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Lithium Australia NL

Lithium Australia to follow-up drill previous discovery at Youanmi

Field crews have been despatched, with drilling planned to commence before the end of this month.

Vanadium and lithium drill targets at Youanmi, Western Australia
LIT’s managing director Adrian Griffin has also recently purchased rights on-market

Lithium Australia NL (ASX:LIT) plans to be drilling for lithium and vanadium at its Youanmi Project area in Western Australia before the month’s end.

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.

READ: Lithium Australia boosts stake in battery recycler Envirostream

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.

Quick facts: Lithium Australia NL

Price: $0.05

Market: ASX
Market Cap: $27.25 m
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