Eye on Lithium: Is this one of the best lithium drill intercepts ever?

TSX listed Frontier finds high grade zones up to a whopping 3.12% Li2O in Canada
Infinity to deploy ambient noise tomography to 3D map Tambourah South project
Venus kicks off RC drilling at new Manindi North lithium target

All your ASX lithium news for Thursday, February 16.

TSX listed Frontier Lithium has pulled up one of the most remarkable lithium intersections to date at its flagship PAK lithium project — 398.25m averaging 1.88% Li₂O, including a 23.4m zone of 3.12% Li₂O.

For context, grades between 1-1.5% are considered pretty darn good, and then you get anomalies like Greenbushes in WA which boasts a whopping 2% Li2O. The thickness, meanwhile, is insane.

Drill hole DDH PL-099-2 was also a winner and included 6m from 430.0 to 436m averaging 3.25% Li₂O.

“These two holes, which are 140m apart, have confirmed that the new northwest zone discovered in February 2022 is connected to the main zone and contains significant high-grade zones of 2 to 3% Li₂O,” VP exploration Garth Drever said.

“This zone will certainly be explored during the 2023 drill program at Spark.”

The CAD$640m capped project developer says 41.9Mt and growing PAK “contains one of North America’s highest-grade, large-tonnage hard-rock lithium resources in the form of a rare low-iron spodumene”.

Its ASX neighbour, recently listed Patriot Lithium (ASX:PAT), has a 506km2 greenfields exploration project called Gorman along strike.

Here’s how ASX lithium stocks were tracking today:

