Forrestania Resources (ASX:FRS) Managing Director and CEO Dr Michael Anderson has agreed to step down from both positions which had immediate effect from 23 November 2023.
John Hannaford, the company’s Chairman, will act as interim CEO until a suitable appointment is made. Anderson will assist with an orderly handover.
Hannaford is an experienced corporate executive with extensive experience in the ASX resources sector. He has served as Non-Executive Chairman of Forrestania since the company listed on ASX in September 2021.
Commenting on the board changes, Hannaford says Anderson has been tireless in his efforts raising the company’s profile and overseeing several important drilling campaigns at the flagship Forrestania Lithium Project in Western Australia.
“This exploration activity has laid the foundation for what the Company believes to be significant potential to uncover new lithium discoveries at Forrestania. Our exploration focus now moves to the company’s emerging Eastern Goldfields lithium and copper project in the near term, where fieldwork continues and drilling is planned in the coming quarter.”
Forrestania also reports the appointment of experienced corporate executive Scott Patrizi as a Non-Executive Director. Patrizi is a Corporate Director with strong equity capital markets and project acquisition experience. He holds a Bachelor of Commerce from the University of Western Australia.
Forrestania Resources is an exploration company searching for lithium, gold, and nickel in the Forrestania, Southern Cross, and Eastern Goldfields regions of Western Australia. The company is also exploring for lithium in the James Bay region of Quebec, Canada.
The Forrestania Project is prospective for lithium, gold, and nickel. The Southern Cross Project is prospective for gold and lithium and the Eastern Goldfields project is prospective for gold, lithium, rare earth elements and copper.
The flagship Forrestania Project is situated in the well-endowed southern Forrestania Greenstone Belt, with a tenement footprint spanning some 100km, north to south of variously metamorphosed mafic, ultramafic / volcano-sedimentary rocks, host to the Mt Holland lithium mine, the historic 1Moz Bounty gold deposit and the operating Flying Fox, and Spotted Quoll nickel mines.
Mining.com.au Managing Editor Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Adam has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.
Junior explorer Forrestania Resources (ASX:FRS) has closed a ‘significantly oversubscribed’ entitlement offer and will now pocket just shy of $1.8 million from investors.
The company launched the one-for-2 rights issue back in October, seeking $1.53 million from existing shareholders to advance exploration work across its Western Australian project portfolio.
Now, Forrestania says it had agreed to take on a $250,000 follow-up placement on the same terms as the rights issue to accommodate shareholders and investors who applied for additional shares under the entitlement offer.
As such, following the completion of the follow-up placement, Forrestania will issue just under 59.5 million new shares alongside 29.7 million new options to raise just under $1.785 million. The options have a strike price of $0.075 and expire on or before 20 November 2025.
Mahe Capital acted as lead manager and underwriter to the entitlement offer.
Forrestania plans to use its funding boost to test priority lithium and copper drill targets at its namesake Forrestania Project and Eastern Goldfields projects.
In October, Managing Director Michael Anderson said the company had so far delivered ‘a number of positive outcomes’ from its exploration work in the region so far.
“Given we are on the doorstep of the world-class Mt Holland lithium deposit, and significant gold and nickel mines, we remain confident that we are doing the right things in the right areas, and there is plenty more still to do as we aim to unlock the discovery potential in this highly prospective belt,” Anderson said when the capital raise was launched.
“there is plenty more still to do as we aim to unlock the discovery potential in this highly prospective belt”
New shares subscribed for under the raise are expected to be issued on 17 November 2023.
Joshua Smith has years of experience in the media sector, having worked as a markets reporter, features writer, and editor since completing a Communications and Journalism degree and a Creative Writing degree. Josh is an avid board game fan and a self-professed coffee snob.
Forrestania Resources (ASX:FRS) is conducting interpretation work and exploration planning to optimise future drilling within its namesake Forrestania Project in Western Australia.
In the company’s latest quarterly report, released on 31 October, Forrestania reiterated its plans to focus on areas of potential accumulation of pegmatite and lithium mineralisation at the South Iron Cap East prospect, as previously announced.
At the Calypso prospect, Forrestania is conducting targeting work to identify improved zones for follow-up exploration.
This news comes after drilling conducted in June confirmed that the pegmatites at Calypso host zones with mineralogy typical of lithium-caesium-tantalum (LCT) pegmatites, alongside evidence of fractionation.
Meanwhile, at the Giant prospect, assays from the September quarter demonstrated that the pegmatite in the area was of an ‘LCT-nature’, with pockets of high-grade mineralisation, but Forrestania is yet to uncover any zones of ‘substantial’ thickening here.
Further exploration targeting at Giant will involve refining the company’s geological understanding to uncover potential areas where the mineralised pegmatite could expand or intersect with broader mineralisation trends, including at depth where the ‘high-grade’ zone remains open.
At the company’s joint venture (JV) Hydra Lithium Project in Quebec, Canada, target generation is ongoing as, during the September quarter, planned activities were disrupted due to forest fires.
Following the removal of access restrictions, a brief reconnaissance program was conducted across the sub-projects by JV partner ALX Resources (TSXV:AL). Results from this program are currently pending.
ALX has now remobilised its lithium exploration crew to the Volta sub-project area, as announced last week.
