Firetail jumps 20% on confirmation of decision to drill high-grade lithium targets at Yalgoo WA
A heritage survey, expected to pass pain-free, the last thing standing between lithium and the drill
Source: iStock
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KEY POINTS
- Firetail Resources, freshly boosted by the hiring of technical advisor and lithium expert Nigel Brand, confirms widespread lithium potential at Yalgoo
- Company’s share price has risen 20% as Firetail merely confirms it is getting ready to drill, reflecting ongoing enthusiasm for lithium stocks
- Compliance documentation to be complete in the coming weeks
Firetail Resources (ASX:FTL) shares have gone up 20% in mid-afternoon trades as the company bolsters its geotech credentials with the hire of a lithium expert in its technical advisory team ahead of drilling at the WA Yalgoo play.
Notably, rock chip samples most recently collected returned assay results for containing up to 3.75% mineralised lithium. firmly a high-grade finding compared to other projects.
However, it will not be until drilling assays are confirmed that investors will start to get an idea on what grades of lithium are present underground at Yalgoo.
Confidence boosted by new team pick
Today, due in part to the expertise of new hire Nigel Brand, Firetail has gone one step further in its confidence for the lithium project by describing the acreage as having “goldilocks” qualities.
For the rare few who have never read the story of Goldilocks, what they’re trying to say it: geologically, everything is ‘just right’ for high-grade lithium to be present on-site.
In a matter of weeks, drilling will kick off at Yalgoo for the first time under Firetail’s watch, targeting multiple pegmatite systems.
The size of the Yalgoo project, and the size of the envelope of land believed to be fertile for pegmatite mineralisation, is not to be ignored. Firetail is confident it sits on some 25km worth of land prospective for the single hottest commodity on the market (outside of natural gas, rubidium, and coal.)
What does Firetail do?
Firetail is exploring for both gold and lithium at projects located in Western Australia and Queensland. Its major asset portfolio is located in WA, with a package of over forty tenements that the company has rights to.
That major asset is the Yalgoo lithium project.
Within that package of forty tenements are six WA exploration licences 100% owned by Firetail.
Recent ASX entrant
Firetail Resources first listed on the ASX in May, and a month later, the company’s share price was up 60%.
One final heritage survey remains in the way before drilling starts in late September, but the company is confident in progressing this without issue.
Aldoro Resources (ASX:ARN) owns a lithium project nextdoor to Firetail’s project, and the area boasts potential to become a new lithium province for the well-established mining region of Murchison, WA.
The project also sits alongside Krakatoa Resources’ (ASX:KTA) Dalgaranga Gold Project.
A look at Firetail's six month charts
