After a run of rock sampling, Twenty Seven Co has confirmed pegmatite fertility within the company’s Mt Edon lithium, caesium and tantalum mining lease in WA’s Mid West region. Rock samples were found to grade up to 2.7 per cent lithium oxide, 1046 parts per million caesium oxide and 5057ppm tantalum oxide. A total of nine rock chip samples were taken from four outcropping locations across a pegmatite field spanning 6.4 km.
On average the rock chips were found to grade 1.0 per cent lithium oxide, 1106ppm caesium oxide and 211ppm tantalum oxide. The highly anomalous samples support the identified 14 drill targets over eight drill fence lines.
Twenty Seven Co Chief Operating Officer, Simon Phillips said: “These identified targets will be tested immediately with our planned drilling reconnaissance program commencing next week. “
The company recently secured an option to earn a 100 per cent interest in Mt Edon and – as part of its due diligence – will initially fund a small RC drilling program worth a minimum of $140,000 before making a final commitment.
The 14-hole RC program will target the outcropping fertile rocks across eight drill lines to identify zonation development of the pegmatites with the drilling to penetrate to a depth of between 30m and 60m. All approvals are currently in place with access tracks and drill fence lines all cleared and constructed respectively.
The addition of Mt Edon further exposes Twenty Seven Co to the lithium space after a recently announced joint venture with Rio Tinto Exploration to drill untested identified lithium targets at the company’s Rover project near Sandstone.
Mt Edon was historically mined for tantalum on the still fully granted mining lease located 5km south of Paynes Find, a former gold rush settlement. Tantalum, or atomic number 73, is commonly found along with caesium and lithium within pegmatites, a course-grained rock that forms in the final stages of cooling magma.
It is easy to see why Twenty Seven Co has adopted a battery metals strategy as market prices for lithium have never been higher. Today, on Pilbara Minerals’ Battery Metal Exchange auction platform the company inked a sales contract for 5,000 tonnes of its inferior lithium product at a price that equates to about US$8000 per tonne for its premium six per cent spodumene concentrate product. In comparison, the Exchange’s second auction back in July last year only netted bids equivalent to a price of just US$2500 per tonne.
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By Matt Birney
