Woomera Mining firing up the drills at WA Mt Cattlin lithium acreage

Adelaide-headquartered microcap Woomera Mining (ASX:WML) confirmed its drilling team will kick off maiden lithium exploration at its Mt. Cattlin project on Monday. 

Starting in the first week of February (it’s February on Wednesday), the company will fire up the drill rigs targeting rock outcrops on-site. 

Management is hopeful those outcrops turn out positive for lithium-bearing spodumene pegmatites, which were first logged in fieldwork carried out in late 2022. 

Assay results for rockchip samples collected late last year remain pending. Based on early-stage evidence, the company is pushing ahead with low-capex drilling on-site. 

Fast track to auger drilling 

“[After completing fieldwork] we have decided to move to the next phase of assessment as quickly as possible,” company MD Jason Livingstone said.

“This low cost auger program will provide the data to define targets for follow up drill testing.” 

Auger drilling is typically conducted in shallow settings defined by a composure of mostly loose rock at surface. Auger drilling in mining contexts is only viable where mineralisation occurs in horizontal deposits, the method is also low-cost compared to deep drill runs. 

Nearology a big focus 

Woomera’s Mt. Cattlin mine is not to be confused with that of Allkem’s (ASX:AKE) which has the exact same name. 

“Woomera believes the lithium-caesium-tantalum (LCT) system at Mt Cattlin may be more extensive than has been identified on Allkem’s surrounding licences,” the company wrote on Monday.

“Nearology” refers to one mine being located nearby another larger proven mine where one company’s success can sometimes be replicated by another, given the right geological underpinning. 

Want to know more? 

Market Index’s free company data gives investors and researchers the chance to quickly make first-stage observations about a company’s performance, including but not limited to: 

• Share price of 2c* 

• Market cap of $18.65m* 

• 956.16m ordinary shares on issue 

• One year returns down -1.3% 

• Year to date performance up 2.6% 

• Average 4 week volume of 2.79m 

• Company conducted an entitlement offer in November last year

• Woomera held only $566,000 in cash at end of Sept quarter 

• It spent $251,000 over the same period 

*As at 1200PM AEST Monday 30 January 2023

Woomera's six month charts show the tell-tale "blockiness" of relative illiquidity