Infinity Mining has expanded its foothold in Western Australia’s East Pilbara by almost 100 square kilometres after acquiring three new tenements to bring its total holding in the region to more than 780 sq km.
The sites were bought from TasEx Geological Services and include ground considered prospective for volcanic-hosted massive sulphides and shear-hosted gold deposits right next door to Infinity’s Tambourah South lithium project.
All three tenements, which cover an area of 98.83sq km, come with exploration licences. The acquisition is now complete following a deal made in November last year to purchase the sites and two tenement applications.
While the two applications are awaiting regulatory and/or heritage completion, Infinity plans to move ahead with a review of geological data to define initial target areas at the three granted tenements, to be followed up with field mapping, rock-chip sampling and possibly soil sampling.
Infinity Mining chief executive officer Joe Groot said: “We are very pleased to have completed the transfer of tenements from TasEx and are confident that these new areas will provide a number of new and highly prospective exploration targets for Infinity. Most importantly, some of the new areas lie directly adjacent our Tambourah South Project, where the Company has previously identified lithium-bearing pegmatites.”
The company agreed to hand over $50,000 in cash and $250,000 worth of Infinity shares, valued at a price equivalent to the volume-weighted average price of the stock for the five days preceding the agreement's execution in the original November deal that included the two applications.
Once the applications are approved, Infinity’s landholdings in the East Pilbara will increase to more than 960sq km and importantly, boost the prospectivity of a lithium-caesium-tantalum (LCT) pegmatite discovery at Tambourah South.
In April, the company uncovered a “lithium-rich system” during a maiden scout drilling program at Tambourah South, with more than 50 samples returning results of more than 0.2 per cent lithium oxide. Highlights include a 4m hit at 0.573 per cent lithium oxide from 32m, while the widest section showed a 9m intercept going 0.332 per cent lithium oxide from surface.
Infinity says its maiden RC drilling program confirms that lithium-bearing pegmatites, with spodumene and lepidolite, continue at depth under outcropping pegmatites. A total of 41 individual pegmatite units were logged in 18 drill holes with thicknesses ranging from 1m to 35m.
The 21-hole program across 1812m tested three target areas that had been mapped and surface-sampled, with pegmatites testing up to 2.636 per cent lithium oxide. The 1m samples returned a peak result of 0.994 per cent lithium oxide, while another 132 samples between 1m and 5m showed positive figures between 0.1 per cent and 0.2 per cent lithium oxide.
Now the deal for the three licenced tenements is complete, Infinity can begin investigating whether its increased share of the Pilbara landscape has the potential for even more lithium.
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