logo-loader

Pioneer Resources Ltd reveals 3.94% lithium rock chip in Western Australia

Published: 09:30 19 May 2016 AEST

au_pioneer_resources_arc10353_quartz_mica_pegmatite_358

Pioneer Resources Ltd (ASX:PIO) has been a front-runner in rapidly building a lithium portfolio, with the company already having boots on the ground in several jurisdictions, providing storng assay news flow.

At the wholly-owned Pioneer Dome Project, near Norseman in Western Australia, the company has received assays for 668 soil samples and 36 rock chip samples.

Rock chips from two separate outcrops assayed:

- PEG009A: between 1.38% and 3.94% lithium; and
- PEG009B: between 1.17% and 3.84% lithium.

Soil sampling will resume later this week following a halt due to rain.

The remaining 3,300 soil sample collections are expected be completed during May 2016 with drilling likely in the September 2016 quarter.


Pioneer Dome

The Pioneer Dome Project was recognised as having potential for lithium mineralisation following a review of historic exploration reports which recorded numerous pegmatite intersections in nickel or gold-focussed drilling completed since the 1960s.

The prospectivity model was further enhanced by colloquial records of lepidolite, tantalite and tourmaline in prospector scale workings, which are some of the characteristic minerals of a zoned pegmatites complex.

The project comprises 1 granted exploration licence and 4 exploration licence
applications, with a total area of 284 square kilometres, extending over a 45 kilometre strike length and a 20 kilometre width.


Analysis

Pioneer has been rewarded by investors as being a front-runner in the transition to lithium, with its share price trading above $0.07, or six times higher than where it was in early-April.

News flow will remain strong in the near-term, both from Australia, and progress of exploration due diligence at the Mavis Lithium Project in Canada.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

5 hours, 12 minutes ago