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- Metals Australia (MLS) receives results from rock chip sampling across the Manindi project in Western Australia, which it said confirms a new discovery
- Rock chip samples were taken from the largest pegmatite discovered to date, the Foundation Pegmatite
- Results returned up to 1.25 per cent lithium, 126 ppm tantalum and 155 ppm cesium
- MLS plans to follow up the results with systematic channel sampling and also intends to undertake initial reverse circulation drilling of the Foundation Pegmatite
- Shares have been trading 66.7 per cent higher this morning at 0.3 cents
Metals Australia (MLS) has received results from rock chip sampling across the Manindi project in Western Australia, which it said confirms a new discovery.
The project is located in the Youanmi region where lithium bearing pegmatites have been previously identified with strike lengths over 300 metres.
MLS recently discovered a 500 metre long pegmatite, named the Foundation Pegmatite, which it said is the largest to date at the project.
Rock chip samples were taken from the Foundation Pegmatite and have returned up to 1.25 per cent lithium, 126 parts per million (ppm) tantalum and 155 ppm cesium results.
The company said these “high-grade” results confirm that the pegmatite is a significant new discovery.
Additionally, the petrography on the Foundation Pegmatite samples located coarse grains of manganotantalite. According to MLS, the location of tantalum minerals and relatively high grades detected indicates potential for tantalum production for the growing electronics market.
To follow up the latest results, additional systematic rockchip sampling is planned to test the extent of the Foundation pegmatite cluster.
Work is also planned to test other pegmatites within the three kilometre strike length corridor of the Foundation.
Initial reverse circulation drilling of the area is also scheduled.
At the nearby Mulgara deposit, Metals is progressing work to follow up previous lithium and tantalum results, which will include deeper and extension drilling along strike of three pegmatites identified to date.
The company also plans to undertake diamond core drilling with the aim of providing accurate intersection boundaries, structural orientations and petrography as well as metallurgical samples for concentrate testing.
Updates are reportedly being made to the Program of Work (PoW) submission to the WA Department of Mines, Industry, Regulation and Safety for approval to carry out the drilling program, which MLS hopes to get underway this quarter, subject to drilling rig availability.
Shares were trading 66.7 per cent higher at 0.3 cents at 10:57 am AEDT.
