Liontown makes another big lithium find in WA; shares leap 11c
Mining & Resources
A second significant lithium discovery at a project in Western Australia’s eastern goldfields has prompted battery metals player Liontown Resources to expand its drilling program.
Liontown (ASX:LTR) shares jumped almost 11 per cent to 3c before settling at 2.8c, recovering some of their September losses.
The discovery was made at Liontown’s “Buldania” project — the explorer’s second lithium discovery in Western Australia’s Eastern Goldfields province, which is known for hosting significant lithium deposits.
The discovery follows another recently announced lithium resource at its Kathleen Valley Project.
Latest drilling at Buldania’s “Anna” prospect – including intersections of 41m grading 1 percent lithium — extended lithium mineralisation and confirmed an extensive zone of near surface, spodumene-related lithium.
Lithium mineralisation at the prospect now extends tor at least 650m.
Results from ongoing drilling will be combined with previous drilling to fast-track a maiden mineral resource estimate for Buldania.
Liontown reported a 21.2 million tonne lithium and tantalum resource at Kathleen Valley, 670km north-east of Perth — which included impressive grades of 1.4% Li2O (lithium) and 170ppm Ta205 (tantalum).
This maiden mineral resource exceeded the company’s published exploration target of 10-15 million tonnes at 1-1.5% Li2O by a significant margin.