The target generation activities over the sub-project areas will continue into this quarter.
Forrestania Resources is a gold, lithium, and nickel exploration company focused on its assets in the Eastern Goldfields of Western Australia and Canada.
As of 30 September 2023, the company had $802,000 cash and cash equivalents at hand, according to its latest quarterly report. Subsequent to the end of the quarter, Forrestania lodged a renounceable entitlement offer prospectus to raise up to $1.53 million.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Forrestania Resources (ASX:FRS) has a week of surface mapping and sampling ahead at the Volta prospect within its joint venture (JV) Hydra Lithium Project in Quebec, Canada.
The company says its JV partner, ALX Resources (TSXV:AL), has remobilised its lithium exploration crew to the Volta sub-project area.
Volta lies about 20km east of Patriot Battery Metals’ (ASX:PMT) Corvette deposit and 1km north of the eastern Corvette boundary.
Forrestania reports the fieldwork follows a light detection and ranging (LiDAR) survey completed at Volta in early September this year. The survey was designed to improve the quality of the imagery used for pegmatite exploration.
The company notes the survey was supported by remote sensing studies optimised for pegmatite detection.
Results from surface mapping and sampling are scheduled to be released upon receipt, compilation, and interpretation.
Forrestania Resources Managing Director Michael Anderson says the company is ‘delighted’ to be on the ground at Volta given its proximity to other renowned deposits.
“We are delighted to finally be getting on the ground at Volta, which, given its proximity to the Corvette property, is unquestionably one of Hydra’s most prospective sub-projects.
We are also grateful for the support of our JV partner ALX, whose persistence has enabled us to carry out this work before the end of the current field season. We look forward to reporting our findings and sampling results in due course.”
“We are delighted to finally be getting on the ground at Volta, which, given its proximity to the Corvette property, is unquestionably one of Hydra’s most prospective sub-projects”
Forrestania Resources is a lithium, gold, and nickel explorer searching within the Forrestania, Southern Cross, and Eastern Goldfields regions of Western Australia. The company is also searching for lithium within the James Bay region of Quebec Canada.
The Hydra Project represents a 50:50 JV between Forrestania and ALX Resources in northern Quebec. The project comprises 8 sub-projects totalling 293km-square within the ‘world-class’ lithium exploration district of James Bay.
ALX Resources is a ‘diversified’ minerals explorer based in Vancouver, Canada. ALX is focused on the discovery potential within multiple opportunities in stable operating jurisdictions.
Forrestania Resources had $2.117 million cash and cash equivalents at hand as of 30 June 2023, although it recently tapped shareholders for an additional $1.53 million to advance its Western Australian projects, as reported earlier this week.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
This article is a sponsored feature from Mining.com.au partner Forrestania Resources Limited. It is not financial advice. Talk to a registered financial expert before making investment decisions.
It’s the dream of every exploration geologist to make that one big, company-making discovery. The ‘motherlode’, as it were. It’s a dream many others have hitched their hopeful wagons to, while others still have backed those wagons with money enough to make Mansa Musa cry.
But to what extent is this dream a dream when it plays such a heaving role in the future — the survival — of humanity itself?
Perhaps it doesn’t matter. Whatever it is, Michael Anderson, Managing Director of Forrestania Resources (ASX:FRS), is in hot pursuit.
Based in Perth and listed on the ASX since September 2021, Forrestania’s portfolio includes the expansive Eastern Goldfields Project near Kalgoorlie, Western Australia, comprising 18 tenements prospective for lithium, copper, gold, nickel and rare earths. Of those, 4 are held under a two-year option agreement signed with privately held Outback Minerals in May 2023.
Earlier that same month, Forrestania signed a strategic joint venture deal with Vancouver-based ALX Resources (TSXV:AL), under which it stood to acquire a 50% stake in the Hydra Lithium Project in northern Quebec, Canada. After forking out C$400,000 (A$462,052) in cash and another C$600,000 (A$693,077) in shares, Forrestania took hold of that interest in early July.
Rounding things out is the company’s flagship Forrestania Project, roughly 80km east of Hyden in Western Australia, which Anderson says is “unquestionably, I think, our most advanced project in terms of demonstrable prospectivity”.
But Anderson is a guy happy to take his wins from wherever they may come, be it Forrestania, Eastern Goldfields, or Hydra.
“It might sound tongue in cheek, but I think we’re one hole away on all of those fronts from creating something that’s genuinely a discovery, and that hopefully would be head-turning for the market,” he adds.
“If we find something that excites, we won’t mind what metal or what commodity it is. But I guess the emphasis is still on lithium here in Australia and in Canada.”
‘Some clear targets, and not just for lithium’
Indeed, one hole could make all the difference. But it’s nevertheless early days at the Eastern Goldfields Project, which — in spite of that — has already been the subject of several sampling and mapping trips, as well as an extensive review of historical data.
“One of the things that attracted us to the Breakaway Dam tenement in particular was the known greenstone geology that runs right through it,” Anderson says.
“One of the things that attracted us to the Breakaway Dam tenement in particular was the known greenstone geology that runs right through it“
“We knew there were pegmatites on the greenstone belt that ran through the northwest extension onto our ground. And sure enough, as we’ve mapped and sampled all through that belt, we’ve found multiple additional pegmatite outcrops. We’ve sampled some of those, released that data, and there were some pretty encouraging results, up to 0.4% lithium oxide.”