Code	Company	Price	% Today	Market Cap
MQR	Marquee Resource Ltd	0.035	17%	$9,816,225
TMB	Tambourahmetals	0.12	14%	$4,325,223
RLC	Reedy Lagoon Corp.	0.009	13%	$4,533,757
VMC	Venus Metals Cor Ltd	0.15	11%	$24,040,622
VKA	Viking Mines Ltd	0.012	9%	$11,277,843
1MC	Morella Corporation	0.013	8%	$73,182,965
TYX	Tyranna Res Ltd	0.027	8%	$60,135,633
KTA	Krakatoa Resources	0.043	8%	$13,788,397
WML	Woomera Mining Ltd	0.016	7%	$14,342,418
RAG	Ragnar Metals Ltd	0.017	6%	$6,066,958
EFE	Eastern Resources	0.018	6%	$21,113,090
PLL	Piedmont Lithium Inc	1.04	6%	$417,108,100
IPT	Impact Minerals	0.0095	6%	$22,332,335
MM1	Midasmineralsltd	0.19	6%	$10,283,718
M2R	Miramar	0.077	5%	$5,159,767
WCN	White Cliff Min Ltd	0.0115	5%	$8,624,599
INF	Infinity Lithium	0.12	4%	$53,198,091
AS2	Askarimetalslimited	0.615	4%	$29,184,662
WES	Wesfarmers Limited	51.34	4%	$55,962,526,371
CRR	Critical Resources	0.052	4%	$79,516,631
SGQ	St George Min Ltd	0.08	4%	$64,478,687
AML	Aeon Metals Ltd.	0.027	4%	$28,506,416
GSM	Golden State Mining	0.0435	4%	$4,914,597
SYA	Sayona Mining Ltd	0.2225	3%	$1,868,269,240
WR1	Winsome Resources	1.945	3%	$302,269,252
LRV	Larvottoresources	0.16	3%	$10,424,482
KZR	Kalamazoo Resources	0.17	3%	$24,555,197
LEL	Lithenergy	0.86	3%	$50,225,250
AGY	Argosy Minerals Ltd	0.73	3%	$997,129,324
TON	Triton Min Ltd	0.037	3%	$49,780,230
LPI	Lithium Pwr Int Ltd	0.385	3%	$235,911,585
CHR	Charger Metals	0.385	3%	$16,392,888
A8G	Australasian Metals	0.195	3%	$7,822,394
CZL	Cons Zinc Ltd	0.0195	3%	$9,164,798
MNS	Magnis Energy Tech	0.43	2%	$407,539,223
QXR	Qx Resources Limited	0.044	2%	$38,565,080
LRS	Latin Resources Ltd	0.1175	2%	$253,190,316
PNN	Power Minerals Ltd	0.47	2%	$33,233,088
VUL	Vulcan Energy	6.175	2%	$867,783,571
CXO	Core Lithium	0.99	2%	$1,799,366,290
GW1	Greenwing Resources	0.25	2%	$36,323,422
LKE	Lake Resources	0.6575	2%	$915,864,333
INR	Ioneer Ltd	0.3975	2%	$818,351,924
TUL	Tulla Resources	0.285	2%	$59,597,566
AOU	Auroch Minerals Ltd	0.06	2%	$25,242,863
LTR	Liontown Resources	1.3675	2%	$2,956,921,481
LRD	Lordresourceslimited	0.1625	2%	$5,326,739
CY5	Cygnus Metals Ltd	0.325	2%	$58,839,748
AAJ	Aruma Resources Ltd	0.069	1%	$10,673,382
TKM	Trek Metals Ltd	0.072	1%	$25,840,101
GLN	Galan Lithium Ltd	1.185	1%	$359,091,024
LIT	Lithium Australia	0.0445	1%	$53,732,434
RDT	Red Dirt Metals Ltd	0.455	1%	$200,208,371
DRE	Dreadnought Resources Ltd	0.092	1%	$299,729,268
ESS	Essential Metals Ltd	0.505	1%	$133,783,347
LLL	Leolithiumlimited	0.6	1%	$587,060,863
EMH	European Metals Hldg	0.69	1%	$86,308,227
AKE	Allkem Limited	12.375	0%	$7,862,324,200
RIO	Rio Tinto Limited	123.72	0%	$45,782,095,673
MIN	Mineral Resources.	86.69	0%	$16,483,238,263
ADV	Ardiden Ltd	0.0075	0%	$20,162,515
ASN	Anson Resources Ltd	0.205	0%	$241,764,686
AVZ	AVZ Minerals Ltd	0.78	0%	$2,752,409,203
EUR	European Lithium Ltd	0.07	0%	$101,446,742
PSC	Prospect Res Ltd	0.19	0%	$87,829,298
ARN	Aldoro Resources	0.195	0%	$22,017,902
PAM	Pan Asia Metals	0.36	0%	$52,868,012
AX8	Accelerate Resources	0.026	0%	$9,817,646
AM7	Arcadia Minerals	0.22	0%	$10,273,536
BYH	Bryah Resources Ltd	0.025	0%	$7,031,337
DTM	Dart Mining NL	0.044	0%	$6,847,305
MMC	Mitremining	0.29	0%	$10,435,679
CTN	Catalina Resources	0.009	0%	$11,146,382
EMC	Everest Metals Corp	0.09	0%	$9,578,980
AZL	Arizona Lithium Ltd	0.069	0%	$168,532,820
ENT	Enterprise Metals	0.009	0%	$6,345,726
KAI	Kairos Minerals Ltd	0.022	0%	$43,210,057
STM	Sunstone Metals Ltd	0.035	0%	$91,715,625
AVW	Avira Resources Ltd	0.003	0%	$6,401,370
BNR	Bulletin Res Ltd	0.115	0%	$33,762,977
RMX	Red Mount Min Ltd	0.006	0%	$12,554,183
SRZ	Stellar Resources	0.011	0%	$11,050,940
SRI	Sipa Resources Ltd	0.03	0%	$6,844,744
ZNC	Zenith Minerals Ltd	0.225	0%	$79,133,860
EPM	Eclipse Metals	0.02	0%	$40,561,196
EVR	Ev Resources Ltd	0.016	0%	$14,975,745
WC8	Wildcat Resources	0.029	0%	$19,198,659
THR	Thor Energy PLC	0.006	0%	$8,853,677
XTC	Xantippe Res Ltd	0.006	0%	$62,070,208
WMC	Wiluna Mining Corp	0.205	0%	$74,238,031
ZEO	Zeotech Limited	0.04	0%	$65,628,227
ALY	Alchemy Resource Ltd	0.016	0%	$18,849,220
DAF	Discovery Alaska Ltd	0.027	0%	$6,054,337
FTL	Firetail Resources	0.14	0%	$9,100,000
IR1	Irismetals	1.16	0%	$74,506,800
DAL	Dalaroometalsltd	0.09	0%	$2,688,750
OCN	Oceanalithiumlimited	0.35	0%	$12,744,900
A11	Atlantic Lithium	0.67	0%	$405,846,912
LLO	Lion One Metals Ltd	0.905	0%	$10,670,369
IGO	IGO Limited	14.07	0%	$10,692,621,520
JRL	Jindalee Resources	2.65	0%	$152,628,050
NVA	Nova Minerals Ltd	0.62	-1%	$131,283,832
PLS	Pilbara Min Ltd	4.68	-1%	$14,150,415,993
QPM	Queensland Pacific	0.099	-1%	$174,634,792
PAT	Patriot Lithium	0.39	-1%	$23,951,813
SCN	Scorpion Minerals	0.072	-1%	$25,236,552
NMT	Neometals Ltd	0.8275	-1%	$464,302,588
NWM	Norwest Minerals	0.062	-2%	$13,992,765
CAI	Calidus Resources	0.24	-2%	$107,642,104
G88	Golden Mile Res Ltd	0.021	-2%	$4,398,680
LIS	Lisenergylimited	0.3125	-2%	$53,092,540
IMI	Infinitymining	0.2	-2%	$15,678,055
MTM	Mtmongerresources	0.073	-3%	$4,276,817
CMD	Cassius Mining Ltd	0.034	-3%	$14,297,252
MRR	Minrex Resources Ltd	0.032	-3%	$35,800,628
FG1	Flynngold	0.087	-3%	$9,258,618
GT1	Greentechnology	0.725	-3%	$143,053,795
MLS	Metals Australia	0.052	-4%	$32,779,954
FRS	Forrestaniaresources	0.13	-4%	$8,220,326
EMS	Eastern Metals	0.076	-4%	$3,086,089
KGD	Kula Gold Limited	0.025	-4%	$9,391,510
RAS	Ragusa Minerals Ltd	0.115	-4%	$17,111,854
AZI	Altamin Limited	0.067	-4%	$27,420,173
RGL	Riversgold	0.022	-4%	$21,745,757
LNR	Lanthanein Resources	0.021	-5%	$24,674,663
MXR	Maximus Resources	0.037	-5%	$12,443,175
GL1	Globallith	1.77	-5%	$398,633,989
LLI	Loyal Lithium Ltd	0.34	-6%	$18,896,400
LPD	Lepidico Ltd	0.016	-6%	$129,842,119
AUN	Aurumin	0.053	-7%	$10,159,735
BMM	Balkanminingandmin	0.39	-7%	$18,804,246
PGD	Peregrine Gold	0.425	-8%	$17,830,929
TEM	Tempest Minerals	0.024	-8%	$13,123,926
AOA	Ausmon Resorces	0.0055	-8%	$5,293,736
VSR	Voltaic Strategic	0.022	-8%	$7,375,205
LSR	Lodestar Minerals	0.0045	-10%	$8,692,187
TKL	Traka Resources	0.008	-11%	$6,504,971

