Accelerate Resources (ASX:AX8) eyes lithium prospects in Pilbara pegmatite district

• Accelerate Resources (AX8) applies for three exploration licences in Western Australia’s East Pilbara region
• The new areas are reportedly prospective for lithium, tin and tantalite, and complement the company’s strategy and exploration for the Pilbara
• Field reconnaissance is planned over the coming months together with activity at the company’s East Pilbara manganese projects
• Shares have closed 13 per cent higher at 5.2 cents

Accelerate Resources (AX8) has applied for three exploration licences covering prospective areas of Western Australia’s East Pilbara region.

The prospects cover an area that lies 200 kilometres east of Port Hedland and spans approximately 369 square kilometres.

In particular, two of the applications cover the central eastern section of the Mt Edgar Batholith — a prominent granitic intrusion with north-south and north-east lineaments and structures identified from broad-based geological survey data.

Meanwhile, the company said the third application covered the north-east section of the Corunna Downs Batholith with prominent north-south, east-west and north-east lineaments and structures also identified from broad-based geological survey data.

According to Accelerate, both areas remain underexplored for lithium minerals but have been the subject of limited diamond explosion and historic tin and tantalite exploration activity.

“These exciting new opportunities add to the company’s current critical mineral strategy in a low-cost way,” Managing Director Yaxi Zhan said.

“The new areas are prospective for lithium, tin and tantalite and are highly complementary to the company’s strategy and exploration program in the Pilbara region.”

Looking ahead, Accelerate said it plans to conduct initial reconnaissance activity, including mapping and selective surface sampling, as well as a detailed desktop assessment over the coming months, with the view to generating new target areas.

This work will be undertaken in conjunction with activities at the company’s East Pilbara manganese projects.

Shares in Accelerate Resources were trading 13 per cent higher at 5.2 cents at market close on Monday, November 1.