The problem, however, is that Forrestania has been unable to get the drill rigs turning.
“Not to focus on it too significantly, but the whole Heritage Act saga was quite unhelpful there,” Anderson says.
“We had to wait weeks for them to bring in the new Heritage Act in WA and then five weeks later, of course, they scrapped it. That led to a hesitancy between the counterparties that you’re dealing with to engage, because they didn’t know what the new act was going to contain.”
The Aboriginal Cultural Heritage Act 2021 was developed to replace the problematic 1972 laws that allowed the legal destruction of Jukaan Gorge by Rio Tinto (ASX:RIO) in May 2020. It set out a three-tiered approval system and established administrative bodies to provide Indigenous groups a greater role in heritage protection.
But it drew grave criticism since the final say remained with a government minister, which the United Nations found was not in line with its conventions governing consent. Farmers and mining explorers also weighed in, concerned about extra costs and the lack of certainty about how the complicated new laws would be implemented, and the legislation was ultimately repealed.
“Supposedly, we’re back to where we were. But, of course, we haven’t been able to do any drilling there yet,” Anderson adds.
“We have some clear targets, and not just for lithium. There were some noteworthy copper intersections drilled back in the day, but also some significant geophysical anomalies that were outlined and defined but never drilled. And there are definitely some walk up targets there too. So, all in good time, I think.”
The benefits of collaboration
The situation in Canada, on the other hand, has been similar albeit for different reasons.
“In Canada, we finalised that deal in early July after the general meeting to approve the issue of the shares to ALX. And then, of course, we got going in the field and, unfortunately, it was about 3 or 4 days before the forest fires took hold.”
Located east of James Bay in Quebec, the Hydra Project — and its Python West, Python East, Nike, Echo, Viper, Sprite, Cobra and Volta tenements — covers 293km-square of land. The region has in recent years become a major lithium hotspot, thanks partly to recent discoveries like Allkem’s (ASX:AKE) James Bay Project, Patriot Battery Metals’ (ASX:PMT) Corvette Project, and Winsome Resources’ (ASX:WR1) Cancet and Adina projects.
Prospective though it might be, the remoteness of the area also meant it was a virtual tinder box, and many operations — both exploration and mining — were forced to evacuate. But it’s Forrestania’s relationship with ALX which proved to be the saving grace.
“I’ll be honest, we would have been really struggling to manage that situation had we not been in the joint venture,” Anderson says.
“The collaboration, I think off the back of all those issues in Canada, has proven a very pragmatic and effective way for us to operate. Trying to manage the logistics in Quebec from Perth as forest fires are raging — we were booking and unbooking and rebooking rooms, booking choppers and unbooking choppers, and the team had to be on high alert, to be active one day and down tools the next. So we’re very grateful for the fact that ALX is the operator of this joint venture.”
Given its remoteness, terrain and climate, the Hydra Project is one which fiercely demands work in exchange for reward. But it’s the high percentage of pegmatite outcrops on the property that are a major source of motivation, and which Anderson says help to determine areas of priority. While that will help inform the artificial intelligence-based exploration techniques going forward, there’s no substitute for boots on the ground.
Although Anderson says 5 or 6 of the 8 properties have already been covered during initial site visits, the prevailing consensus is that the surface has barely been scratched.
“We’re close to some recent and quite high-profile discoveries, but I guess the jury’s still out for us in terms of what potential could be there,” he says.
“We’re confident and optimistic that based on the criteria for staking the ground and the geology we know exists, we’ve got as good a chance as anyone. This is highly-prospective terrain, there have been multiple discoveries. But in terms of maturity and the stage of work, it’s embryonic, really.”
Forrestania’s ‘fractionated’ potential
Though the Eastern Goldfields and Hydra projects are promising on their own, it’s the company’s namesake Forrestania Project which appears best placed to deliver the ‘motherlode’.
To date, a number of stacked pegmatite systems have been drilled, but offered little in the way of contained lithium. In contrast, other areas — including those drilled by previous operators — have returned anomalous grades in excess of 3%.
“We absolutely believe we’re in the right areas doing the right things, but we do need, I suppose, those ingredients to come together to constitute what you’d describe as a proper discovery,” Anderson says.
“We’re finding all the hallmarks of a lithium-bearing system but haven’t hit the motherlode just yet.”
“We absolutely believe we’re in the right areas doing the right things, but we do need, I suppose, those ingredients to come together to constitute what you’d describe as a proper discovery“
At the Calypso prospect, Forrestania has found the pegmatite geometry it’s looking for. Likewise at Giant, where it’s “more of the same”. The issue, however, is that the mineralised systems are what Anderson calls “fractionated”, meaning the underlying association between these zones has not yet been fully understood.
“At the end of the day, we’ll be judged on what we ultimately find. We’re confident there is real discovery potential across this Forrestania belt,” he explains.
“Whether it’s Calypso, South Iron Cap, Giant or elsewhere, there’s demonstrably significant lithium in the pegmatised systems around this area. And our systematic approach is, we believe, going to give us the highest probability of success and I can’t fault the team for everything they’re doing.
