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Liontown Resources bags $2.52M to accelerate lithium exploration

Published: 13:30 24 Jan 2017 AEDT

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Liontown Resources bags $2.52M to accelerate lithium exploration

The placement was at an issue price of $0.02 per share and was strongly supported by professional and institutional investors, closing heavily oversubscribed.

Liontown will commence drilling at the Kathleen Valley Lithium-Tantalum Project in early to mid February 2017; at the Lake Percy Lithium Project in late February 2017; and at the Bynoe Lithium Project in Q2 2017.

Previous work at Kathleen Valley has defined multiple spodumene-bearing pegmatites with numerous high grade lithium (>2% lithium) values recorded from rock chip sampling.

The drilling, which will initially comprise 20-30 holes for circa 2,500 metres, will target the northern part of the pegmatite field, including outcropping zones of mineralisation.

At the Lake Percy Lithium Project, an anomalous lithium-in-soil trend which contains values of up to 354 ppm lithium has been outlined over a strike length of 2 kilometres.

A 2,000 - 2,500 metres reverse circulation drilling program has been designed to test beneath the strongest lithium soil geochemical anomalisms.

The drilling at the Bynoe Project will commence after the northern Australian wet season and will target immediate extension of the Grants and Sandras trends.

This is an interesting phase for Liontown as it looks to uncover Australia’s next major lithium deposit.

Liontown’s shares were last trading 4.35% higher intra-day on Tuesday, at $0.024.

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