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    Australasian Gold boosts lithium potential at Mt Peake after successful rock chipping program

    Australasian Gold (ASX: A8G) has discovered ‘high grade’ lithium from rock chipping at its Mt Peake Project in the Northern Territory’s Arunta Pegmatite Province.

    Grades of up to 1.61% Li2O and 223ppm Ta were achieved from 27 rock chip samples taken from outcropping pegmatites on tenement ELA 32830, which was only recently pegged in August 2021.

    While it is only one high grade sample for now, it proves that the area holds significant potential for the identification of further lithium bearing pegmatites”

    Speaking on the news, Australasian Gold Managing Director Dr Qingtao Zeng said: “It was great to be out in the field with the exploration team as part of the mapping and sampling program that led to the discovery of high-grade lithium mineralisation at our Mt Peake lithium project in the Arunta Pegmatite Province of the Northern Territory.

    While it is only one high grade sample for now, it proves that the area holds significant potential for the identification of further lithium bearing pegmatites. Importantly, only one sample (JC001) was taken from the patchy outcropping pegmatite which could be traced over 250m in length and open both northwest and southeast.

    I would like to sincerely congratulate our exploration team members for their hard work. Now we look forward to seeing just how much lithium there is in our project and proving up a deposit through further work. The next six months will be exciting for A8G as we are well funded to accelerate exploration and commence maiden drilling.”

    The lithium-prospective northwest corner of tenement ELA 32830 highlighted in pink, adjacent to Core Lithium's spodumene discovery
    The lithium-prospective northwest corner of tenement ELA 32830 highlighted in pink, adjacent to Core Lithium’s spodumene discovery

    Early field reconnaissance saw the company prioritise the northwest corner of the tenement, which sits along strike from spodumene prospective pegmatites owned by Core Lithium (ASX:CXO). The company notes that sample JC001, which returned 1.61% Li2O and 223ppm Ta, is situated only 6km from the border of the CXO tenement.

    Australasian Gold reports that it will move forward with a follow up program which will target the area from where sample JC001 was taken. Immediate work will include petrological studies of samples to gain a better understanding of mineralisation, along with detailed mapping and soil & rock geochemistry sampling, with maiden drilling scheduled to commence in earl 2022.

    Images: Australasian Gold Limited
    Tristan Lal
    Originally from Canada, Tristan contributes daily breaking news to Mining.com.au. Tristan completed her Bachelor of Journalism in Queensland, Australia and has over 10 years experience writing on a range of topics including resources, medical, construction, and business.

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    • Delayed Prices (USD) - Last Updated 01-07-2022
    • Gold $1,819.00
    • Silver $20.75
    • Platinum $916.00
    • Palladium $1,898.00
    • Dalian Iron Ore i2209 $121.63
    • Aluminium $2,491.00
    • Cobalt $72,460.00
    • Copper $8,365.50
    • Lead $1,971.00
    • Nickel $23,158.00
    • Tin $26,800.00
    • Zinc $3,333.00