Victorian explorer Dart Mining (ASX:DTM) has confirmed lithium mineralisation from the first assays of a phase one drilling program at its Dorchap Lithium Project in Victoria.
The company reports results are for the first 3 holes drilled as part of a 12-hole program under a $12 million earn-in agreement signed with Sociedad Química y Minera de Chile (NYSE:SQM) via its subsidiary, SQM Australia, on 26 July 2022.
Initial assay data from the first 3 holes completed in the 3,032m program demonstrated peak results of up to 0.81m @ 1.2% Li2O in MIDDH002 and 0.62m @ 1.63% Li2O in MIDDH005, along with wider intervals of ‘low-grade’ lithium mineralisation.
Dart reports these initial results come from just 2 of the 5 dykes tested and further underpin the lithium-caesium-tantalum (LCT) dyke prospectivity of the Dorchap Dyke Swarm. As a result, the company says planning and permitting for the phase two drill program is already well-advanced.
Commenting on the results, Dart Mining Chairman James Chirnside says: “These results are from the first 3 holes in the 12-hole phase one diamond drilling program.
“The identification of spodumene in drill core is very promising, and we look forward to further assay results as they become available”
These initial results confirm lithium mineralisation at depth within these dykes and further define the structural and mineralogical characteristics of this dyke system. The identification of spodumene in drill core is very promising, and we look forward to further assay results as they become available.”
Under the earn-in agreement, SQM has the right but no obligation to sole fund exploration totalling $12 million over a 6-year period. During the first earn-in period, SQM can earn an initial 30% interest in Dorchap by sole funding $3 million of exploration expenditure over the first 3 years of the agreement.
Once this initial funding obligation is met, SQM can acquire a further 40% interest in the project by paying a further $9 million over a 6-year period as part of the second and third earn-in periods.
After earning a 30% interest in Dorchap, SQM can elect to enter a joint venture (JV) agreement with Dart, under which both companies will be liable to fund their expenditure commitments based on their interest in the project.
Dart Mining is a Victorian explorer with a ‘diverse’ exploration portfolio in the ‘highly prospective’ Northeast Victorian Lachlan Fold Belt, which is considered prospective for orogenic gold, porphyry precious and base metals, and strategic minerals such as lithium, tin, and tantalum.
The company’s portfolio includes the Buckland, Rushworth, Mitta Mitta, Corryong, Buchan, and Dorchap projects. Dart had $152,000 cash at hand at the end of March, according to its latest quarterly report published on 28 April 2023.
Write to Harry Mulholland at Mining.com.au
Images: Dart Mining NL
