Juno strengthens Mount Ida lithium potential, firms up drill targets
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An independent review of the recent soil sampling results from Juno Minerals’ Mount Ida lithium prospect has confirmed two significant anomalies and multiple areas of interest as targets for planned drilling.
Juno Minerals (ASX:JNO) continues to shore up the lithium potential at its Mount Ida magnetite project in a region of Western Australia that has been dubbed the “lithium corridor of power” thanks to significant increase in interest from the majors.
An independent review by a geochemist using a tool known as the “Prospectively Index” provides Juno with greater confidence of a potentially game changing discovery as it moves towards drilling the Mount Ida lithium prospect.
“We are pleased with the independent geochemical review of the elements that form the Prospectively Index in relation to LCT pegmatites, it has not only validated the two lithium soil anomalies on our Mount Ida lithium prospect but has also defined and prioritised drill targets,” managing director Greg Durack told Stockhead.
“With the drill program approved and heritage cleared we expect to be on the ground in mid-November to commence exploration drilling testing the targets.”
The Prospectively Index is used to assess whether a target exhibits all the key LCT elements (lithium, beryllium, niobium, tantalum, thallium, tin) along with the granitic lithic elements (aluminium, potassium, rubidium, gallium) and greenstone lithic elements (magnesium, chromium).
The purpose of the Prospectively Index is to identify areas related to true pegmatites and filter out false anomalies due to scavenging in a near-surface environment.
From the review, Juno has determined that the surface samples are not just within a known pegmatite region but are also hosted in what is known as the LCT “Goldilocks” Zone.
Regionally, the Mount Ida fault in the prolific Yilgarn region is attracting greater interest for its rare metal pegmatites.
And investors are taking notice.
On the back of Juno’s previous news that it had uncovered two significant, well-defined lithium-caesium-rubidium-beryllium soil anomalies, the company’s share priced more than doubled.
To give Juno the financial muscle to expand its exploration activities at Mount Ida while also advancing its 5.9-million-tonne Mount Mason DSO hematite project, Juno is in the process of completing a one-for-three entitlement offer to raise up to $3.6m.
Existing eligible shareholders can top up their stake in the company by applying for one new share for every three they hold at a price of 8c.
The offer closes on October 24.
This article was developed in collaboration with Juno Minerals, 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.