The lithium rush is in full-swing after Australasian Metals (ASX: A8G) shares rallied 22% in early-trade after receiving an exploration licence for the Mt Peake Lithium Project in the Northern Territory.
“The granting of the Mt Peake exploration license allows us to be more aggressive with our on-ground exploration,” said Managing Director Qingtao Zeng.
The Mt Peake area is considered highly prospective for hard rock lithium mineralisation. Initial fieldwork kicked off in late-2021 alongside exploration partner, CSIRO.
Designed to aid in locating or identifying the contiguity of a deposit, preliminary results from a soil geochemical sampling program at the Mt Peake Project have identified “striking trends of anomalous” elements including lithium, rubidium and tantalum.
“The soil sampling program successfully identified the northwest striking structures which are consistent with the DGPR (Deep Ground Penetrating Radar) interpretation. This gives us added confidence in our exploration strategy in identifying potentially mineralised pegmatites, and helps to firm up our future drilling targets.”
The soil samples have been submitted to the laboratory for further testing and analysis.
Australasian said that the soil geochemical sampling program has “outlined several potential targets for further work”.
The completed sampling program was focused on the northwest corner of the Mt Peake Project. The next steps for Australian Metals include:
Extend the sampling program to the south-east
Conduct infill sampling on areas of identified anomalism
Pending rock chip sample assays
Finance Writer & Social Media
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