THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) has dipped its toes into Queensland’s potential lithium exploration and development sector.
Lithium Australia has lodged applications for ground it considers to be prospective for lithium on Cape York.
The company explained the applications are the result of an enlarged strategy, under which it intends to now look Australia-wide to add to its domestic lithium holdings throughout Western Australia and the Northern Territory.
This national focus resulted in the company identifying a prospective geological environment in Far North Queensland, which in turn led to the application for exploration permits covering most of the available vacant ground.
The permit areas are located about 80 kilometres southwest of Princess Charlotte Bay and about 350km northwest of Cairns covering an area of 1,380 square kilometres.
“Our broadened nationwide search is designed to derisk the company’s lithium exploration portfolio by providing exposure to multiple lithium opportunities across multiple state jurisdictions,” Lithium Australia managing dire4ctor Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.
“The area we have identified in Far North Queensland shows the hallmarks we are looking for.
“It is the right geological environment, has past identification of the lithium mineral suite and has some historic pegmatite mining.
“Like so many other areas across Australia, lithium has never been an exploration or production target on Cape York.
“Exploration diversity strengthens our portfolio and provides the opportunity to match the best available processing technology with the mineralisation types encountered.
“The Queensland campaign adds to Lithium Australia’s strong and expanding project suite and technological alliances over 2016 with private and government stakeholders alike as well as its 100 per cent-ownership of the versatile Sileach processing technology and access to a number of other leading technologies.”
Lithium Australia’s project portfolio now includes:
The Gascoyne; Pilgangoora; Ravensthorpe; Seabrook; Lepidolite Hill; Greenbushes; Lake Johnston; and Widgiemooltha projects;
Cape York; and
A 25 per cent interest in the Electra lithium project.