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- Lithium Plus Minerals (ASX:LPM) outlines the latest activities at its Bynoe lithium project in the NT in a market update this morning
- LPM made clear its intention to focus exploration expenditure on further discoveries
- Management specifically noted pegmatite occurrences as the main target of exploration campaigns for this year
- Advanced baseline environmental studies are also underway
- Shares last traded at 20 cents
Lithium Plus Minerals (ASX:LPM) outlined the latest activities at its Bynoe lithium project in the Northern Territory in a market update this morning.
The announcement appears to be a self-introduction to new investors, given that no major news value was included in today’s release.
LPM made clear its intention to focus exploration expenditure on further discoveries, aimed at prudent management of its $9 million cash reserves.
While the specific locations remain undisclosed, LPM’s release was interesting because it hinted at expanding beyond the previously dominant Lei prospect.
“Drilling focus will shift to prospect areas with significant discovery potential beyond Lei,” the company wrote today.
Management specifically noted pegmatite occurrences as the main target of exploration campaigns for this year. Notably, given the trend of lithium explorers pivoting to uranium in the NT, LPM’s future plans remain somewhat ambiguous.
To be fair, however, Executive Chairman Bin Guo is staying tight-lipped about potential shifts in focus.
“We are confident in the potential within this region, and our belief than the Lei Deposit represents the first of numerous similar style lithium deposits capable of being delineated across our richly fertile pegmatite fields,” Guo said.
“In parallel, we have commenced capital-efficient, early-stage feasibility work on the Lei Deposit. This work includes the initiation of mine design, site infrastructure layout planning, and early cost evaluation.”
Lei is clearly not being neglected. MiningOne remains involved in mine design works, and a metallurgical program is underway.
Additionally, advanced baseline environmental studies are underway.
Shares last traded at 20 cents.
