• High grade intersections at Faraba are building up volume for the maiden resource at Gouna
  • Results of up to 1.75% Li2O confirm the prospect is significant in its own right
  • First Lithium says more assays from Faraba drill program are pending


Special Report: High-grade results up to 1.75% Li2O have been returned in eight diamond holes on First Lithium’s Faraba licence, which is fast becoming a primary prospect at the company’s Gouna project in Mali.

While the intersections are not quite as significant as First Lithium’s (ASX:FL1) Tier-1 Blakala prospect, the volume of intersections at Faraba is nonetheless creating an interesting target.

Faraba is known to host spodumene-bearing pegmatites with substantive surface expressions.

Its potential was enough for the company to decide in November last year to add 2,000m to the original 6,000m program to test Faraba.


Wider intersections bode well for maiden resource

Drilling at the Faraba prospect has now delivered a combined 78m of lithium intersections from diamond drill holes FDD03 to FDD010.

These included multiple high-grade intervals such as 5.97m @ 1.12% Li2O within a broader 12.9m intersection in FDD05 and 2.93m @ 1.75% Li2O within a 6.88m intersection in FDD09.

“Faraba is fast becoming a further significant prospect for FL1 with continued positive assays received,” managing director Venkat Padala said.

“Whilst the intersections are not as significant as FL1’s Tier-1 Blakala prospect, the volume of intersections identified, particularly the wider intersections outlined in these results, is creating an interesting prospect for the project’s maiden resource estimate expected in mid-2024.”


More assays pending

With Stage 1 drilling of 13 diamond holes and seven reverse circulation holes totalling ~2,000m now complete, FL1 is awaiting assays for the remaining holes at Faraba.

It is also waiting on the completion of mapping before planning any follow-up drilling.



This article was developed in collaboration with First Lithium, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.