“We’re definitely doing the right things for the right reasons in what we think are the right areas. The results are continuing to encourage us, but we’ve just got to stick at it and keep making those decisions based on what we see and the results we’re getting.”
Luck and complementary acquisitions
Asked whether any additional acquisitions are on the horizon, Anderson was reluctant to rule anything out. Forrestania has “ample ground” in which to sink its teeth, but the opportunities coming across his desk — particularly in Canada — have been “relentless”.
“We continue to look at how our package sits with the geology, with the things we’re finding, and whether there are any sort of strategic acquisitions,” Anderson says.
“I don’t think we need another greenfields project package, if you know what I mean, but anything that could be complementary to what we have. That was very much the logic and the rationale for the Outback option and potential acquisition.
“There are some things like that we’re currently reviewing which would be, I guess, complementary and an incremental addition to the optionality and the prospectivity we have at our current projects“
“There are some things like that we’re currently reviewing which would be, I guess, complementary and an incremental addition to the optionality and the prospectivity we have at our current projects.”
However that shakes down, Anderson hasn’t taken his eye off the dream: making and developing for Forrestania a discovery of real meaning.
“Exploration is a game of chance,” he explains.
“You make all your educated decisions based on the knowledge and the experience you have, but you still need a little bit of luck. I think having the three projects and, within them, multiple prospects, it’s all just designed to maximise your opportunity, maximise the probability of success.
“We wouldn’t care where it came from. I think there are plenty of things for us to still be doing, but every time we review the portfolio, we’re looking at what we consider to be the highest priority, the highest probability of success.”
Exploration is indeed a game of chance, of probability. It makes sense that those companies with the largest landholdings in the most prospective regions will, of course, be the most successful. But then there is the matter of doing all those projects justice — a notorious hurdle among cash-strapped junior explorers.
Forrestania, however, seems to have struck an impeccable balance. Its joint venture partner ALX has things under wraps in Canada, leaving Anderson and his team to focus largely on the Eastern Goldfields and Forrestania projects.
“We’re exploring and we’re predominantly focusing on lithium for sure, but we’ll take our wins where we get them — whether it’s lithium, copper, gold, nickel or rare earths. There is genuine prospectivity for all those things across our Australian packages and we can’t afford to ignore any of that.”
Whether or not those efforts unveil a discovery is, as Anderson says, just part of the game.
Originally from Perth, Oliver has a keen interest long-form journalism. He has written for a number of publications and was most recently Contributing Editor of The Market Herald’s opinion section, Art of the Essay.
Forrestania Resources (ASX:FRS) is looking to advance its portfolio of lithium, copper, and gold projects in Western Australia through a $1.53 million renounceable entitlement offer.
The $3.58 million market capitalisation company says the funds will be used to advance exploration work and test priority lithium and copper targets across its Western Australian and Eastern Goldfields projects, with remaining proceeds to be used for general working capital.
Under the offer, eligible shareholders can apply for one new share for every 2 shares held at $0.03 a pop — a 30% discount to the company’s 30-day volume-weighted average price (VWAP) of $0.043 and a 60% discount to its 90-day VWAP of $0.075.
Forrestania reports every 2 shares subscribed for under the offer will be issued with one free option exercisable at $0.075 each on or before 20 November 2025.
The entitlement issue is partially underwritten to $750,000 by lead manager Mahe Capital, and shareholders can trade their rights or apply for additional shares and options from Wednesday 25 October 2023.
The company notes the offer is ‘strongly supported’ by its board of directors, who have committed to subscribe for entitlements for a total of $105,000.
Forrestania Resources Managing Director Michael Anderson says the company remains focused on unlocking the potential of the ‘highly prospective’ belt that holds its assets.
“The team has continued our systematic exploration of the Forrestania Project, delivering a number of positive outcomes including drilling ore-grade lithium mineralisation and visible spodumene at both the Giant and South Iron Cap East projects and locating stacked pegmatite systems at Calypso in proximity to known mineralisation.
Given we are on the doorstep of the world-class Mt Holland lithium deposit, and significant gold and nickel mines, we remain confident that we are doing the right things in the right areas, and there is plenty more still to do as we aim to unlock the discovery potential in this highly prospective belt.
In addition, since expanding the footprint of the Eastern Goldfields Project, we have generated numerous new targets for both lithium and copper that these funds will allow us to drill.
As always, we intend to be proactive and focused in undertaking our work across the portfolio on these priority targets and shareholders can expect further significant news flow in the coming months.”
“we remain confident that we are doing the right things in the right areas, and there is plenty more still to do as we aim to unlock the discovery potential in this highly prospective belt”
Forrestania Resources is a lithium, gold, and nickel explorer with a portfolio of projects located in the Forrestania, Southern Cross, and Eastern Goldfields regions of Western Australia, as well as the James Bay region of Quebec, Canada.
The company’s flagship Forrestania Project is considered prospective for lithium, gold, and nickel mineralisation and has a tenement footprint spanning about 100km within the ‘well-endowed’ southern Forrestania Greenstone Belt.
