Dynamic Metals (ASX:DYM) has defined a 2.8km lithium anomaly at its Pioneer Dome West prospect in Western Australia, which will be tested with auger infill sampling next week.
The $10.04 million market capitalisation company has completed a first pass soil sampling program at the prospect that uncovered an elevated lithium trend of more than 40 parts per million (ppm), extending over 2.8km in the centre of the soil sampling area.
Dynamic now plans to test the regolith profile along 3 lines, with results anticipated to allow the company to determine the ‘significance’ of the elevated lithium trend.
Following today’s announcement, Dynamic Metals share price has increased by 9.99% to $0.22 as of 11:00am AEDT on Thursday 5 October.
As part of the validation of the sample assay results, Dynamic’s exploration team has field-checked the elevated lithium trend and confirmed a lack of outcrop, which it says may explain the subtle magnitude of the anomaly.
This soil sampling program was the first systematic lithium exploration sampling program completed along this ‘prospective’ area due to the historical gold and nickel exploration focus in the region.
The Pioneer Dome West prospect lies within Dynamic’s flagship Widgiemooltha Project and covers 20km of strike along the ‘highly prospective’ western side of the Pioneer Dome.
Widgiemooltha is located in the Goldfields region of Western Australia.
Dynamic Metals is a precious, battery, and critical minerals explorer, focused on its ‘highly prospective’ portfolio in Australia. As of 30 June 2023, the company had $4.4 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Dynamic Metals
