- Calidus Resources (CAI) almost doubles the known strike length of lithium pegmatites to 4.3 kilometres at its Spear Hill prospect in WA’s Pilbara region
- Recently, the company completed further rock chip sampling and mapping through Pirra Lithium, which is 50 per cent owned by Calidus
- Calidus received assays for 30 rock-chip samples that yielded lithium grades of up to 2.35 per cent lithium oxide and 808 parts per million tantalum
- The company now plans to lodge a program of work application for a maiden drilling program, with field mapping continuing around Spear Hill
- Calidus last traded at 82.5 cents per share on June 3
Calidus Resources (CAI) has almost doubled the known strike length of lithium pegmatites to 4.3 kilometres at its Spear Hill prospect in WA’s Pilbara region.
Recently, the company completed further rock chip sampling and mapping through Pirra Lithium, which is 50 per cent owned by Calidus.
Calidus has received assays for 30 rock-chip samples from a newly-discovered pegmatite swarm near the original discovery area. Results yielded lithium grades of up to 2.35 per cent lithium oxide and 808 parts per million tantalum.
The recent mapping and assays have nearly doubled the area of lithium-bearing pegmatites in the Spear Hill area.
“This discovery of another significant pegmatite outcrop in the vicinity of the previously announced results confirms the presence of a significant lithium pegmatite system,” Calidus Managing Director Dave Reeves said.
“These results have provided additional drill targets that demand to be tested.”
The company said it now planned to lodge a program of work application for a maiden drilling program, with field mapping continuing around Spear Hill
Additionally, Calidus flagged plans to emerge Pirra Lithium through an initial public offering later this year.
Calidus last traded at 82.5 cents per share on June 3.