Forrestania Resources had $2.117 million cash and cash equivalents at hand as of 30 June 2023, according to its latest quarterly report.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
Forrestania Resources (ASX:FRS) is planning further exploration to target zones of potential pegmatite accumulation and associated lithium mineralisation at its South Iron Cap East prospect in Western Australia.
This news comes after the $4.58 million market capitalisation company reported assay results from a follow-up reverse circulation (RC) drilling program in the area that intersected spodumene-bearing pegmatite in multiple drillholes.
The company struck peak lithium assays of up to 0.95% lithium oxide (Li2O), demonstrating the potential of the area to host ore-grade mineralisation.
Forrestania reports drillhole FSIR0010 intersected 5m @ 0.55% Li2O from 41m, including 2m @ 0.95% Li2O from 43m.
Commenting on the drill results, Forrestania Resources Managing Director Michael Anderson says: “Our work in and around South Iron Cap East continues to deliver results which highlight the potential for discovery of a significant mineralised system.
“we are now consistently finding spodumene and highly anomalous lithium-grades”
We know the region is host to multiple, stacked pegmatites (including at the world-class Mount Holland Lithium Mine), and we are now consistently finding spodumene and highly anomalous lithium-grades.”
The company notes the pegmatite in the area remains open down dip and along strike.
This latest drilling comprised 6 holes for 729m, aimed to understand the orientation and confirm the extension of a spodumene-bearing pegmatite intersected in a previous drill program.
The South Iron Cap East prospect is located within the company’s flagship Forrestania Lithium Project in Western Australia’s southern Yilgarn region.
Forrestania Resources is a lithium, gold, and nickel explorer focused on its flagship namesake project as well as the Southern Cross and Eastern Goldfields projects in Australia and the Hydra project in Canada. As of 30 June 2023, the company had $2.117 million cash and cash equivalents at hand, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Forrestania Resources (ASX:FRS) has reviewed further historical data from its Breakaway Dam tenement in Western Australia and outlined the ‘significant’ copper prospectivity of the area.
The $4.58 million market capitalisation company adds that this is on top of the lithium, gold, and rare earth elements (REEs) prospectivity evident across the broader Eastern Goldfields Project.
‘Significant’ historical and recent copper (Cu) rock chips returned from Breakaway Dam include 26.7% Cu, 15.4 parts per million (ppm) silver (Ag), and 0.5ppm gold (Au); and 23% Cu and 0.7ppm Au.
Meanwhile, historical drill results from Breakaway Dam include several high-grade copper hits, such as in hole BDRC10 with 6m @ 1.2% Cu and 11.1g/t Ag, including 1m @ 3.86% Cu from 85m.
Historical downhole electromagnetic (DHEM) survey results also suggest several potentially sulphide-bearing conductive plates are present. These remain completely untested by drilling.
Forrestania plans to complete further reconnaissance trips to geologically map and conduct additional geochemical sampling at Breakaway Dam.
A drilling program has been designed to test the copper anomalism in the area once full heritage approval has been granted.
The company has also applied for Exploration Incentive Scheme (EIS) funding to test the sulphide conductive bodies and the copper potential at the tenement.
Commenting on the exploration potential, Forrestania Resources Managing Director Michael Anderson says: “Since announcing the option agreement to acquire the Breakaway Dam tenement back in May, our team has been proactively reviewing the historical data, in parallel with a comprehensive mapping and sampling program.
“Our follow-up work has confirmed obvious prospectivity for copper, with high-grade rock chips proximal to earlier results“
Our follow-up work has confirmed obvious prospectivity for copper, with high-grade rock chips proximal to earlier results.
Importantly, previous geophysics identified a number of drill targets, which were never followed up, and we intend to make these an additional focus of our upcoming drill programs alongside the targets that have been generated for lithium, gold, and REEs across the broader Eastern Goldfields Project.
We, and no doubt our neighbours, are confident that the potential exists to make new discoveries in this highly prospective belt, and we look forward to drill testing our priority targets, once heritage approvals are in place.”
Announced in May this year, Forrestania inked a 2-year option agreement with private company Outback Minerals to acquire 4 tenements, with the Breakaway Dam being one.
The Breakaway Dam tenement is located within the Eastern Goldfields Project north of Coolgardie and Kalgoorlie, around the gold mining districts of Leonora and Menzies.
Overall, the Eastern Goldfields Project comprises 18 tenements in areas that Forrestania believes are ‘highly prospective’ for lithium, copper, REEs, and gold.
Forrestania Resources is a diversified exploration company focused on discoveries in the Forrestania, Southern Cross, and Eastern Goldfields regions of Western Australia. The company is also exploring for lithium in the James Bay region of Quebec, Canada.
As of 30 June 2023, the company had $2.117 million cash and cash equivalents at hand, according to its latest quarterly report.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Fieldwork has restarted at Forrestania Resources’ (ASX:FRS) 50%-owned Hydra Lithium Project in Quebec, Canada, following a pause due to forest fires in the region. Meanwhile, Managing Director Michael Anderson tells Mining.com.au that the company is seeing ‘all the right ingredients’ at its namesake project in WA.
Joining Mining.com.au from the West Coast, finance presenter Carolyn began her journalism degree in Townsville and developed a passion for mining news after a FIFO stint in WA's Goldfields.
