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Forrestania Resources Limited (ASX:FRS) (Forrestania or the Company), is pleased to provide an update on activities at its Eastern Goldfields project area located north of Coolgardie and north of Kalgoorlie, around the gold mining districts of Leonora, Coolgardie and Menzies (see figure 1). The Eastern Goldfields project area comprises eighteen tenements (eight ELs and ten EL applications) that are strategically located over areas that the Company believes are highly prospective for multi-commodities, particularly lithium, gold, REE and copper.
Highlights:
- Fieldwork underway on highly prospective Eastern Goldfields tenements, following recently announced agreement with Outback Minerals Pty Ltd1.
- Multiple outcropping pegmatites, up to ~100m in strike length, mapped at the Breakaway Dam / Alexandra Bore project area (E29/1037), contiguous to Forrestania’s existing tenement position. The recently acquired tenements have never previously been explored for lithium.
- Outcropping pegmatites also mapped at the Bonnie Vale project area (E15/1632), near Coolgardie.
- Mapping and sampling will continue to assist in defining targets for a maiden drilling programme.
Forrestania Resources’ Managing Director Michael Anderson commented:
“The rationale for entering into the option agreement with Outback Minerals already appears to be justified. The confirmed presence of multiple pegmatite outcrops, some up to ~100m in strike length, provides us with additional confidence in the discovery potential on these tenements. We are prioritising our activities to prepare for a maiden drilling programme, as soon as possible.”
Discussion:
The Company has recently completed a mapping and reconnaissance field trip to the newly acquired Eastern Goldfields tenements. The focus of the trip was to further enhance the Company’s geological understanding of the project areas, as well as to further assess the potential for lithium mineralisation.
The newly acquired tenements (Alexandra Bore / Breakaway Dam project (E29/1037 and E29/1036) have never previously been explored for their lithium potential, with previous historic exploration instead focussed on copper, gold and nickel, despite the known presence of pegmatites.
The Bonnie Vale project area (E15/1534 and E15/1632) has also never been explored for its lithium potential, with previous explorers focussing on the tenement’s gold prospectivity.
Mapping and field work is on-going, but the company is pleased to announce that additional pegmatites have been mapped at both project areas, specifically on E29/1037 and E15/1632.
Figure 1: The Eastern Goldfields project area (recent acquisitions highlighted in blue)
Alexandra Bore / Breakaway Dam Project (E29/1037 and E29/1036) and Balarky Prospect (E29/1158)
The Company recently completed a mapping and reconnaissance field trip to the newly acquired Alexandra Bore / Breakaway Dam project area (see Figure 2).
Pegmatites have previously been mapped by the company at the Alexandra Bore / Breakaway Dam project areas1 and ongoing field reconnaissance is currently underway.
Significantly, additional pegmatite outcrops have recently been mapped at surface by Company geologists, with outcropping pegmatites ranging from ~43m and up to ~100m in strike length (see Figures 3, 4, 5 and 6). These pegmatites were located approximately 300m apart and have never previously been tested for lithium or LCT pathfinder minerals. Indeed, the Alexandra Bore / Breakaway Dam project area has only previously been explored for copper and gold1 and the potential for lithium mineralisation has yet to be fully evaluated. Importantly, these outcrops are all located within the mapped greenstone or close to greenstone/granite contacts (as interpreted by GSWA).
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This article includes content from Forrestania Resources, 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.
Quarterly Activities Report for the Period Ended 31 March 2024
Highlights
Solonópole Project, Ceará, Brazil
- Anomalous lithium values above 100 ppm (and up to 631 ppm) found in 383 soil samples within existing and new target areas.
- Integration and interpretation of these soil sample results with data from geophysics, geological mapping (138 line-km), trenching and RC drilling (~2,000m) further enhance prospectivity of existing and new targets.
- Combined datasets confirmed several swarms of pegmatite bodies striking in a NE-SW and E-W directions and identified new high priority areas.
- Nira interpreted to be the most prospective new target, with 180 soil samples of >100 ppm Li and as high as 524 ppm Li covering an area of at least 1km2.
- Nira also features 17 pegmatite outcrops with average widths of up to 30 meters and strike lengths from 200m to 600m.
- Planning for the next follow-up drilling campaign is underway.
Napperby Project, Northern Territory, Australia
- Oceana’s Napperby Project covers some of Arunta Province’s hottest granites plutons, the Wangala Granite (uranium) and Ennugan Mountains Granite (uranium/thorium).
- Both granite plutons show outstanding uranium/thorium ratios and are almost fully encapsulated within Napperby’s EL32836 and ELA32841.
- Follow-up exploration activities will target uranium and Rare Earth Elements (REEs) in parallel with Lithium-Caesium-Tantalum (LCT) pegmatites.
Corporate
- Experienced geologist and mining executive, Aidan Platel, appointed as non- executive director.
- Brazilian-based geologist, Mike Sousa, appointed as Exploration Manager and Competent Person.
