Lithium Australia JV partner hits big lithium grades in Mexico
THE DRILL SERGEANT: Lithium Australia (ASX: LIT) informed the market of high-grade assays in excess of 1,000 parts per million (ppm) lithium having been reported in new sampling work on the company’s Joint Venture Electra project at Sonora in northwest Mexico.
Lithium Australia is earning a 49 per cent stake in the project with an option to extend that to 65 per cent from project owner, Canada’s Alix Resources Corp (AIX-TSX:V).
The company explained the latest results are from ongoing surface reconnaissance sampling and trenching work on the Agua Fria lithium in clays discovered in the southern area of Electra to the immediate southwest of the large Tule concession.
Lithium Australia said assays from 31 samples were received, with 10 of 31 samples (32%) having greater than 1,000 ppm lithium, and averaging 1,135 ppm.
The average across all 31 samples is 783 ppm Li.
Alix has advised LIT that the clay horizons in the area have now been traced for approximately 4.5 kilometres of strike, with indications of width extending up to 800 metres.
The sedimentary sequences of the significant lithium-rich clay layers are interpreted to be similar to those found on the adjoining La Ventana property held by Bacanora Minerals and REM.
Alix geologists at Agua Fria are continuing to conduct extensive hand-trenching programs (+400m) with continuous trenches proposed up to 80m to 100m in width.
All samples from the latest follow-up sampling work have been forwarded to ALS Global in Hermosillo, Sonora for analysis.
Lithium Australia anticipates the current trench samples and other sampling will allow for refinement of a maiden drill program on Agua Fria, which is scheduled for the first quarter next year.
“Fertile clays, within the geological environment of Electra, generally exhibit low lithium grades so to get these remarkable, in excess of 1,000 ppm results, is significant so early in a new project’s life span,” Lithium Australia managing director Adrian Griffin said in the company’s announcement to the Australian Securities Exchange.
“Grades in the range of 100 to 200 ppm lithium may be considered to be anomalous but grades in excess of 1,000 ppm are often included in resource calculations, so Agua Fria has literally leapt out of the starting blocks on data known to date.
“The drilling outcomes however, will be the real determinant of this prospect’s true potential at depth.”
Email: info@lithium-au.com
Website: www.lithium-au.com