Forrestania Resources (ASX:FRS) has restarted fieldwork at its Hydra Lithium Project in the James Bay region of Quebec, Canada.
The $5.57 million market capitalisation company has resumed exploration for lithium-caesium-tantalum (LCT) pegmatites in the eastern area of the project, which is currently unaffected by fire conditions.
The company initially kicked off its fieldwork in the area at the end of May 2023, but it had to suspend the work a few days later when the Quebec government placed access restrictions on the area due to forest fires in the region.
Forrestania’s geological crew has now mobilised to the area of the Python East and West sub-projects, where a lodge was secured for accommodation. This work program is planned to continue into early September 2023.
Commenting on activities restarting, Forrestania Resources Managing Director Michael Anderson says: “We are obviously pleased to be getting back on the ground after the delays related to the forest fires and associated restrictions.
We are grateful to our Joint Venture partner ALX for managing the various logistical challenges created by the delays and now look forward to testing the potential of the Hydra Project, which comprises one of the larger landholdings in this highly prospective jurisdiction.”
Pending a further easing of the access restrictions, the Joint Venture partners are hopeful of resuming work in due course on the various sub-projects, located close to the town of Radisson in the western area of Hydra.
Forrestania Resources is an ASX-listed exploration company focused on searching for lithium, gold, and nickel across Western Australia. The company also explores for lithium in the James Bay region of Quebec, Canada.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Forrestania Resources (ASX:FRS) is preparing for another bout of drilling at the South Iron Cap East prospect within its flagship namesake lithium project in Western Australia.
The $6.58 million market capitalisation company says the drilling will test for extensions to the mineralisation in the area and is designed to help the company gain further insight into the geometry of the ‘highly prospective’ pegmatite system.
The outcome of the upcoming drilling program will inform the planning of further drilling and exploration activities.
This announcement comes after assays were returned from Forrestania’s latest drilling program that confirmed shallow spodumene-bearing mineralisation within an intercept at South Iron Cap East.
Forrestania reports this result comes from drillhole FSIR0010 with 5m @ 0.55% Li2O from 41m, including 2m @ 0.95% Li2O from 43m.
The company says the result bears ‘significance’ by confirming the extension of mineralised pegmatites into Forrestania’s tenure. It also validates the company’s exploration strategy of systematic geochemical sampling for pinpointing spodumene-bearing pegmatites.
Meanwhile, further ‘high-grade’ hits at the Giant pegmatite include FGIR0006 with 9m @ 0.95% Li2O from 114m, including 3m @ 2.23% Li2O from 118m.
Commenting on the recent assays, Forrestania Resources Managing Director Michael Anderson says: “Our systematic exploration at Forrestania continues to deliver positive results.
“We are encouraged not only by the intersections of spodumene, but also the lithium grades at Giant, and now South Iron Cap East.“
We are encouraged not only by the intersections of spodumene, but also the lithium grades at Giant, and now South Iron Cap East. This all demonstrates the potential for these pegmatite systems to host ore grade mineralisation.”
The company says it has received all relevant approvals for its follow-up drilling work, which is due to commence ‘imminently’ at South Iron Cap East.
Forrestania Resources is an exploration company focused on searching for lithium, gold, and nickel across Western Australia. Additionally, the company explores for lithium in the James Bay region of Quebec, Canada.
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.
Lithium, gold, and nickel explorer Forrestania Resources (ASX:FRS) has defined ‘highly anomalous’ lithium and LCT pathfinders following recently completed mapping and reconnaissance field trips at its Eastern Goldfields Project area in Western Australia.
The company, which has a $10.13 million market capitalisation, says results were generated from rock chips gathered from the newly acquired Breakaway Dam tenement and have returned multiple elevated lithium values alongside manganese/lithium (Mg/Li) ratios <30 and niobium/tantalum (Nb/Ta) ratios of <8.
Forrestania believes these results are indicative of a potentially ‘large-scale’, and ‘highly fertile’ lithium-caesium-tantalum (LCT) pegmatite province, which could be host to about 22km of previously untested granite/greenstone.
The company reports about 45% of samples gathered returned lithium oxide (Li2O) values up to 100 parts per million (ppm), while 13% returned Li2O values up to 300ppm.
Key results include sample FR000832 with 3,649ppm Li2O (includes 309ppm caesium (Cs); sample FR000853 with 2,896ppm Li2O (includes 64.7ppm Ta); and sample FR000805 with 1,040ppm Li2O (includes 66.8ppm Cs).
As a result, Forrestania will focus its exploration on the ‘significant’ lithium, copper, and gold potential at Breakaway Dam, as well as at the other recently acquired tenement, Alexandra Bore, in the coming months.
Further mapping trips and geochemical sampling is expected to be undertaken in the short term. Forrestania believes this work will define targets for a maiden drilling program. Results from Alexandra Bore are scheduled to be received in about 6-8 weeks.
These field trips were designed to further enhance the company’s geological understanding of the project areas, as well as further assess the potential for lithium mineralisation.
Speaking on the results, Forrestania Resources Managing Director Michael Anderson says: “Our maiden work programs in the Eastern Goldfields have proven very encouraging. The initial identification of multiple outcropping pegmatites has now been followed by these highly anomalous results, which demonstrate the obvious prospectivity of the tenements.
