Western Australia-focused company Bulletin Resources (ASX:BNR) has identified a new ‘high-grade’ spodumene pegmatite following recent rock-chip and mapping programs at its Ravensthorpe Lithium Project.
Speaking to Mining.com.au, company Chairman Paul Poli says the discovery of the ‘high-grade’ pegmatite represents an extension of the other 2km of its previously discovered spodumene trend and, despite being coarse grained, increases the strike length to 3km.
The results, generated by on-ground mapping and sampling of potential new pegmatite outcrops along the southern extent of the Western Pegmatite Trend, have uncovered a spodumene bearing pegmatite that grows the trend to 3km in length.
Rock chips have also returned ‘significant’ lithium (Li2O) grades of up to 4.81%, with other samples returning Li2O grades of 4.67% Li2O, 4.31% Li2O, and 3.54% Li2O. These grades are reported to have ‘significantly’ increased the prospectivity of the southern extent of the Western Pegmatite Trend.
Mapping of other target areas identified from LIDAR and high resolution imagery is still ongoing.
Poli told this news service that the lithium grades returned are ‘exceptionally high-grade’, in that spodumene cannot chemically achieve grades greater than 8%.
The chairman says, with this discovery the next course of action for the company is to acquire drill permits within 2023 and start a planned 20-hole drilling campaign immediately in hopes of defining an inferred Mineral Resource Estimate (MRE) for the project. It is hoped that drilling will unearth lithium and spodumene mineralisation that will aid in transforming the Ravensthorpe project into a world-class deposit.
“This is not the first spodumene that we have discovered from our ground, this is an extension of a body that we discovered last year where we had a 2km strike discovery of spodumene. This new discovery is growing the strike length of the potential mineralised zone by another 1km to 3km and seems to be all coarse grained and all exceptionally high-grade.
“This new discovery is growing the strike length of the potential mineralised zone by another 1km to 3km”
What we now need to do is acquire drilling permits and then drill it with hopes of it turning into a world-class deposit. The drill program we have in mind is some 20 holes, which should be enough to deliver an inferred resource.
If in fact lithium or spodumene is there, which we have high hopes for, by having an inferred resource that should then give us confidence on continuing exploration work to try and have an indicated resource, and then hopefully leading onto a reserve.”
Poli adds that Bulletin Resources is currently well-funded with about $12 million in funds, cash, and liquid assets.
The company notes that mapping north and along strike of the Deep Purple pegmatite within the Eastern Pegmatite Trend has uncovered numerous small and discrete pegmatite outcrops. The pegmatites further north of the Deep Purple pegmatite are reported to have an evolved, coarse grained nature, however no lithium assays have been returned from this area.
In addition, Bulletin Resources reports that it submitted spring environmental survey reports in early December to the Western Australian Government’s Department of Mines, Industry Regulation and Safety (DMIRS) in support of drilling approvals. The company is currently awaiting approval processes to permit commencement of drilling.
As of 2pm AWST Bulletin Resources’ share price had increased by 4.76%.
Bulletin Resources’ Ravensthorpe project overlies the Annabelle volcanic sequence and pegmatites, which is also host to Allkem’s (ASX:AKE) Mt Cattlin Lithium Mine about 12km to the southwest of the project.
Other projects included in the company’s portfolio include the Chifley and Lake Rebecca Gold Projects, as well as the Duketon North and Geko Royalty tenements.
Images: Bulletin Resources Ltd
