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Lithium Australia NL

Lithium Australia encounters large area of high-grade lithium mineralisation in maiden RC drilling at Youanmi

The drill program was following up rock chip samples grading up to 4.2% and the first batch of drill results that initially confirmed mineralisation of more than 1,200 metres of strike.

Lithium Australia NL - Lithium Australia encounters large area of high-grade lithium mineralisation in maiden RC drilling at Youanmi
LIT shares were up more than 6% to 5.2 cents in today’s trading

Lithium Australia NL (ASX:LIT) has intersected broad widths of high-grade lithium mineralisation from the maiden reverse circulation (RC) drilling program within its Youanmi project area in Western Australia.

The drilling was designed to test down-dip extensions of outcropping lithium-bearing pegmatites and confirmed mineralisation over 2.5 kilometres of strike.

Hosted in SiLeach-suitable lepidolite

LIT managing director Adrian Griffin said the results, which confirmed significant lithium mineralisation Youanmi, were most encouraging.

He said: “The lithium is hoisted in lepidolite, a lithium mica ideally suited to processing via our proprietary SiLeach technology.

“Initial results suggest Youanmi could provide critical local feedstock for LIT’s lithium-cathode and battery business units.”

Highlighted assay results include:

  • 3 metres at 1.68% lithium dioxide from 32 metres;

  • 4 metres at 1.61% lithium from 21 metres;

  • 5 metres at 1.54% lithium from 62 metres;

  • 4 metres at 1.26% lithium from 2 metres; and

  • 6 metres at 1.61% lithium from 22 metres, including 1 metre at 4.14%.

Mineralisation remains open down-dip and along-strike

Multiple stacked pegmatites have been intercepted in RC drill fences along the 2.5-kilometre strike.

Drilling has shown that the pegmatites dip at shallow angles of 20-30 degrees towards the east.

Mineralisation remains open down-dip and along strike and further drill testing will be needed to determine the extent of the mineralised system.

Exploration is only part of LIT’s strategy to create a circular economy for battery metals.

The company plans to mine raw materials such as lithium and vanadium, process them into end-products, and then be able to recycle used products to produce raw materials.

In order to do this, it operates four business segments, being raw materials, lithium chemicals, batteries and cathode materials, and recycling.

Quick facts: Lithium Australia NL

Price: $0.05

Market: ASX
Market Cap: $24.58 m
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