In February 2019, fieldwork discovered extensive mineralisation with rock-chips grading 4.2% lithium oxide and anomalous caesium and tantalum values.
LIT proceed to define a significant vanadium resource using hisortical drilling results and survey assessment.
Up to 3,000 metres is planned to be drilled to evaluate the potential for an economic hard-rock lithium deposit.
At the same time, a drilling program will also be undertaken within the defined vanadium resource to further evaluate the high-grade sections.
Adrian Griffin buys rights on-market
LIT’s managing director Adrian Griffin said: “Despite the rich mineral endowment of the Youanmi province, lithium and vanadium have largely gone unnoticed.
“The vanadium resource established by Lithium Australia has shone a spotlight on the area, and we hope our l ithium drilling will do the same.”
Griffin yesterday also revealed that he purchased 192,347 rights in the company at 0.3 cents each.
The rights are related to the recent 1-for-6 renounceable rights issue priced at 6 cents to raise up to $6.5 million.
LIT also recently increased its stake to 11.76% in Envirostream Australia Pty Ltd.
Back in early April 2019, LIT outlined its intention to acquire an 18.91% stake in Envirostream, a Victorian-based company operating Australia’s only battery recycling facility.
The lithium-ion battery shredding facility produces powder containing critical metals that are then exported for refining.