“The initial identification of multiple outcropping pegmatites has now been followed by these highly anomalous results”
We will continue our systematic mapping and sampling to identify priority targets, to be drilled as soon as possible.”
Forrestania Resources is an ASX-listed explorer searching for gold, lithium, and nickel across its portfolio in Western Australia and Canada.
The company’s Eastern Goldfields Project comprises the Southern Cross and Leonora gold projects, as well as the Outback option agreement. Eastern Goldfields is located north of the townships of Coolgardie and Kalgoorlie, and is within proximity to other gold mining districts such as Leonora and Menzies.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
Lithium and gold explorer Forrestania Resources (ASX:FRS) dedicated its Q2 2023 to defining potential follow-up targets for its Western Australian and Canadian lithium projects.
The company, which has a $10.13 million market capitalisation, said in its latest quarterly report released yesterday (31 July 2023) it had completed a 23-hole reverse circulation (RC) drilling program at its Forrestania Project in WA, including at the Calypso, South Iron Cap East, and Giant prospects.
Forrestania reports drilling identified visible spodumene in logged pegmatite at South Iron Cap East, as well as 6 metres of spodumene-bearing pegmatite logged from 40m in drillhole FSIR0010.
This pegmatite led the company to believe it represented a small component of a more ‘extensive’ system.
Drilling also encountered multiple stacked pegmatites in 13 of 14 holes at the Maiden prospect. The company notes drilling demonstrated continuity of the Giant pegmatite along the extent of tenement M77/549.
Forrestania’s Calypso prospect is also believed by the company to be a prospective host for lithium-caesium-tantalum (LCT) pegmatites following the return of anomalous soil geochemistry, outcropping pegmatites, and pegmatite intercepts within historical drilling.
Assays from this drilling program are expected in 4-6 weeks and are hoped to inform targeting for follow-up drilling at the project.
On 9 May 2023, Forrestania also announced it finalised a strategic joint venture (JV) on the Hydra Lithium Project in Quebec, Canada.
The company will be collaborating with seasoned operator ALX Resources (TSXV: AL), which has already undertaken the staking of the 8 sub-projects that comprise the Hydra project, and subsequent to the end of the quarter, Forrestania has earned a 50% interest in the project.
In order to achieve this equal ownership, Forrestania delivered a non-refundable CAD$50,000 deposit ahead of closing, a CAD$350,000 cash payment on closing, and CAD$600,000 in shares within 5 days of closing to ALX Resources.
Following this, the company moved forward with an entitlement issue to raise $1.94 million before expenses.
Eligible shareholders were invited to participate on the basis of 2 new fully paid ordinary shares for every 5 shares held on the record date at $0.07 per share together. The shares came with a 1-for-1 free option with an exercise price of $0.15 each on or before 30 June 2026.
Throughout the quarter, multiple outcropping pegmatites up to 100m in strike length were mapped at the Alexandra Bore/Breakaway Dam project area in the Eastern Goldfields region of Western Australia. These tenements have never been previously explored for lithium, according to Forrestania.
This discovery was further supported by the definition of additional outcropping pegmatites at the Bonnie Vale Project area near the township of Coolgardie.
Forrestania Resources is an ASX-listed explorer searching for gold, lithium, and nickel across its portfolio of assets in Western Australia and Canada.
The company’s portfolio comprises the Forrestania, Southern Cross Gold, and Leonora Gold projects in Western Australia, as well as the equally owned Hydra Lithium Project in Quebec, Canada, under a JV with ALX Resources.
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.
Forrestania Resources (ASX:FRS) has intersected multiple stacked pegmatites in the the first round of drilling at the Calypso target within its namesake project in Western Australia. Managing Director Michael Anderson unpacks the initial observations with Mining.com.au presenter Carolyn Rebeiro
Joining Mining.com.au from the West Coast, finance presenter Carolyn began her journalism degree in Townsville and developed a passion for mining news after a FIFO stint in WA's Goldfields.
Diversified explorer Forrestania Resources (ASX:FRS) has identified visible spodumene in reverse circulation (RC) drill chips at the South Iron Cap East Project within its namesake project in Western Australia.
This visible spodumene was identified through an exploration program at both the South Iron Cap East and Giant prospects within the Forrestania Project, where drilling was designed to follow up on ‘highly encouraging’ geochemistry returned from pegmatites intersected in a previous drilling campaign.
The company reports 6 holes were completed across 4 areas, with 624m drilled at South Iron Cap East and 670m completed at Giant.
Forrestania says 6m of pegmatite was intercepted in hole FSIR0010 from a depth of 40m. Visible spodumene crystals were identified amongst the RC chips and were also confirmed by ultraviolet (UV) response. Many of these spodumene crystals occur as coarse as the RC chips, which indicates the potential for coarser, in-situ spodumene grain size.
Forrestania says despite being relatively narrow, the intercept confirms that spodumene-bearing pegmatites extend into its tenure and notes the intercept is likely a small component of a more extensive system, based on the nature of other pegmatites in the area.
The remaining drillholes at South Iron Cap East intercepted narrow pegmatites, and the company interprets that these drillholes did not intercept the same pegmatite body. Given the wide-spaced drilling, Forrestania is still in the process of interpreting the structural complexities of the pegmatite bodies.
