L1M ranks more lithium targets in Brazil

Our micro cap exploration Investment Lightning Minerals (ASX: L1M) just put out a batch of results from one of 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 $7.2BN Pilbara Minerals) and $2.3Bn Sigma Lithium.

L1M is a lot earlier stage, and is a few months out from drilling its project but the bigger companies in the area are a good indicator of the value of discoveries in this part of Brazil.

We are Invested in L1M to hopefully one day, see the company make a discovery.

Today’s news is another positive step toward a maiden drill program that L1M is planning for Q1-2025.

L1M has already mapped spodumene bearing pegmatites on one of its other projects, and has flown geophysical surveys (with results pending).

Today L1M put out strong soil sampling results, with results up to 239 ppm lithium - a good result considering background levels in this part of the world are usually ~60 ppm or lower.

From an exploration perspective with soil anomalies, higher grades relative to background levels should mean there may be lithium bearing pegmatites below.

We won't know until L1M drills though…

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.