Chasing Gold And Lithium In High Quality Areas
Lithium Australia NL (ASX: LIT) continues to advance its Western Australian assets with the formation of partnerships with a number of active explorations companies
Lithium Australian has recently entered into agreements with Okapi Resources Ltd, Metal Hawk Ltd, Australian Vanadium Ltd and Mercator Metals Pty Ltd which is providing it with exposure to gold and base metals at little cost to the company while preserving 100% of the lithium potential of the projects concerned.
These company projects are located 470 km east of the Western Australian capital of Perth.
In conjunction with joint-venture partner Okapi Resources Ltd the company will test lithium and gold targets within the Lake Johnston and Medcalf project areas during the December 2020 quarter.
The company had previously undertaken reconnaissance geological mapping and geochemical sampling there, resulting in the discovery of a spodumene pegmatite cluster at Tamar Hill near Lake Medcalf.
Meanwhile, the company recently announced a collaboration with Australian Vanadium Ltd and Mercator Metals Pty Ltd, to evaluate the Coates Mafic Intrusive Complex located 50 km northeast of Perth.
That area lies approximately 29 km southeast of the recent nickel/copper/ platinum- group elements (‘Ni/Cu/PGE’) discovery by Chalice Gold Mines Ltd at its Julimar project.
Following a detailed review of 1970s drilling, Australian Vanadium provided the market with a structural interpretation of the Complex, which is prospective for Ni/Cu/PGE mineralisation.
In its review, Australian Vanadium detailed observations of core from two historical diamond drillholes, which included the results of micro-XRF scans of samples from hole CRD019 that indicated the presence of disseminated pyrrhotite and chalcopyrite within a discrete pyroxenite phase of a magnetite gabbro layer
Elsewhere, the company has partially divested its Emu Lake project (exploration licence E27/562, an area of approximately 44 sq. km situated 75 km northeast of Kalgoorlie to Metal Hawk Ltd. Lithium Australia retains 100% of the rights to lithium mineralisation at Emu Lake while entirely defraying tenement holding costs and expenditure commitments.
Metal Hawk considers the tenement is prospective for nickel and gold, walk-up targets having been identified by earlier explorers.
The title to E27/562 was transferred to Metal Hawk for a consideration of $60,000, with Lithium Australia retaining 100% of the lithium rights there.
In the Greenbushes area – located 200 km south of Perth, WA – the has a significant exploration holding proximal to that mine, which is operated by Talison Lithium Pty Ltd, a joint venture between two of the world’s largest lithium companies, Tianqi Lithium Corporation and Albemarle Corporation.
Lithium Australia’s ground at Greenbushes is prospective for further lithium deposits and the company is seeking expressions of interest to advance exploration in the area.
At the company’s Lepidolite Hill project near Coolgardie, Lithium Australia and Focus Minerals Ltd have agreed to terminate the Coolgardie Rare Metals Venture, which entitled the company to earn an 80% interest in a number of tenements known as the Nepean Group. A termination agreement replaces the previous joint venture by transferring 100% of certain titles to the company in return for a royalty payable to Focus.
