Lithium Australia snaps up hot Lithium ground near Earl Grey in mineral rights swap
Lithium Australia have dramatically boosted their exploration lithium rights in the newly prospective Lake Johnston area, immediately east of the Earl Grey Lithium project that is creating so much excitement with investors.
The ASX-listed lithium explorer and process technology developer announced this week it had secured Lithium rights over a large part of Lake Johnston in a mineral rights swap with Lefroy Exploration, which is just about to relist on the ASX.
Lithium Australia have issued 9m shares to Lefroy for Lithium rights over two large permits in the area. These permits sit either side of another permit that is already held by Lithium Australia where pegmatites with abundant lepidolite or Lithium-bearing mica’s have been identified.
The Lake Johnston area burst onto the radar of Lithium explorers recently for a number of reasons including the significant exploration success of Kidman Resources at its Earl Grey project. Kidman have identified thick, high-grade mineralisation over an area of 1400m by 750m and are set to publish a maiden resource estimate within weeks.
About 50km to the east, Poseidon Nickel this month boosted the Lithium prospectivity of the Lake Johnston area when a soil sampling program led them to previously unrecognized, lithium-bearing pegmatites.
These are in close proximity to the pegmatites already secured by Lithium Australia and made for a very compelling reason to secure Lithium rights over a much wider area.
The deal with Lefroy delivers handsomely on this objective and creates a large new exploration project for Lithium Australia with exciting upside. For its part, Lefroy has picked up the gold and nickel rights on Lithium Australia’s ground in return for the issue of 3 million Lefroy shares.
Lithium Australia will begin field work as soon as mutual exploration access agreements are finalized with Lefroy. One of the first priorities of the field crews will be to search for continuations of Poseidon’s pegmatites on the newly acquired areas.
Lithium Australia’s CEO, Adrian Griffin, said “The significance of past sampling in the areas presents a compelling case for a regional consolidation of Lithium rights. We have worked closely with Lefroy in the first steps towards achieving this and we wish them well for their relisting.”