A total of 57 stocks were in the green, 44 were flat and 36 were red.

Who has news out today?

INFINITY MINING (ASX:IMI)

Infinity is gearing up to deploy Fleet Space’s satellite-based ExoSphere passive seismic exploration system at their Tambourah South tenement in WA.

The ExoSphere uses Ambient Noise Tomography (ANT) technology where Lightweight ANT geodes are placed in the ground and the seismic data is transmitted via ExoSphere satellite to Fleet’s office – allowing 3D mapping down to several hundred metres where LCT rich pegmatites identified at surface have grown at depth.

The company says the 3D model should show if the pegmatites are thickening up and/or merging with other pegmatites plus identify concealed flat lying pegmatites that don’t have surface expressions and provide certainty for future drilling campaigns.

“The ANT technique is relatively easy to deploy, data is recovered in real time and requires no ongoing field work once in place,” IMI CEO Joe Groot said.

“If the technique proves useful at Tambourah South, Infinity could also deploy it at selected other tenements where cover and topography are hindering surface exploration and drill targeting.”

VENUS METALS (ASX:VMC)

Venus has kicked off RC drilling at the new Mandini North lithium target at its Youanmi project, to test recently identified lithium (Li) soil and rock chip anomalies for pegmatite-hosted lithium-caesium-tantalum (LCT) mineralization in the bedrock.

Three east-northeast trending Li anomalies in the northern part of E57/983 were delineated by a geochemical soil survey at a historical beryl occurrence and rock chip samples from sub-cropping pegmatite nearby have up to 2.11% Li2O.

