Eye on Lithium: Lithium’s back swinging amid rumours China’s easing COVID restrictions
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All your ASX lithium news, November 7.
$30m market cap explorer Trek Metals (ASX:TKM) is up ~36% in late arvo trade after picking rocks chips grading up to 3% lithium at the Tambourah project in the Pilbara region of WA.
The company has now delineated multiple stacked pegmatites, outcropping at surface, extending over an area of at least 4km2.
These have never been drill tested, TKM says, “highlighting a significant opportunity to make a greenfields lithium discovery”.
“We are looking forward to advancing the project to the next stage with the definition of drill targets and progressing agreements and approvals required to get a rig turning as soon as practicable,” CEO Derek Marshall says.
“Given the extremely strong short and medium term outlook for lithium demand, we intend to elevate this project as a priority focus within our battery metals-focused portfolio.”
TKM has one of the most experienced lithium boards on the ASX in Neil Biddle, John Young and Tony Leibowitz, who took Pilbara Minerals (ASX:PLS) from sub-$10m shell to +$1bn lithium miner in under five years.
Other players in the area include Infinity Mining (ASX:IMI) and its Tambourah South Project, which is currently undergoing a maiden reverse circulation (RC) drilling program across multiple lithium-bearing pegmatite bodies, Riversgold (ASX:RGL), and QX Resources (ASX:QXR).
— ASX708 Investments (@ASX_invest) November 7, 2022
|CODE||COMPANY||PRICE||% TODAY||MARKET CAP|
|TKM||Trek Metals Ltd||0.081||27%||$19,879,050|
|XTC||Xantippe Res Ltd||0.007||17%||$48,871,379|
|ALY||Alchemy Resource Ltd||0.041||14%||$42,230,745|
|MRR||Minrex Resources Ltd||0.044||7%||$44,425,210|
|ESS||Essential Metals Ltd||0.495||6%||$117,074,737|
|LPI||Lithium Pwr Int Ltd||0.58||6%||$213,204,614|
|WCN||White Cliff Min Ltd||0.019||6%||$13,456,861|
|KGD||Kula Gold Limited||0.038||6%||$12,103,629|
|RDT||Red Dirt Metals Ltd||0.59||5%||$186,328,327|
|CZL||Cons Zinc Ltd||0.021||5%||$9,258,429|
|LLI||Loyal Lithium Ltd||0.655||5%||$29,212,500|
|BYH||Bryah Resources Ltd||0.023||5%||$6,187,576|
|SYA||Sayona Mining Ltd||0.24||4%||$1,912,245,907|
|MNS||Magnis Energy Tech||0.38||4%||$354,170,991|
|WML||Woomera Mining Ltd||0.0135||4%||$10,178,830|
|AGY||Argosy Minerals Ltd||0.565||4%||$765,402,086|
|RIO||Rio Tinto Limited||96.17||4%||$34,448,864,659|
|MQR||Marquee Resource Ltd||0.058||4%||$17,786,584|
|KAI||Kairos Minerals Ltd||0.031||3%||$58,922,805|
|VMC||Venus Metals Cor Ltd||0.155||3%||$26,711,802|
|GLN||Galan Lithium Ltd||1.745||3%||$517,768,798|
|NVA||Nova Minerals Ltd||0.8||3%||$143,255,795|
|AZL||Arizona Lithium Ltd||0.081||3%||$190,384,119|
|RAS||Ragusa Minerals Ltd||0.225||2%||$28,822,778|
|PLS||Pilbara Min Ltd||5.235||2%||$15,384,800,408|
|PAM||Pan Asia Metals||0.38||1%||$55,070,846|
|AML||Aeon Metals Ltd.||0.025||0%||$27,335,769|
|ASN||Anson Resources Ltd||0.3||0%||$352,768,201|
|AVZ||AVZ Minerals Ltd||0.78||0%||$2,752,409,203|
|EMH||European Metals Hldg||0.8||0%||$95,263,426|
|EUR||European Lithium Ltd||0.11||0%||$158,866,309|
|RLC||Reedy Lagoon Corp.||0.011||0%||$6,131,696|
|AAJ||Aruma Resources Ltd||0.074||0%||$11,615,151|
|DTM||Dart Mining NL||0.068||0%||$10,557,691|
|GSM||Golden State Mining||0.04||0%||$4,680,568|
|SHH||Shree Minerals Ltd||0.007||0%||$8,669,408|
|TSC||Twenty Seven Co. Ltd||0.0015||0%||$7,982,442|
|LRS||Latin Resources Ltd||0.115||0%||$229,641,140|
|PNN||Power Minerals Ltd||0.54||0%||$38,964,798|
|BNR||Bulletin Res Ltd||0.13||0%||$38,036,843|
|VKA||Viking Mines Ltd||0.008||0%||$8,202,067|
|G88||Golden Mile Res Ltd||0.022||0%||$4,500,975|
|THR||Thor Mining PLC||0.009||0%||$9,916,186|
|WMC||Wiluna Mining Corp||0.205||0%||$74,238,031|
|DAF||Discovery Alaska Ltd||0.031||0%||$6,951,276|
|CMD||Cassius Mining Ltd||0.026||0%||$10,497,263|
|PSC||Prospect Res Ltd||0.099||-1%||$46,225,946|
|PLL||Piedmont Lithium Inc||0.945||-1%||$503,830,114|
|ZNC||Zenith Minerals Ltd||0.28||-2%||$98,257,250|
|AOU||Auroch Minerals Ltd||0.052||-2%||$19,668,925|
|STM||Sunstone Metals Ltd||0.031||-3%||$83,086,285|
|TON||Triton Min Ltd||0.026||-4%||$37,335,173|
|CY5||Cygnus Gold Limited||0.52||-4%||$82,849,670|
|EVR||Ev Resources Ltd||0.022||-4%||$21,297,634|
|DRE||Dreadnought Resources Ltd||0.105||-5%||$335,798,271|
|QXR||Qx Resources Limited||0.077||-5%||$71,430,848|
|RAG||Ragnar Metals Ltd||0.018||-5%||$7,204,513|
|RMX||Red Mount Min Ltd||0.005||-9%||$9,033,001|
|SRI||Sipa Resources Ltd||0.048||-9%||$10,866,315|
|TYX||Tyranna Res Ltd||0.034||-19%||$100,985,864|
|AVW||Avira Resources Ltd||0.003||-25%||$8,535,160|
Rumours that China may be easing travel and COVID related restrictions sent Aussie shares rallying on Monday with the ASX 200 closing 0.45pc higher.
