Earthworks underway at Firetail’s WA Yalgoo acreage as lithium drilling kicks off next week

Firetail Resources’ (ASX:FTL) share price is up 5% at the start of lunchtime trades as the company reveals it will start drilling for lithium at its WA Yalgoo play next week. 

Contractors KTE Drilling have been appointed to the job and the company is currently shifting the earth to make way for tracks allowing the drill rigs to be driven in. 

Firetail first began sniffing out lithium at Yalgoo in early H2 2022, and in August, the company confirmed it had enough geotechnical evidence supporting the presence of lithium mineralisation to start getting serious about the play. 

That came after Firetail listed on the ASX for the first time in May. 

Halfway through September, the company announced it was moving ahead with its plans to drill for lithium at Yalgoo, and now a month later, they’re ready to start perforating the red. 

That decision, it’s worth noting, sent Firetail up 20%. 

Goldilocks Zone 

“Following the recent announcement of the large-scale ‘Goldilocks Zone’ at Yalgoo, the Firetail team is excited to see the start of drilling,” Firetail executive chair Brett Grosvenor said. 

“We are very optimistic about the potential of Yalgoo and what drilling might unveil.” 

“With the commencement of the drilling at Mt. Slopeaway also planned in the coming weeks, it will be a busy time for the team…the completion of these maiden drilling campaigns at our battery metals projects in WA and QLD have the potential to be transformational.” 

Mount what? 

Mt. Slopeaway is another battery metals project in Firetail’s portfolio, however, not a lithium play. 

Located in QLD, Slopeaway is prospective fr cobalt, nickel, and manganese. All three metals are found in batteries just as much as lithium, with particular focus on nickel, which vastly outsizes lithium by weight per EV battery.

As for how much of the three metals are present at Slopeaway? Shareholders will need to wait for early results.

A look at Firetail's three month charts