projects
Laguna Verde Lithium Project
The 217 sq km Laguna Verde project features a sq km hypersaline lake at the low point of the basin with a large sub-surface aquifer ideal for DLE. Laguna Verde is the company’s most advanced asset.
Project Highlights:
- Prolific JORC-compliant Resource Estimate: As of July 2023, the asset has a JORC-compliant resource estimate of 1.8 Mt of LCE at a grade of 200 mg/L lithium.
- Environmentally Friendly Extraction: The company’s asset is amenable to DLE. Instead of sending lithium brine to evaporation ponds, DLE uses a unique process where resin extracts lithium from brine, and then re-injects the brine back into the aquifer, with minimal depletion of the resources. The DLE process reduces the impact on environment, water consumption levels and production time compared with evaporation ponds and hard-rock mining methods.
- DLE Pilot Plant: The pilot DLE plant in Copiapó, commissioned in the first quarter of 2024, has produced an initial volume of 88 cubic metres of concentrated eluate, which is the lithium carbonate equivalent (LCE) of approximately one tonne further confirming the company’s capacity to produce battery-grade lithium with low impurities from its Laguna Verde brine project.
- Scoping Study: Scoping study completed in January 2023 indicated a production of 20,000 tons per annum LCE and an operational life of 30 years. Highlights of the study also includes:
- Total revenues of US$6.3 billion
- IRR of 45.1 percent and post-tax NPV8 of US$1.8 billion
- Net cash flow of US$215 million
Viento Andino Lithium Project
CleanTech Lithium’s second-most advanced asset covers 127 square kilometers and is located within 100 km of Laguna Verde, with a current resource estimate of 0.92 Mt of LCE, including an indicated resource of 0.44 Mt LCE. The company’s planned second drill campaign aims to extend known deposits further.
Project Highlights:
- 2022 Lithium Discovery: Recently completed brine samples from the initial drill campaign indicate an average lithium grade of 305 mg/L.
- JORC-compliant Estimate: The inferred resource estimate was recently upgraded from 0.5 Mt to 0.92 Mt of LCE at an average grade of 207 mg/L lithium, which now includes 0.44 million tonnes at an average grade of 221 mg/L lithium in the indicated category.
- Scoping Study: A scoping study was completed in September 2023 indicating a production of up to 20,000 tons per annum LCE for an operational life of more than 12 years. Other highlights include:
- Net revenues of US$2.5 billion
- IRR of 43.5 percent and post-tax NPV 8 of US$1.1 billion
- Additional Drilling: Once drilling at Laguna Verde is completed in 2024, CleanTech Lithium plans to commence further drilling at Viento Andino for a potential resource upgrade.
Llamara Lithium Project
The Llamara project is one of the largest greenfield basins in the Lithium Triangle, covering 605 square kilometers in the Pampa del Tamarugal, one of the largest basins in the Lithium Triangle. Historical exploration results indicate blue-sky potential, prompting the company to pursue additional exploration.
Project Highlights:
- Promising Historical Exploration: The asset has never been drilled; however, salt crust surface samples indicate up to 3,100 parts per million lithium. Additionally, historical geophysics lines indicate a large hypersaline aquifer. Both of these exploration results indicate potential for significant future discoveries.
- Close Proximity to Existing Operations: The Llamara project is near other known deposits:
Arenas Blancas
The project comprises 140 licences covering 377 sq km in the Salar de Atacama basin, a known lithium region with proven mineable deposits of 9.2 Mt and home to two of the world’s leading battery-grade lithium producers SQM and Albermarle. Following the granting of the exploration licences in 2024, the Cleantech Lithium is designing a work programme for the project
The Board
Steve Kesler - Executive Chairman
Steve Kesler has 45 years of executive and board roles experience in the mining sector across all major capital markets including AIM. Direct lithium experience as CEO/director of European Lithium and Chile experience with Escondida and as the first CEO of Collahuasi, previously held senior roles at Rio Tinto and BHP.
Anthony Esplin - Chief Executive Officer
Anthony Esplin is an Australian national who has over 30 years' experience in the mining industry. He has held senior executive and board level positions primarily with tier one gold and base metals producers, including with Newmont Corporation, which consistently ranked among the leading miners on the Dow Jones Sustainability World Index.
