Australian Critical Minerals (ASX:ACM) has begun a mapping and sampling program over outcropping pegmatite swarms at its Cooletha Lithium Project in Western Australia.
As previously reported by Mining.com.au, the newly listed $8.7 million market capitalisation company’s mapping and sampling program aims to evaluate the ‘high-priority’ target area over an initial 10km of the 30km strike of outcropping pegmatite swarms to define ‘high-priority’ targets for future drilling campaigns, with results expected later this quarter.
This mapping and sampling program will be followed by a drill program targeting rare earth element (REE) anomalies in the September quarter at its Rankin Dome Rare Earths Project in Western Australia.
The news comes as part of Australian Critical Minerals’ first quarterly report since it began trading on the Australian Securities Exchange (ASX) after completing a $5 million initial public offering (IPO) on 3 July 2023.
Funds raised through the IPO are being utilised to begin exploration activities at both Cooletha and Rankin Dome.
At Cooletha, Australian Critical Minerals reports it has mobilised field personnel to begin mapping and sampling, and at Rankin Dome, preparations are underway to start drilling in the September quarter.
Cooletha is the company’s flagship lithium project in the Pilbara region of Western Australia, covering over 100km-square of ‘prospective’ ground with outcropping pegmatite swarms. The company says observed pegmatites exhibit varying widths, ranging from several metres to 100m, and extend over several hundred metres in length.
Surface samples have confirmed the presence of spodumene, and Australian Critical Minerals notes it has already identified ‘high-value’ target areas.
The company says Rankin Dome produced ‘highly anomalous’ REE results in shallow auger samples. The project is a joint venture (JV) between Australian Critical Minerals and Kula Gold (ASX:KGD), with Australian Critical Minerals positioned to earn a 51% interest in the project.
Rankin Dome lies close to Southern Cross, and a drill campaign is set to begin in this area shortly.
Australian Critical Minerals is a Western Australia-based critical minerals explorer focused on its portfolio of projects that aim to support the green revolution. These assets include the Cooletha Lithium, Rankin Dome Rare Earths, Shaw Iron Ore and Gold projects, as well as the Beverley, Kondinin, and Kojonup Kaolin projects.
Write to Harry Mulholland at Mining.com.au
Images: Australian Critical Minerals Ltd