No shortage of targets in Australia and Canada for Lithium Universe to chase up. Pic: via Getty Images
Lithium Universe has plenty of lithium, rare earths opportunities to pursue
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- Lithium Universe commenced trading on the ASX on August 14 following an oversubscribed $4.5 million IPO
- The explorer is focused on lithium opportunities in Canada’s James Bay region
- Chaired by lithium veteran Iggy Tan and led by chief executive Alex Hanly, Lithium Universe has put the Apollo project at the top of its to do list
- The company is now readying to undertake mapping and sampling works at Apollo
ASX newcomer Lithium Universe will be busy over the coming months across a bevy of lithium and rare earths opportunities in Canada and Australia.
Its lithium projects are within the highly prospective James Bay and Red Lake districts in Canada as well as Western Australia’s Eastern Goldfields while its clay-hosted REE project sit in Tasmania.
Over in Canada, the initial focus of the Iggy Tan-led Lithium Universe (ASX:LU7) will be the Apollo lithium project, just 29km from Patriot Battery Metals’ (ASX:PMT) 109.2Mt at 1.42% Li2O Corvette project and 28km from Winsome Resources’ (ASX:WR1) Adina property.
The 240km2 Apollo project, which is 26km2 larger than Corvette, has 17 reported pegmatite outcrops similar to those that have returned exceptional results in the neighbouring projects.
Exploration at the project will kick off with systematic mapping, geochemical soil sampling and geophysical surveys over the 17 pegmatite outcrops and the northeast-southwest trending topographic highs previously identified by the Québec Government.
Concurrently, an airborne geophysical and remote survey will be conducted to concentrate field works and provide high-priority drill targets for the maiden drilling campaign.
Also in the James Bay region are the Adina South and Adina West projects which collectively cover 350km2 in close proximity to WR1’s Adina project, where successful drilling recently returned a 107m intercept grading 1.37% Li2O just 2.3m from surface.
Aerial satellite images have revealed similar pegmatite occurrences at the surface within the company’s projects and preliminary field mapping and geochemical soil sampling is being planned to test the pegmatitic granite occurrences to assist in drill program planning.
Red Lake district
Within the Red Lake district, Lithium Universe’s 19.8km2 Margot Lake project is just 16km from Frontier Lithium’s PAK deposit, which has a resource of 9.9Mt at 2.0% Li2O and 18km away from Frontier’s Spark deposit, which contains an Indicated 18.8Mt at 1.52% Li2O and an Inferred resource of 29.7Mt at 1.34% Li2O.
Margot Lake contains nine confirmed pegmatites and displays similar regional geology to major resources within the immediate area.
Initial exploration is expected to be focused on preliminary field mapping and geochemical soil sampling of pegmatitic granite occurrences to assist in drill program planning.
Australian projects
Lithium Universe also holds the Lefroy lithium project in WA’s eastern Goldfields region and the Voyager clay-hosted REE project in Tasmania.
Lefroy is proximal to the Bald Hill lithium mine that produces top-quality spodumene concentrate with low levels of mica and iron along with a significant tantalum by-product.
It is also ~60km from Mineral Resources’ (ASX:MIN) Mt Marion lithium mine which produces 900,000t of mixed-grade spodumene concentrate annually.
The company plans to carry out surface mapping, geochemical soil sampling and geophysical surveys to identify drill targets.
Voyager consists of ELA32/2022, which covers about 187km2 towards the southeast of Launceston, which has become home to one the first ionic clay REE discovery in Tasmania, and the 198km2 E40/2022 about 30km inland from the town of Swansea on the east coast of Tasmania.
The discovery of ionic adsorption clay-type REE mineralisation by ABx Group highlights the significant potential of hosting economic deposits in the region.
Abx has upgraded its resource to 27Mt grading 803 parts per million (ppm) total rare earth oxides (TREO).
This article was developed in collaboration with Lithium Universe, 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.