He has significant experience in managing large-scale emerging markets assets, including in Peru, Mexico, Suriname, Indonesia, Australia and Papua New Guinea. Most recently COO at Discovery Silver Corporation, a TSX-listed company with development projects in Mexico. Market cap over C$730 million. Prior post as MD Barrick Nuigini.
Esplin worked and lived for over 12 years in Latin America and is fluent in Spanish. Esplin started under a consultancy contract in November 2024, visited the team in Chile and will take full-time role on completion of ASX listing. Australian resident to develop Australian investor base.
Gordon Stein - Chief Financial Officer
Gordon Stein is a commercial CFO with over 30 years of expertise in the energy, natural resources and other sectors in both executive and non-executive director roles. As a chartered accountant, he has worked with start-ups to major companies, including board roles of six LSE companies.
Maha Daoudi - Independent Non-executive Director
Maha Daoudi has more than 20 years of experience holding several Board and senior-level positions across commodities, energy transition, finance and tech-related industries, including a senior role with leading commodity trader, Trafigura. Daoudi holds expertise in offtake agreements, developing international alliances and forming strategic partnerships.
Tommy McKeith - Independent Non-executive Director
Tommy McKeith is an experienced public company director and geologist with over 30 years of mining company leadership, corporate development, project development and exploration experience. He's held roles in an international mining company and across several ASX-listed mining companies. McKeith currently serves as non-executive director of Evolution Mining and as non-executive chairman of Arrow Minerals. Having worked in bulk, base and precious metals across numerous jurisdictions, including operations in Canada, Africa, South America and Australia, McKeith brings strategic insights to CTL with a strong focus on value creation.
Jonathan Morley-Kirk - Senior Independent Non-executive Director
Jonathan Morley-Kirk brings 30 years of experience, including 17 years in non-executive director roles with expertise in financial controls, audit, remuneration, capital raisings and taxation/structuring.
Extensive Lithium Anomalies defined at Salinas South Project, Lithium Valley, Brazil
Highlights
Work Undertaken
- Encouraging assays were received from 38 stream sediment samples.
- Lithium anomalies were identified over a 5.8 km distance, which includes high order anomalies over an artisanal working.
- Anomalies interpreted to lie over a major concealed granite body at depth.
Figure 1. The Gold Mountain team conducted an extensive stream sampling program across GMN’s Brazilian Lithium, Copper and Rare Earth Projects in 2024 and that program is ongoing in 2025. Sampling methods are adapted to local conditions.
Future Workplan
- Carry out soil sampling over the strongest lithium anomalies with coincident pathfinder element anomalies and the known artisanal working.
- Continue on ground mapping to search for pegmatite outcrops.
- Define drill targets and get environmental permits for drilling.
Managing Director David Evans commented
“Over the past few years, Gold Mountain has built up an impressive ground position in Brazil’s Lithium Valley, an emerging lithium hotspot, home to two producing mines and Latin Resources’ Colina deposit. The new results from Salinas South complement the recent announcement of 10 drill targets from our Salinas II Project and give the company a strong pipeline of targets for us to test right across this highly prospective region.”
Details
Strongly anomalous stream sediment sample results were received on the Salinas South 830.557/2023 tenement with strongly correlated beryllium (Be), rubidium (Rb), niobium (Nb) and potassium (K).
Table 1 shows the correlation chart for the anomalous lithium samples in tenement 830.557/2023
Table 1. Correlation chart for lithium anomalous samples taken on 830.557/2023 showing strong correlations between lithium and other important LCT pegmatite pathfinder elements.
Note that correlations show spatial associations that include lithium pegmatites and may include other rock types. The presence of chrysoberyl in the area suggests that pegmatites have intruded mafic to ultramafic rocks to pick up the chromium necessary to form chrysoberyl rather than beryl. This gives additional criteria to search for lithium pegmatites and explains part of the unusual associated elements in the correlation chart such as Ni, Mg and Zn.
The Salinas South project consists of 26 tenements with a total area of 50,911 hectares in the Lithium Valley. Post tectonic granites surround the tenements which contain favourable weak, schistose host rocks.
The Salinas South Project area is thought to lie on the margins of a major granite at depth, with the margins also passing through the area of the Sigma Resources and CBL lithium mines. A strong NE trending structural direction is also present at the Salinas South Project, similar in direction to those identified at Sigma Lithium and in the vicinity of the Colina deposit held by Latin Resources. The structural directions are also visible on the radiometric and magnetic images of the Salinas South Project.
