Fieldwork begins at WA lithium exploration project

Yesterday our small cap exploration Investment Lightning Minerals (ASX: L1M) announced the start of an infill soil sampling program at its lithium project in Western Australia.

We are Invested in L1M primarily for its Brazilian lithium assets - where the company is currently working through geophysics/geochem results to rank drill targets.

In the meantime we look forward to seeing what comes from the soil sampling in WA.

L1M will be doing an infill soil sampling program, meaning it is returning to areas where L1M knows there are already decent lithium anomalies.

The aim this time will be to get more data over the area’s L1M thinks is the most prospective.

Here is where L1M will target at its north tenament:

And here is where L1M will conduct soil sampling it the southern tenements:

We haven't set any expectations for this program but any higher than expected lithium grades should make for decent exploration targets in the future.

L1M doing the ground work now so that it is drill ready when the lithium market turns…

By advancing its projects both in WA and in Brazil the company is setting up for a maiden drill program over its projects.

Infill soil samplings are an important step in moving towards potential lithium pegmatite mineralization and defining high-priority drill targets across a large area in WA.

This fits with L1M's investment thesis of being an early-stage lithium explorer leveraged to making a discovery.

Just like its larger neighbours Sigma Lithium and Latin Resources have done in Brazil.

A successful drill intersection could re-rate L1M's modest ~$6M market cap significantly higher if a discovery is made.

This advances our “Objective #4 for L1M”:

Objective #4: Drilling at WA lithium project

We want to see L1M do some more sampling work before drilling one of the priority targets at its WA lithium asset (Dundas)

Milestones
🔄 Geochemical/Geophysical surveys 🔲 ➡️ 🔄
🔲 Drilling starts
🔲 Drilling completed
🔲 Assay results

Source: L1M Investment Memo

What's Next for L1M?

Following the infill soil sampling at Dundas, L1M plans to conduct geophysical surveys across its Brazilian lithium projects at Caraibas, Esperanca and Canabrava.

This data will be integrated with existing soil sampling results to identify priority drill targets.

In the short term, for L1M, we want to see the company put together a bunch of priority drill targets for both its Brazilian and WA lithium projects.