Eye on Lithium: Ganfeng picks up Lithea Inc and its Salta Province project in Argentina
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All your ASX lithium news for Tuesday, July 12
Some say Ganfeng never sleeps, some compare it to an all-consuming octopode. However you want to phase it, it’s not the first time the company has picked up projects in the country which could host as much as 56% of the world’s lithium resources.
— Joe Lowry (@globallithium) July 11, 2022
Ganfeng extending its tentacles by acquiring yet another Li asset in Argentina for almost USD 1 Billion. Considering permitted production, paying a record for Argentina of USD/Kg-LCE-y 48.
Very few advanced exploration stage assets still available.
— Daniel Jimenez Sch (@D_Jimenez_Sch) July 11, 2022
Ganfeng also has a joint venture with Lithium Americas in Argentina with the Caucharí-Olaroz project – which is expected to produce 40,000 tonnes of lithium carbonate equivalent (LCE) a year.
This acquisition is still subject to approval from Chinese authorities, and interestingly last week the company said it was being investigated by China’s securities regulator for insider trading – with no more news forthcoming…
#China probes #Tesla supplier #Ganfeng #Lithium for suspected insider trading https://t.co/t7ebsKEwWg via @scmpnews.
Ganfeng’s annual production capacity for #lithium salts is projected to surge to 320K tonnes by 2025, from 120K tonnes last year, according to an April 13 report.
— Juan Carlos Zuleta (@jczuleta) July 4, 2022
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Only 21 stocks were in the green today, 49 were flat and 61 were in the red.
This explorer has discovered spodumene pegmatite samples during routine earthmoving activities next to the flagship Mt York gold deposit, less than 4km from Pilbara Minerals (ASX:PLS) Pilgangoora Lithium-Tantalum Mine.
The company says five samples from ‘Lucky Sump’ have been analysed and contain spodumene in association with beryl, garnet, and micas – all common plutonic igneous rocks.
Spodumene is a highly sought-after critical raw material used in the manufacture of rechargeable Electric Vehicle (EV) batteries and as Kairos’ managing director Peter Turner says, spodumene pegmatites are particularly rare in Australia.
“It appears that these samples may be part of a larger pegmatite dyke swarm that is largely under cover,” he says.
“This discovery indicates we are in a fertile lithium-caesium-tantalum (LCT) district with potentially significant upside.
“Whilst we wait for the chemical analysis from the laboratory for these samples, drilling activities at the Lucky Sump lithium discovery will be prioritised as part of the large program planned for the Mt York Gold Project.”
Core has increased the mineral resource estimate at its Finniss project in the NT by 28% to 18.9Mt at 1.32% Li2O and increased the measured and indicated mineral resource by 61% to 13.3Mt at 1.40% Li2O.
The company has also increased the project’s ore reserve by 43% to 10.6Mt at 1.3% Li2O.
“The new ore reserve estimate has resulted in a 12-year mine plan,” non-executive chairman Greg English said.
“In parallel, our teams will complete the 2022 drilling campaign to see if it can deliver equally impressive results across both our open pit and underground deposits.
“Most of the deposits at Finniss – including BP33, Carlton, Hang Gong, Ah Hoy and Sandras – remain open at depth and along strike and we are confident in the potential to deliver further significant increases to the Finniss resource and reserve position.”
Core says the project is progressing well and is currently on track to make its first Direct Ship Ore (DSO) lithium shipment from the NT by the end of CY 2022, with first concentrate production commencing soon after.
The company has identified a pegmatite outcrop at its Mousetraps prospect at its flagship Forrestania project in WA.
The plan is to kick off a detailed soil sampling program at the prospect
“The mapping of a new pegmatite outcrop at Mousetraps highlights the exploration potential of the Forrestania Project for potential discoveries, as we continue to ramp up our field work,” CEO Angus Thomson says.
“We continue to build momentum with our approvals workstream, and the company has recently received a POW approval for its Bannon lithium prospect.”
The company has now secured POW approvals for two high priority lithium prospects at South Iron Cap East and now Bannon.
The company is ready to start diamond drilling at its Bynoe project, with a two-phase, 1,800m diamond drilling program planned at the Lei Prospect.
Phase 1 encompasses three holes for approximately 600m and is designed to build on the historic Lei discovery hole of 12m at 1.43% Li2O.
Phase 2 is targeted to include up to 6 holes over 1,200m and will target further definition of lithium bearing pegmatites at the Lei Prospect.
The initial RC drilling program at Lei and Cai is on track to begin during July 2022 and will comprise around 10,000m with a maiden resource expected by Q1 2023.
Bulletin has flagged new targets at its Raventhorpe project, only 7km west of Allkem’s (ASX:AKE) operating Mt Cattlin lithium mine.
The lithium and nickel targets have been generated from a review of historical geophysical and geochemical exploration.
A LIDAR survey has been completed, with results expected in July/August.