Junior lithium explorer Australasian Metals (ASX: A8G) has identified further mineralisation at the Mt Peake Lithium Project, NT.
Lithium mineralisation was again confirmed from sampling surveys in the northwest corner of the Mt Peake tenement. The area covers 640km2 and shares a boundary with Core Lithium’s (ASX: CXO) Anningie Lithium Project.
Today’s update comes just days after Australasian Metals was granted an exploration licence for the Mt Peake Project by the Northern Territory Mines Department. The licence paves way for the company to be more aggressive in its on-ground exploration.
“Our geologists have identified lithium mineralisation on every sampling survey to date and the latest >1.0% Li2O rock chip sample gives us increasing confidence on the lithium enrichment within our tenements,” said Managing Director Qingtao Zeng.
“The high lithium content indicates that the pegmatites in our area have fractionated enough to concentrate up lithium and related elements and there could be several parallel lithium-bearing pegmatite dykes in shallow depth waiting for us to drill.”
Australasian Metals is preparing a Mine Management Plan to obtain authorisation under the Mining Management Act to carry out drilling activities.
In parallel, the company will analyse recent soil and rock chip geochemistry findings with the previously conducted Deep Group Penetrating Radar survey to develop a “more complete understanding” of Mt Peake’s geology and lithium mineralisation.
Finance Writer & Social Media
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