THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) has been granted a Mineral Exploration Licence in the Northern Territory.
The new licence, Mineral Exploration Licence 30897, is situated in the Bynoe Pegmatite Field.
Known as the Bynoe project, it is located 50 kilometres south-southwest of Darwin nearby to the infrastructure offered by the territory’s capital city.
Acknowledging the Bynoe project’s favourable location, Lithium Australian also noted it had been subject to a relatively small amount of expoloration, until recently, which has been restricted and of narrow focus with little work undertaken on lithium.
“The latest exploration has targeted spodumene (a lithium silicate) and lithium micas and activity levels rival that of similar pegmatite fields such as Pilgangoora in Western Australia,” Lithium Australia said in its ASX announcement.
The Bynoe project lies within the Bynoe Pegmatite Field, which is part of the larger Litchfield Pegmatite Belt.
The Litchfield Pegmatite Belt is located along the western margin of the Palaeoproterozoic age Pine Creek Orogen.
It is almost 200 kilometres long and has been intruded by a suite of highly differentiated ‘S-type’ granites, believed to be the source of the pegmatites.
Lithium Australia explained that of the more than 100 pegmatites currently identified in the Bynoe Pegmatite Field many have been exploited, in the past, for their tin and tantalum mineralisation.
“Initially, Lithium Australia will undertake a desktop study of the Bynoe project, with a view to identifying and evaluating lithium mineralisation,” the company said.
“Fieldwork will commence during the northern dry season, once surface water has dissipated and access is easier.”