Junior explorer Bubalus Resources (ASX:BUS) has put together a field crew to complete ground mapping and rock chip sampling at its Yinnietharra Lithium Project in Western Australia.
The $4.88 million market capitalisation company is working to identify the size and scale of outcropping pegmatites in the Yinnietharra area as a precursor to outlining targets for drill testing.
In tandem with this fieldwork, exploration consultant Terra Resources will review geophysical and spectral data to help identify targets for Bubalus to follow up with ground-truthing.
Until now, Babulus’ exploration has primarily revolved around its Northern Territory manganese and rare earth element (REE) projects.
In September, however, the company stepped into the lithium space with the purchase of the Yinnietharra Project from unlisted explorer Hardy Metals.
Yinnietharra lies in Western Australia’s Gascoyne region, just 2km east of Delta Lithium’s (ASX:DLI) Malinda prospect, where drilling has struck spodumene-hosted lithium mineralisation over a distance of 1.6km and down to 350m deep.
While no drilling has ever been undertaken at Yinnietharra, Bubalus says the Malinda pegmatites strike in an east-west orientation, meaning they trend towards the company’s new asset.
As such, Bubalus says it believes Yinnietharra makes for an ‘obvious walk-up target’ for early exploration work.
Bubalus’ Northern Territory assets include the Amadeus Manganese Project, the Nolans East Light REE Project, and the Coomarie and Pargee Heavy REE projects.
According to its latest annual report, Bubalus had just under $3.9 million in cash and cash equivalents at hand as of 30 June.
Write to Joshua Smith at Mining.com.au
Images: Bubalus Resources
