- Reach Resources’ (RR1) strikes high-grade lithium at its Yinnetharra project in Western Australia
- The company conducted a reconnaissance rock chip sampling program to confirm historical mapping and sampling, and target previously-identified outcropping pegmatites
- The sampling returned “highly encouraging” assays of up to 2.3 per cent lithium oxide, 4295 parts per million (ppm) caesium and 705.8 ppm tantalum oxide
- The company plans to start drilling at the Bonzer prospect and other priority target areas in Q3 2023 once all regulatory approvals have been received
- Reach Resources climbs 20 per cent, trading at 0.6 cents at 12:02 pm AEST
Reach Resources’ (RR1) shares are soaring after striking high-grade lithium at its Yinnetharra project in Western Australia.
The company recently conducted a limited-scope, helicopter-supported reconnaissance rock chip sampling program. The program aimed to confirm historical mapping and sampling, as well as target outcropping pegmatites which were previously identified by geological experts.
The company confirmed lithium mineralisation through the new rock chip samples, returning “highly encouraging” assays of up to 2.3 per cent lithium oxide, 4295 parts per million (ppm) caesium and 705.8 ppm tantalum oxide.
“These are seriously good results, considering we have only had time to target a small percentage of the total outcropping pegmatites on site,” CEO Jeremy Bower said.
“We are particularly excited about the Bonzer prospect, which is a clear walk-up drill target.”
The Bonzer pegmatite returned further hits of 14,422 ppm or 1.4 per cent lithium oxide and 2873 ppm caesium and 714.4 ppm tantalum oxide.
“We now have consistently high lithium grades from this very large pegmatite which is at least 1.5 kilometres long with lithium-bearing minerals at surface,” Mr Bower added.
Meanwhile, hits from the Malibu pegmatite included 6524 ppm or 0.65 per cent lithium oxide, 505 ppm caesium and 81.1 ppm tantalum oxide.
The company’s geological team are reviewing and interpreting the remaining multi-element results from the program that were analysed for base and precious metals and rare earth elements (REE).
The company plans to start drilling at the Bonzer prospect and other priority target areas in Q3 2023 once all regulatory approvals have been received.
“Without putting too fine a point on it, the more time we spend on the ground the more lithium pegmatites we are finding and the greater the potential for success in the upcoming drilling programs,” Mr Bower said.
“The future is within Reach.”
Reach Resources climbed 20 per cent, trading at 0.6 cents at 12:01 pm AEST.