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- Argosy Minerals (AGY) compiles preliminary magnetotelluric (MT) resistivity survey data for the Tonopah Lithium Project in Nevada, US
- The initial work appears to define three conductive targets that have the potential for lithium brine accumulation
- AGY says once data processing and analyses are complete, the company will consider potential drilling works to test lithium brine prospectivity
- Shares are up 2.86 per cent to 18 cents apiece at 10:20 am AEST
Argosy Minerals (AGY) has compiled preliminary magnetotelluric (MT) resistivity survey data for the Tonopah Lithium Project in Nevada.
The company engaged a geophysical contractor based in the US state to carry out the survey at Tonopah in July.
The work covered 41 magnetotelluric sites, acquired on 500-metre nominal station spacing, along three profile lines totalling roughly 20 linear kilometres.
Argosy then contracted a Perth-based specialist geophysical consultant to process the MT data for analysis and interpretation and produce preliminary electric resistivity models.
Among the work’s primary aims was the delineation of low resistivity anomalies, which could be prospective targets for lithium brines, and the provision of electrical data to complement existing geological models.
According to AGY, preliminary modelling works appeared to define three conductive targets that could in turn define a closed basin — interpreted as a potential acquifer — and have the potential for lithium brine accumulation.
Of the targets, Target 1 is reportedly the deepest and most conductive, while targets 2 and 3 appear to be shallower and slightly less conductive.
Argosy said the initial work had also identified basin faults — significant for defining basin depressions within the overall basin geometry and important as targets for lithium brine accumulation.
The company’s managing director Jerko Zuvela said the survey program and associated analyses supported AGY’s understanding of the lithium prospectively at Tonopah.
“We look forward to progressing these works further and realising the potential from our strategic project in an established tier-one mining region,” he said.
“[Considering] the benefits associated with the new ‘green economy’ initiatives in the USA and the aggressive plans instigated for this industry, we believe Tonopah could make a valuable contribution to the company’s plans to become a long-term sustainable multi-project lithium producer.”
Mr Zuvela said with lithium sentiment and lithium carbonate prices continuing their strong upward momentum, the Tonopah Project enhanced the company’s value to strategic groups across the battery and electric vehicle supply chains.
Looking ahead and upon completion of the data processing, analysis and interpretation works, the company will consider potential drilling works to test lithium brine prospectivity within the project area.
Shares were up 2.86 per cent to 18 cents apiece at 10:20 am AEST.