60 lithium companies finished in the green, 47 fell flat and 26 tumbled into the red zone.
ADV has completed the sale of its 20% interest in the lithium joint venture to JV partner Green Technology Metals (ASX:GT1) for A$8m.
A$8M cash has been received from GT1 with the residual $8 million subject to Canadian withholding tax held in trust.
Ardiden expects the majority of the residual A$8 million to be remitted following the filing of its tax return early in Q1 CY23.
Proceeds will be spent towards gold exploration at its flagship Pickle Lake gold project.
Approvals have been received for the maiden drill program at the Bynoe lithium project in the Northern Territory.
CHR managing director David Crook says Charger personnel are on-site finalising access to the proposed drill sites following recent weather events.
“The company believes that the Bynoe Lithium Project provides an excellent, drill-ready opportunity, targeting outcropping pegmatites with strong lithium anomalies,” he says.
SGQ has secured key lithium exploration tenements adjoining its flagship Mt Alexander Project, “stamping the company as a dominant player in a new lithium province” within the Agnew-Wiluna Belt of WA.
The new ground is contiguous with existing Mt Alexander tenure providing St George near continuous coverage over 15km of the pegmatite corridor, plus the critical contact with the Copperfield Granite – the interpreted source of the mineralised pegmatites.
“Our work has already identified pegmatite outcrops on the new ground, indicating expansion potential for the lithium mineral system at our existing tenements,” SGQ executive chairman John Prineas says.
“We are keen to commence field mapping and rock chip sampling on the new tenements as we try to replicate the success that delivered the high-grade lithium results at our Jailbreak prospect.”
First pass soil sampling assay results uncover lithium and tantalum potential at flagship Upper Coondina in WA with soil samples returning 670 ppm lithium and 103 ppm tantalum.
The recently completed program comprised soil sampling, airborne survey and surface field mapping which revealed a corridor containing multiple pegmatites which are coincident with the source area and with surface geochemistry.
Initial observations suggest Upper Coondina has two generations of pegmatite – G1 and G2, which host the lithium mineralisation found within the Pilbara lithium field.
MGA also believes Upper Coondina may be part of the same system that hosts the major lithium discovery announced by Global Lithium (ASX: GL1) and similar geological setting as Pilbara Minerals (ASX: PLS) north of MGA’s ground.
More than 20m of lithium mineralisation has been intersected at the Muverso prospect with the Namibe Lithium Project after completing three drill holes – NDDH001, NDDH003 and NDDH004, with the fourth – NDDH005 nearing completion.
“Connections between pegmatites can be seen and it is now clear that most, if not all the pegmatite of the Muvero Prospect is a single body of rock,” the company says.
“The presence of lithium mineralisation in several pegmatite outcrops proves they formed from lithium enriched magma and if the separate exposures of pegmatite are all part of a single large complex pegmatite intrusion, then it follows that lithium mineralisation is an innate feature of the entire pegmatite.”
The drill program at the FRS’ flagship project in Western Australia’s Goldfields region has been expanded to include the Bannon prospect.
Completed drill hole samples are currently in the process of being dispatched to Perth for lithium and gold analysis and post the completion of the current drill program and receipt of assay results, planning will continue for the second phase of drilling at the Forrestania Project.
The second phase of drilling is likely to focus on additional infill and follow up drilling at Bounty East (utilising the new POW), Bannon and the Gemcutter prospects (once approvals are received).
Approval work streams continue to be progressed to facilitate access to additional drill sites.
Argonaut has received applications for new shares which will raise approximately A$1,400,000 before costs.
Capital raised will be used to fund lithium exploration at the Darson pegmatite swarm near Higginsville in WA, efforts to restore the Lumwana West licence in Zambia, and company overheads.
Sipa has received binding commitments via a share placement to raise around $1 million.
The raising was supported by a number of sophisticated and professional investors, existing Sipa shareholders and directors.
Proceeds of the capital raising will be used for the completion of the drilling and other exploration programs targeting lithium, base metals and gold mineralisation at Barbwire Terrace, Skeleton rocks, Murchison, Wolfe Basin and Warralong.
Pan Asia has started ore sorting testwork aimed at increasing the mill feed grade of ore sourced from its Reung Kiet lithium project in southern Thailand.
The testwork by Steinert Australia is aimed at retaining higher grade mineralisation and rejecting lower-grade material to waste rock, which effectively raises the grade of the ore that is fed into the beneficiation plant than is reflected in the Pre-Feasibility Study.
Steinert will employ a number of methods targeting the differing physical, mineralogical and chemical properties of the rock and apply those to sorting.
RGL says it intends to expand the currently contracted 2,500m reverse circulation (RC) drilling program to 5,000m in this current phase of drilling at the Tambourah Lithium Project, located in the Pilbara Region of Western Australia.