The drilling will also test the interpreted down-dip extension of Li-bearing pegmatite at the Central Prospect.

LEO LITHIUM ASX(:LLL)

The company has poured first concrete at the primary crushing area of its Goulamina project JV with Ganfeng Lithium Group in Mali, Africa.

“Achieving first concrete pour at Goulamina ticks off an important construction milestone, de-risks the Project further and enables us to ramp up plant and equipment installation activities on site considerably,” LLL MD Simon Hay said.

“The timing could not have been better in this regard, with fabrication of the ball mill and other key crushing and magnetic separation equipment completed or near complete and due to be transported to site shortly.

“Pleasingly, we have already made strong progress on construction to date at Goulamina, with development firmly remaining on budget and commissioning on schedule for first spodumene concentrate at the end of the first half of 2024.”

LATIN RESOURCES (ASX:LRS)

Latin has extended the high-grade zone at the Colina West deposit in Brazil to over 500m along strike – and is confident the deposit will become a major contributor to the Salina lithium resource upgrade scheduled for the second quarter.

Results from recent drilling include 20.70m at 1.51% Li2O from 159.00m (SADD061) and 10.00m at 1.13% Li2O from 149.51m (SADD062).

Seven diamond drilling rigs currently on site and one additional diamond drilling rig due in late February/early March with 2023 drilling campaign well on track, the company says.

BOADICEA RESOURCES (ASX:BOA)

The company has entered a one-month exclusivity agreement to complete due diligence with the option to acquire the Two Tanks project.

Notably, the project is in highly prospective Mt Ida pegmatite corridor, which includes Red Dirt Metals’s (ASX:RDT) Mt Ida project and St George Mining’s (ASX:SGQ) Mt Alexander project.

Prospective lithium bearing pegmatites have identified within the tenement, which the company says would complement its growing lithium portfolio.

“We aim to fast track the due diligence on Two Tanks,” MD Jon Reynolds said.

VMC, IMI, LLL, LRS and BOA share prices today:

WESTAR RESOURCES (ASX:WSR)

Westar’s recent reconnaissance field programs at the Mindoolah project in WA has flagged the presence of fractionated pegmatite systems and the potential for Li mineralisation over 4km and remain open along strike.

The company says soil sampling supports the interpretation of buried pegmatites further highlighting the potential in the area.

The plan is for further targeted mapping and sampling to define priority target areas ahead of a maiden RC drilling program.

LOYAL LITHIUM (ASX:LLI)

Drilling is scheduled to kick off at the company’s Scotty project in Nevada, USA, in March, will all approvals secured and a drilling contractor engaged.

The program will target lithium bearing sediments at the Scotty Target 2, where soils show a lithium-boron anomalous assay results to a maximum of 448ppm Lithium and 3,360ppm Boron.

“We are excited about the targeted drilling program at our Scotty Lithium Project and encouraged by our neighbours’ recent exceptional drill results – just 1km from our lease boundary,” CEO Adam Ritchie said.

“The excitement and potential of Nevada lithium continues to build, and we continue to monitor the progress of our surrounding peers, with respect to approvals, testwork, flowsheet design and partnerships.”

QX RESOURCES (ASX:QXR)

A ~1,500m RC Drilling has recommenced at the company’s Turner River project, in WA, aimed at extending the areas of known mineralisation over an increased strike length.

Pegmatites and potential lithium rich micas were intersected in the maiden drilling, based on visual observations, which achieved the aim of the maiden drill program.

Assay results from the first phase drill program are anticipated in late-February, with the second program results expected in April 2023.

CASSIUS MINING (ASX:CMD)

Cassius has reported rock sample assays up to 1.08% Li2O at Dulu-1 (Prospecting License 11921) at its Chenene project in Tanzania.

But that’s not all, Dulu-2 pegmatite samples returned up to a massive 5.49% Li2O.

“The LCT mineralised rock-chip samples at Dulu in our Chenene Lithium Project has opened up a new chapter for the company, with the exciting potential of not only the two Dulu pegmatites extending sub-surface further along strike in both directions to the WNW and ESE, but also of more parallel mineralised pegmatites being identified in the immediate area,” chairman James Arkoudis said.

“We are really looking forward to the next exploratory phase at the now prioritised Dulu area, where we expect to build on these positive results in the near future.”