Australian Mines (ASX:AUZ) has begun exploration work at its Resende Lithium Project in Brazil, aimed to locate pegmatite occurrences and lithium indicator minerals.
The $8.5 million market capitalisation company expects the initial sampling and mapping of the occurrences to result in a subsequent trenching campaign.
Australian Mines Chief Executive Officer (CEO) Andrew Nesbitt says: “The project’s location and geological structure makes Resende highly prospective, and I’m delighted that we are able to get on site in such short order.
We are looking forward to advancing a project of this quality that has not previously been explored for lithium.”
“The project’s location and geological structure makes Resende highly prospective”
The Resende Project lies within the lithium valley of Minas Gerais State, Brazil. The district is characterised by numerous pegmatite bodies of varying mineralogical composition dominated by spodumene.
Australian Mines is a technology metals-focused company that aims to decarbonise and electrify the world through battery minerals.
As of 30 September 2023, the company had $3.217 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Australian Mines
