L1M identifies lithium targets in Brazil

Lightning Minerals (ASX: L1M) just put out the results from its geophysical surveys across its three lithium project in Brazil’s “Lithium Valley”.

L1M’s project sits in the middle of ground held by Latin Resources (soon to be $9.5BN Pilbara Minerals) and $2.5Bn Sigma Lithium.

Latin and Sigma are both reference points for how discoveries in this part of Brazil can be valued if they are large enough.

L1M is currently capped at just $8.6M - we are Invested in L1M to hopefully one day see it make a discovery of its own.

Over the last few months L1M has been out identifying drill targets with a view to a first drill program in Q1-2025.

So far L1M has mapped pegmatites across all three of its projects and just last week confirmed spodumene at one of them.

See our coverage on that news here: L1M discovers 4.04% lithium in unknown artisanal mine. Drilling soon

Today, L1M put out results from its geophysical surveys.

When it comes to lithium exploration and geophysics - we are looking for magnetic lows because pegmatites typically have a low magnetic charge.

The idea is pretty simple - magnetic lows combined with outcropping pegmatites give an explorer a relatively decent idea of where the pegmatites are and which way they might be dipping.

It isnt an exact science, but its a good way for an explorer to plan out a drill program (especially when it comes to the orientation of drilling).

In L1M’s case we can see this happening across a few key target areas:

We like that some of the magnetic lows are in area’s where L1M has previously mapped outcropping pegmatites.

Next we want to see the results from the soil sampling after which we should have a pretty good idea of where the best targets are for drilling.

What’s next for L1M?

Exploration program across Brazilian lithium projects 🔄

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

Source: “What do we expect L1M to deliver” section - L1M Investment Memo 2 May 2024

It's still relatively early days for L1M’s projects and we expect to see a lot more newsflow from the company as it finalises the plans for its first drill program.

Over the next ~3-6 months we are hoping to see L1M rank a few of its highest priority targets.