Calidus in the early stages of an "exciting lithium discovery"

Tue 08 Mar 22, 5:30pm (AEDT)
A technician holds a piece of ore with copper mineralisation present
Source: File photo

Key Points

  • Calidus has returned prospective lithium pegmatites at its Pirra Project
  • The company is gearing up for a maiden drilling program
  • 40 additional rock-chip samples are pending assay results

Calidus Resources (ASX: CAI) has made its first lithium-related announcement since taking a 50% interest in the Pirra Lithium Project back in January.

Calidus is best known for the development of its Warrawoona Gold Project, which is expected to deliver its first gold pour in the next two months.

Management view this investment into lithium as a "highly-leveraged exploration opportunity for our shareholders." But also reassured that this won't have any impact on core gold operations.

Significant lithium pegmatites identified 

Caldius identified a “substantial lithium-bearing pegmatite” from 34 rock-chip samples.

Rock samples
Rock chip samples (Source: Calidus Resources)

The assays of the pegmatite yielded 0.66% to 2.34% lithium oxide.

According to European Lithium (ASX: EUR), typical hard rock grades sit between the 0.9% and 1.6% range. Anything above 1.6% is considered high grade.

An additional 40 rock-chip samples were also collected and results are pending.

“It is already clear that we are in the early stages of an exciting lithium discovery with both scale and strong grades,” Managing Director Dave Reeves said in a statement.

“Work is continuing to determine the full extent of the pegmatite and to identify other pegmatites in the vicinity. As part of this, we are preparing for a maiden drilling program.”

Calidus Resources Ltd (ASX CAI) Share Price - Market Index
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Written By

Kerry Sun

Content Strategist

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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