Multi-mineral explorer Errawarra Resources Ltd (ASX:ERW) has seen its share price rise by more than 100 percent on news it has discovered a large swarm of lithium-bearing pegmatites at the West Andover play in Western Australia.
Errawarra has mapped the swarm, which stretches over a 1.6 kilometre by 1 kilometre territory within the project area, with pegmatites shown to sit in stacked, low angle and north dipping packages.
Background soil anomalism has raised hopes for the richness of the pegmatite mineralisation, with the former indicating grades of more than 100 parts per million lithium oxide (Li2O).
In addition to this, Errawarra has picked up two amomalous soil trends in the territory: one grading up to 325 parts per million Li2O, and another – also in the northwest part of Andover West – peaking at 299 parts per million Li2O.
Both of these trends are along strike and proximal to another lithium pegmatite discovery made by Raiden Resources Ltd, which graded at 3.8% Li2O from rock chips.
Errawarra executive chairman Thomas Reddicliffe said the discovery of this swarm was a strong jumping off point for the company’s plans to further delineate lithium mineralisation in the project area.
“We are excited not only by the recognition of this large pegmatite swarm which lies adjacent to Azure minerals Andover project but also because we can now focus in on the lithium fertile zones within these broad pegmatite packages,” he said.
“We believe that we may have only hit the tip of the iceberg with these lithium fertile zones within the pegmatite packages and with their shallow dips we have the opportunity to explore for higher grades down dip.
“Being along strike and in proximity to the Raiden lithium pegmatites we are optimistic of our chances and keen to do some exploratory drilling.”
He added that elevated soil anomalies were often indicative of pegmatites under cover and even larger ones under the surface, as seen with the exploration history of companies such as TG Metals Ltd and Nimy Resources Ltd.
“We aim to complete our ground reconnaissance and mapping as quickly as possible to enable drilling of selected targets,” he said.
“With our heritage clearances scheduled to be completed this month we could see ourselves drilling this quarter.”
As well as the heritage work due for completion in May, Errawarra is also planning a drill program over the project and sampling work over its Pinderi Hills joint venture.
Errawarra was trading at 12 cents at 12:39 pm AEST, a rise of 100% since the market opened.