Lithium Australia hits 3% lithium oxide at Youanmi

Lithium Australia’s maiden reverse circulation drilling program at its Youanmi project near Sandstone in WA’s Murchison region is off to a flying start with initial assays returning hits up to 3% lithium oxide.

The peak result of 1 metre grading 3.07% lithium oxide, is contained within a broader intercept of 6m @ 1.64% lithium oxide from 11m down-hole.

Other notable results from 54 holes totalling 2,455m of drilling conducted to date include 8m @ 1.39% lithium oxide from 8m down-hole, 7m @ 1.42% lithium oxide from 20m and 6m @ 1.54% lithium oxide from 1m.

Drilling has expanded the footprint of known lithium-bearing pegmatites at the project and has so far confirmed mineralisation over 1,200m, which remains open down-dip and along strike.

Assay results from a further 19 holes are expected by the end of August.

The drilling program was designed to test down-dip extensions of outcropping lithium-bearing pegmatites where rock-chip sampling had returned up to 4.2% lithium oxide.

Managing Director Adrian Griffin said: “These great results from our first-pass drilling programme vindicate our exploration model.”

“Importantly, the mineralisation is shallow and remains open down-dip and along strike. The lithium is hosted in lepidolite, a lithium mica ideally suited to processing by our proprietary SiLeach technology.”

“Initial results suggest Youanmi could provide critical local feedstock for our lithium-cathode and battery business units.”

Last year, the company signed an option to acquire the project from private exploration company Diversity Resources, which is also prospective for vanadium, over three contiguous exploration licences covering about 450 square kilometres.

Lithium Australia can fully acquire the Youanmi project by issuing Diversity $3.1m in scrip and granting Diversity the greater of either a gross production royalty of 2%, or $1 per tonne of material mined and processed from the tenements.

Share Price

Closing price for the last 90 trading days
Powered by Morningstar ®

Top 10 Shareholders

Substantial shareholders as published in the annual report.
Powered by Morningstar ®

Company Documents