- The Company remains well-funded with cash at 31 March of ~$2.67m.
OPERATIONS
Solonópole Project, Ceará State, Brazil
The Solonópole Project area is located in the state of Ceará, north-eastern Brazil and consists of ten (10) exploration permits covering approximately 124km2 (Figure 1), owned by Oceana’s subsidiary Ceará Litio. The project is approximately three to four hours by road from the state capital Fortaleza and deep-water port of Pecém, and is well serviced by sealed highways and high voltage electricity.
Figure 1: Solonópole Project permits and targets drilled in May – June 2023 (red dots)
Large-Scale Soil Sampling and Geological Mapping at Solonópole Lithium Project
The large-scale infill soil sampling program that commenced in March 2023 continued over the project area (Figure 2). The optimized sampling grids are along 200m spaced lines with 25m sampling stations, aligned north south to cut across all typical pegmatite strike directions in this area.
As at 31 March 2024, over 10,300 soil samples had been collected from Solonópole and 8,741 soil samples had been analysed by X-Ray Fluorescence (XRF) for Lithium-Caesium-Tantalum (LCT) pathfinders, of which 1,908 soil samples have lab results validated by Oceana´s internal QA/QC. Anomalous lithium values above 100 ppm and up to 631 ppm were found in 383 soil samples within existing and new target areas.
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This article includes content from Oceana 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.
Results From First Drilling at Abbotts North Confirm LCT System
HIGHLIGHTS
- Assay results from Abbotts North confirm continuation of LCT system
- Focus shifts to targets identified to the north and east of previous drilling
- Field work over these newly identified areas has commenced
- Premier1 is fully funded for second phase exploration in these areas
A total of 11 RC holes for 1,623m were drilled to test the main outcropping pegmatites at the Buttamiah Prospect. Additional studies of the outcropping pegmatites in the larger Buttamiah Prospect area including fractionation vectoring using K/Rb ratios suggest the core of the system to be located to the east of the previous drilling.
In addition, the data indicate that LCT pegmatites occur within the granites to the north of the drill area. Further mapping and sampling of pegmatites in these areas as well as over the remaining tenement package has commenced. Focus is to delineate drill targets of higher grades and greater thickness that have the potential to form a significant lithium deposit within the existing LCT system.
Premier1 is fully funded for any subsequent phase two drilling program.
Figure 1: Cross-section of intercepted pegmatites showing significant results >0.05% Li2O.
Figure 2: Geological map of the Buttamiah Prospect with collar locations of completed RC drilling.
Significant intercepts from RC drilling undertaken on the Abbotts North project in February 2024 are shown in Table 1a. Drill collar details are shown in Table 1b.
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This article includes content from Premier1 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.
Analyst Firm Targets Share Price Upside for Lithium Universe as Refinery Plans Ramp Up
“Drawing on its expertise, LU7’s Dream Team is working on closing the massive gap in downstream lithium processing in North America by building a 16,000 tpa lithium carbonate refinery in Quebec, for which the company is rapidly completing a DFS (definitive feasibility study,” said East Coast Research analyst Behzad Golmohammadi in his report.
Led by lithium pioneer Iggy Tan, Lithium Universe has assembled a team of lithium industry experts that can deliver on the company’s goal to strengthen North America’s lithium supply chain. Through this expertise, Lithium Universe aims to close a widening lithium processing gap in North America, through a planned 16,000-tpa lithium carbonate refinery in Quebec, Canada, the analyst report cited. Lithium Universe is currently undertaking a definitive feasibility study for the processing plant.
China currently controls around 60 percent of the global lithium refining capacity for batteries, a huge driver for North American efforts to a lithium supply chain for the region.
“Western governments have come up with policies and strategic plans to support the expansion of their lithium refining capacities. However, the biggest challenge here is a lack of expertise that has led to a series of recent failures and delayed startups in the sector. This is where LU7’s Dream Team shines with its proven track record of successfully constructing and commissioning such projects,” the analyst report said.
Report highlights:
- Lithium Universe’s “dream team” of lithium industry experts led by Iggy Tan is working on closing the massive gap in downstream lithium processing in North America by building a 16,000 tpa lithium carbonate refinery in Quebec, Canada, for which the company is rapidly completing a definitive feasibility study.
- Lithium Universe plans to replicate the Jiangsu Lithium Carbonate Refinery, using the same engineering manager (Hatch) and the key executives who built the world-class Jiangsu Refinery.
- China’s dominance in the global lithium supply chain has pushed governments in North America to develop and strengthen a secure supply chain outside China, with strategic support for projects that expand North America’s lithium refining capacity.
- East Coast Research has valued Lithium Univers at AU$0.047 per share in a base-case scenario and AU$0.058 per share in a bull-case scenario, solely based on the Quebec lithium carbonate refinery project, and excluding the company’s prospective exploration assets or its spodumene concentrator project in Quebec.
For the full analyst report, click here.
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