The company reports further drillholes have been planned near the spodumene-bearing intercept in order to understand its orientation and to enable effective distal targeting. Planning for this follow-up program is already underway, and Forrestania aims to start drilling once approvals are received from the WA Department of Mines, Industry Regulation and Safety (DMIRS) within 4 weeks.
Commenting on the results, Forrestania Resources Managing Director Michael Anderson says: “We are extremely encouraged by the outcome of this drilling program. In addition to the recently announced thick pegmatites at Calypso, we have now discovered visible spodumene in pegmatite at South Iron Cap East.
“… we are focused on areas that are highly prospective for lithium-bearing pegmatites”
This serves as confirmation that our systematic exploration strategy at Forrestania is effective and that we are focused on areas that are highly prospective for lithium-bearing pegmatites.
We still have a lot more lithium-targeted work ahead of us, not only at the Forrestania Project but also over our Eastern Goldfields ground and at our newly formed joint venture at the Hydra Lithium Project in James Bay, Canada. Comprehensive fieldwork programs are planned and/or in progress and we remain confident in the discovery potential at all 3 project areas.”
Meanwhile, at Giant, the drilling program intercepted the Giant pegmatite body along strike and down-dip of previous ‘high-grade’ results, with pegmatites up to 9m thick intercepted. These pegmatites presented in an altered form, and, subsequently, visual spodumene could not be confirmed.
Forrestania interprets that the Giant pegmatite transects the northern section of M77/549, while previous drilling results have demonstrated the pegmatite to be a lithium-caesium-tantalum (LCT)-style with varied lithium grades and thickness.
The new pegmatite intercepts indicate that it appears to not exceed about 10m in true width, and Forrestania notes assay results will reveal whether further pockets of ‘high-grade’ lithium mineralisation exist within the pegmatite body. A full suite of assays is expected in about 6 weeks, and Forrestania will provide further updates in due course.
Forrestania Resources is an Australian explorer searching for gold, lithium, and nickel across its portfolio of assets in Western Australia and Canada. The company holds the Forrestania, Southern Cross Gold, and Leonora Gold projects in Western Australia, along with the option to earn a 50% interest in the Hydra Lithium Project in Quebec, Canada under a joint venture with ALX Resources (CVE:AL)
On 4 July, the company raised $1.935 million through a pro-rata entitlement offer to support further exploration across its projects.
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.
Diversified explorer Forrestania Resources (ASX:FRS) has earned a 50% interest in the Hydra Lithium Project in Quebec, Canada under a joint venture (JV) agreement with ALX Resources (CVE:AL).
The company intends to continue compiling historical data related to Hydra, and other regions that are prospective for lithium-caesium-tantalum (LCT) pegmatites.
Meanwhile, ALX is planning airborne and photogrammetric surveys to provide additional geophysical, topographic, and aerial visual information to help locate and map the pegmatite bodies.
ALX has access to a proprietary high-resolution airborne geophysical database acquired from historical diamond exploration in the James Bay region that could provide ‘important’ information for the identification of regional trends with potential for hosting pegmatitic rocks.
Forrestania says ALX will utilise a high-resolution drone during the evaluation of the Hydra sub-projects to optimise the process of locating and assessing prospective pegmatite outcrops.
The company reports fieldwork at various sub-projects is planned to restart in the coming weeks, and will focus on systematic prospecting, geological mapping, and geochemical sampling. A proprietary artificial intelligence (AI) process for pegmatite detection by Nova Scotia-based KorrAI is continuing to prioritise target definition for the program.
Under the JV agreement, ALX will be responsible for conducting exploration work, however, Forrestania team members will also spend time in the field during the program.
To earn the 50% interest in Hydra, Forrestania paid an initial CAD$50,000 non-refundable deposit, along with a cash payment of CAD$350,000, and issued CAD$600,000 worth of shares to ALX.
Forrestania reports it will form a JV agreement with ALX to explore and administer the properties, with ALX acting as operator in exchange for an industry standard administration fee.
Commenting on the JV agreement, Forrestania Resources Managing Director Michael Anderson says: “We are very pleased to have formalised the joint venture with ALX to become 50:50 partners in the Hydra Lithium Project.
From our perspective securing a strategic foothold in the dynamic James Bay lithium space is hugely complementary to our existing project portfolio back at home in Western Australia, and provides us with significant additional discovery potential. We very much look forward to collaborating with ALX to unlock that potential.”
“We are very pleased to have formalised the joint venture with ALX to become 50:50 partners in the Hydra Lithium Project”
ALX Resources is a Vancouver-based explorer that holds a portfolio of assets considered prospective for uranium, lithium, nickel, copper, cobalt, and gold across Canada.
The Hydra Lithium Project consists of 8 sub-projects including the Volta, Echo, Nike, Sprite, Cobra, Viper, Python West, and Python East sub-projects which cover a combined landholding of 29,263 hectares.
Forrestania Resources is a diversified Australian explorer searching for lithium, gold, and nickel across its Forrestania, Southern Cross, and Eastern Goldfields projects in Western Australia.
On 4 July 2023, the company completed an entitlement offer that raised $1.935 million to fund exploration at the Forrestania and Eastern Goldfields projects.
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.