Structurally controlled occurrences of pegmatites including one known to contain lithium are located just to the northwest of the Salinas South Project area on prominent NE trending structures. Similar orientation structures are seen in the topography in the Salinas South 830.557/2023 tenement.
Mapping in 830.557/2023 during sampling identified an occurrence of pegmatite as well as late tectonic granites. Mapping elsewhere in the Salinas South tenements has also shown that there are significant scale pegmatites present. An artisanal working was identified. It lies within or adjacent to a high order lithium anomaly and is the highest priority target area in this tenement at present.
It was also evident that remnants of an old surface were present on many of the ridges, indicating that subdued anomalies could be anticipated from sources on the hills. Presence of an old lateritised surface indicates where lithium pegmatites may be concealed by leaching of lithium.
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This article includes content from Gold Mountain, 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.
Drilling Targets Defined – Bananal Valley tenement, Lithium Valley, Brazil
Highlights
Work Undertaken
- Assays received from 100 and 200 metre spaced soil sampling lines with soil samples taken at 50 metre intervals.
- Lithium anomalies identified over the 1.5 km strike extent of the soil grid with coincident Be, Rb, Sn and Tl anomalies.
- No lithium anomalies found in areas of laterite however tin anomalies as well as quartz and tourmaline occurrences suggest pegmatite extensions under the laterite.
- Drill holes defined so environmental permits can be obtained to allow drilling to take place.
Future Workplan
- Obtain environmental permits for drilling
- Extra soil lines in the NW of tenement to follow up anomalies previously defined
- Continue detailed mapping to refine currently identified pegmatite trends
- Drilling of the lithium targets identified.
Details
Results from exceptionally high value stream sediment sample have been followed up with soil samples and grid based mapping in the southern part of 831.700/2022 and drilling targets had been identified.
Mapping prior to and during soil sampling identifies numerous small pegmatites and some larger pegmatites to a maximum of 10 metres wide. Areas of large quartz boulders, possibly quartz cores to pegmatites, were also mapped and in places are coincident with lithium and lithium pathfinder anomalies. Pegmatites cross cut and are younger than the foliation in the host G3 type granite.
Regional structure from geophysics and from topography shows a strong NE to ENE trend, subparallel to the Latin Resources “Lithium Corridor.” Drilling will be oriented at 90 degrees to the regional trend initially, as the most probable major pegmatite orientation direction.
Strong vertical zonation in the lithium pegmatite geochemical responses are present and close attention to the location of laterite and the old lateritised surface is critical to interpretation of where lithium pegmatites may be concealed by leaching of lithium.
Drill targets were defined by lithium anomalies and by occurrences of pegmatite or extensive float of pegmatite minerals, lithium pathfinder elements, large quartz boulders or anomalous quartz concentrations.
The lateritic weathering zone is estimated from mapping to be up to 50 metres thick within the tenement, but locally may be significantly thicker. Drilling below this weathered layer is essential to get analyses that reflect the actual grade of any pegmatites present. Within the weathering zone low values of lithium are expected from potentially economic pegmatites.
Images & Maps
Figure 1 shows the location of the Salinas Project tenements in relation to Latin resources Collina deposit and to other tenements held by major explorers including Rio Tinto.
Figure 1. Location of the Bananal Valley tenements in the GMN Salinas Project. This region contains two producing mines, the undeveloped Colina deposit, and several prospects with significant exploration activity. While close proximity does not guarantee similar results it does provide evidence to assist in targeted exploration.
Mapping and soil sampling in the western Bananal Valley tenement, 831.700/2022, has defined areas of laterite as well as various larger pegmatite and quartz occurrences.
Figure 2 shows the extensive high order stream sediment target zones in the Bananal valley tenement, with their follow up soil lines and potential pegmatite mineral occurrences, including green tourmaline, indicating highly evolved pegmatites.
Figure 2. Highest priority target zone in the south western part of the Bananal Valley tenement, 831.700/2022. Lithium anomalies are plotted as anomalous catchments (released 22 August 2024) to indicate the large prospective area that is present. Soil sample lines shown in yellow, mapping of occurrences shown in legend. Laterite extent defines limits of anomalous lithium in soil responses at surface.
Lower order anomalies in the northeast are still considered highly prospective, with lower order results due to more intensive weathering and leaching of surface rocks.
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This article includes content from Gold Mountain, 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.