THE BOURSE WHISPERER: Pioneer Resources (ASX: PIO) has pegged a 100 per cent interest in the Phillips River lithium project, located approximately 100 kilometres east of the Mt Cattlin lithium mine, near Ravensthorpe in Western Australia.
The new project comprises three exploration licence applications covering approximately 340 square kilometres the company considers to be prospective for lithium spodumene-bearing pegmatites.
Pioneer explained it had identified the lithium targets at Phillips River using Geoscience Australia’s Dataset.
This had recorded roadside sampling ‘upstream’ of the Lort River lithium anomaly, which included assays for lithium as part of a broader suite of elements targeting gold.
This information indicated two standout lithium anomalies supported by modified pegmatite PEG-4 index values, and a number of other lithium anomalies, which Pioneer consider to be elevated and warranting further investigation.
“This pegging is consistent with the company’s strategy that was announced in its release of 15 March, 2016 and further expands its asset portfolio of key demand-driven commodities – adding additional lithium properties to its high-grade gold assets and nickel properties in Western Australia,” Pioneer Resources said in its ASX announcement.
“The company’s commitment to these projects remains unchanged and it will provide details of the next phase of exploration initiatives in due course.
Pioneer indicated that once the tenements had been granted it anticipates its work programs during the third quarter 2016 to include:
Further multi-element geochemistry to constrain what are presently large, open targets;
Aeromagnetic surveys as the pegmatites are much less magnetic when compared to the host mafic volcanic country rocks;
Mapping within resultant targets. Much of the tenement area has been cleared for cropping, making access easy; and
Pioneer said its current program of lithium and gold project acquisitions, including associated exploration programs in Australia, will be undertaken concurrently with the commencement of field exploration activities at the recently-acquired Mavis lithium project in Ontario, Canada, where soil and rock geochemistry, mapping and a ground magnetic survey, and a diamond drilling program are currently being planned ahead of a commencement date in May 2016.
Drilling is also planned for the company’s Acra gold project, to further test new targets identified by drilling in 2015 at the Deep River and Kalpini West prospects, and infill and extensional drilling at the Kalpini South gold deposit.