L1M hits anomalous lithium in WA
Today, our lithium Investment, Lightning Minerals (ASX: L1M) announced some promising lithium anomalism from its most recent drilling in WA.
While we wait for L1M to commence exploration activities at its recently optioned Brazilian projects, today’s announcement demonstrates some potential at its pre-existing WA lithium project.
Click here to read our note on L1M and find out why we Invested in L1M
L1M’s project in WA is located near:
- Mineral Resources (capped at $15BN)
- Global Lithium (capped at $104M)
- Liontown Resources (capped at $3.3BN)
- Develop Global (capped at $580M)
- TG Metals (capped at $15M)
(Source)
Today’s results were a good start at the project - with peak results of 994ppm lithium.
There were a total of 96 holes in the 3,820m Aircore (AC) drill campaign.
🎓 Learn more about the different types of drilling
Traditionally much lithium exploration in Australia has focussed on outcropping pegmatites, but increasingly WA lithium explorers are using lithium soil anomalism like L1M has done in this case, to target lithium mineralisation below surface.
A prime example of this type of success was TG Metals which is located nearby to L1M’s assets in WA (see above).
TG Metals got a strong 9m intercept at 9m at 1.35% lithium from 32m (near surface) in November 2023 using soil anomalism techniques.
L1M said today that it believes it is moving closer to the source of mineralisation after today’s results.
Below is what L1M is working with at its Dundas project:
(Source)
What’s next for L1M?
Today’s results were good but we’re most focussed on exploration in Brazil, here is what we are most looking forward to:
Objective #1: Find high priority drill targets
- We want to see L1M conduct geochemical and geophysical surveys and determine the best drilling spots at its Brazilian lithium project.
Milestones
🔲 Geological mapping
🔲 Rock chip sampling
🔲 Soil sampling
🔲 Define high-priority drill targets
Objective #2: Drill high priority targets
- We want to see L1M drill its best targets.
Milestones
🔲 Drilling permits
🔲 Drilling starts
🔲 Drilling completed
🔲 Assay results
Objective #3: Exercise option to acquire Brazilian lithium project
- After de-risking the project, we want to see L1M exercise its option and acquire the project
Milestones
🔲 Exercise the option to acquire the project
