THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) and wholly-owned subsidiary, Lithophile Pty Ltd, has been granted title to areas in the Gascoyne Province of Western Australia the company considers to be prospective for lithium mineralisation.
Lithium Australia has been granted five exploration licences which make up the Gascoyne project, located approximately 800 kilometres north of Perth in Western Australia.
The project area lies along strike and adjacent to the Nardoo Pegmatite District and is spatially associated with peraluminous S-type granitoids that LIT believes could be a possible source of the extensive pegmatites of the district.
Lithium Australia had a GIS data package of all open file geophysical and geological data assembled in November 2016 by Southern Geoscience Consultants (SGC) that enabled the company to generate targets for ground geological reconnaissance and sampling on most of its WA projects.
LIT said it anticipates SGC’s GIS data package will generate additional targets over the Gascoyne project.
“The Gascoyne has many of the attributes of WA’s other emerging lithium centres,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.
“The area has been a focus of past rare metal exploration, but its lithium potential has been ignored. The project is an important part of LIT’s long-term strategy to procure alternative lithium sources to feed its versatile, 100 per cent-owned Sileach processing technology.”