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Premier1 Lithium Ltd (ASX:PLC) has highlighted the presence of extensive gold mineralisation – including intercepts of 5 metres at 5.1 grams per tonne (g/t) and 10 metres at 6.4g/t – at the Yalgoo project in Western Australia as part of a strategic review of its assets.
Premier1 undertook the review to confirm follow-up exploration targets and additional exploration potential outside of lithium, given the commodity’s subdued performance, with the Yalgoo project area being the main focus, bolstered by historical discoveries of high-grade mineralisation there.
The play – which lies in WA’s Murchison province – has been largely untouched for 20 years, so its gold mineralisation is untested both at depth and along strike.
Premier1 is working towards earning 70% of the lithium rights from Venture Minerals for the Yalgoo project and 80% of all mineral rights except for rare earth elements (REE) from Firetail Resources for the Yalgoo West project.
Managing director Jason Froud said the review had supported Premier1’s exploration plans at Yalgoo.
“The Yalgoo project has surprised me with the numerous high-grade gold intercepts at near surface that have been largely untouched since the 1990s,” he said.
“The Murchison Region of Western Australia is a highly prospective and active mining district with demonstrated prospectivity for high grade gold and base metals discoveries.
“With sporadic drill testing and an average drilling depth of only 46 metres, the Yalgoo project is essentially unexplored at depth and along strike.
“Geological review work by our technical team has identified a number of walk-up drill
targets with excellent potential to yield a substantial gold resource.”
Premier1 shares rose on the news, and at 10:35 AEST, they were trading at 1.5 cents – a rise of 49.99% since the market opened.
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