Lithium excitement in the Pilbara lures another junior to the area
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The Pilbara has become a point of excitement for Pilbara gold players but it’s now emerging as a potentially large lithium province – and Monax Mining wants a piece of the action.
The $3 million tiddler has inked a deal that gives it the option to acquire a 90 per cent interest in an exploration licence at Moolyella in the West Australian Pilbara region.
The area has been dubbed the “the greatest lithium province in the world” by Lithium Australia boss Adrian Griffin. Lithium Australia also has a lithium-prospective landholding at Moolyella.
The Moolyella tenement Monax is looking to pick up lies 80km from Pilbara Minerals’ (ASX:PLS) massive Pilgangoora lithium and tantalum project – one of the biggest hard-rock lithium projects in the world.
The licence was mined for tin and tantalum from the late 1890s until 1986 – but there is also evidence of lithium.
“It’s already had a long history of mining for tin and tantalum and they’re basically mining from known pegmatites on the property,” managing director Ian Gordon told Stockhead.
Pegmatites are rocks formed from lava or magma that often contain rare earth minerals and crystals. They are the primary source of lithium.
“Basically it’s got a bit of a head start in terms of knowing there are pegmatites on the property and pegmatites are the host minerals for lithium.”
Previous sampling by another explorer back in 2011 who was looking for tin confirmed the presence of lithium in pegmatites.
Monax is planning to begin reconnaissance work, including sampling, in June to identify areas for further exploration.
Drilling is slated to begin in the September quarter.
Formerly a gold explorer, Monax revealed in March its plans to re-position itself as a battery metals player to help ignite its share price.
The news of the potential lithium acquisition failed to excite the market, with Monax’s share price remaining unchanged at 0.4c at midday on Wednesday.
Monax’s share price hit the new 52-week low earlier in May.
The company is still mulling other opportunities in the lithium, vanadium and graphite space in WA.