L1M kicks off Brazilian lithium exploration program
Our hard rock lithium explorer Lightning Minerals (ASX:L1M) just put out an update on its Brazilian lithium projects.
Today, L1M kicked off field work across its project with the first stage focused on geological mapping across two of L1M’s projects - Caraíbas and Sidrônio.
Both projects are immediately to the south of our other portfolio company Latin Resources (ASX: LRS):
The two key results we will be watching out for from the field work will be:
- Soil sampling results - Ideally, L1M will be able to identify distinct soil anomalies where lithium grades are high enough to warrant drilling.
- Geophysical reprocessing results - Ideally we will see geophysics line up with L1M’s soil sampling results and point toward drilling the same areas.
Below are the areas where that soil sampling work will happen:
We were recently in Brazil where we got to catch up with the L1M MD Alex Biggs.
Here were some of the photos Alex and L1M’s Exploration Manager Jarrod Woodland took from there site visit:
Check out our note on the site visit here: Reporting from on site in Brazil…
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Context on L1M’s projects:
L1M’s two projects are located in the Lithium Valley region of Minas Gerais, in Brazil.
The projects cover ~3,372 Hectares, which comprise seven exploration licences.
These projects are also located approximately 20km’s south of Latin Resources’ Colina lithium project, which hosts 70.3Mt @ 1.27% Li20.
And ~45 kms north of L1M lies Sigma Lithium, a A$2.76B capped lithium producing company which also lies within the Lithium Valley.
Below is where our Investment L1M is positioned in Brazil’s “Lithium Valley”:
What’s next for L1M?
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
Objective #2: Drill high priority targets
We want to see L1M drill its best targets.
Milestones
🔲 Drilling permits
🔲 Drilling starts
🔲 Drilling completed
🔲 Assay results
Source: “What do we expect L1M to deliver” section - L1M Investment Memo 2 May 2024
