11/10/2021 - 15:31

Aldoro picks up new lithium ground

11/10/2021 - 15:31

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Mineral explorer Aldoro Resources has boosted its lithium footprint in WA after sealing an agreement with Trafalgar Resources for the 100 per cent acquisition of its Windimurra pegmatite assets near Mt Magnet. The deal represents the fourth acquisition of lithium ground by Aldoro in as many months. Under the agreement Aldoro will pay Trafalgar $50,000 in cash and 275,000 shares.

Aldoro has sealed an agreement with Trafalgar Resources for the acquisition of its Windimurra pegmatite assets. Credit: File

Mineral explorer Aldoro Resources has boosted its lithium footprint in WA after sealing an agreement with Trafalgar Resources for the 100 per cent acquisition of its Windimurra pegmatite assets near Mt Magnet. The deal represents the fourth acquisition of lithium ground by Aldoro in as many months. Under the agreement Aldoro will pay Trafalgar $50,000 in cash and 275,000 shares.

The acquisition of the new tenement follows Aldoro’s procurement of three other tenements prospective for lithium over the last four months.

Importantly, the new tenement provides an unfettered opportunity for Aldoro to fully explore the pegmatite fairway across all four tenements.

The Windimara pegmatite asset sits within the Windimurrra Igneous Complex, about 80 kilometres south-east of Mount Magnet in WA.

Recent exploration in the region, which included geological mapping by Altilium Metals, identified over 20 pegmatites prospective for lithium mineralisation.

Aldoro Resources Chairman, Joshua Letcher said: “The acquisition of E58/555 completes the acquisition of the interpreted pegmatite corridor based on known occurrences and regional boundaries. We know the fractioned pegmatites reside in the greenstones, so the granite to the east and south is one boundary with the western boundary dictated by the layered gabbros that the pegmatites are located in.”

Lithium deposits are mainly found in two distinct geological settings - spodumene bearing pegmatites that are usually referred to as “hard rock” deposits and salts or “brines”, derived from lithium-rich underground salt lakes, sometimes known as “salars”.

 Lithium minerals are abundant in Australia, whilst lithium brine is primarily produced in Chile.

According to Geoscience Australia, over 99 per cent of Australia’s inferred lithium resources are linked to pegmatite deposits.

The Windimurra pegmatite asset sits about 500 kilometres from Mount Marion, south of Kalgoorlie, which has produced about 180 thousand tonnes of lithium to date.

Lithium is one of the world’s most in-demand commodities and is used in batteries, ceramics and glass to name just a few uses.

Elsewhere Aldoro’s growing portfolio of projects includes gold, nickel and other advanced lithium exploration projects throughout WA. The company’s flagship asset remains the highly prospective Nickel - Copper-platinum project in the Narndee Igneous Complex near Mount Magnet. Recent drilling at Narndee delivered a thick 35.95m interval of sulphide mineralisation.

Aldoro’s most recent acquisition represents and elegant add on to its pegmatite ground to the south.

Importantly the company has mapped a “pegmatite corridor” across all four tenements under its control and the orientation of that corridor is such that the newly acquired ground to the north was looking crucial.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

 

 

 

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