Forrestania Resources shares skyrocket following 63m-wide pegmatite at namesake project, WA

ASX-listed explorer Forrestania Resources (ASX:FRS) has logged a pegmatite up to roughly 63m wide in a maiden drilling program at the Calypso target within its Forrestania Project in Western Australia.

The company reports it has completed 14 reverse circulation (RC) drillholes at the prospect for 1,968m to define the extents of and investigate whether pegmatites identified from mapping and historical drilling host lithium mineralisation.

Pegmatites were intercepted in 13 of the 14 holes drilled, with multiple zones of ‘significant’ widths. The drilling covered areas of mapped pegmatite, geochemical anomalism, and historic pegmatite drill intercepts.

Forrestania has interpreted that the orientation of the pegmatite is flat-lying and sub-parallel. However, this has not been fully ascertained due to broad drill spacing, and the company says the thicknesses mentioned do not necessarily reflect the true width.

The company reports that drillhole samples will be dispatched to Perth this week, and a full suite of assays is expected in around 6 weeks. Drilling is ongoing at South Iron Cap East and the Giant pegmatite, and updates will be provided in due course.

Shares in Forrestania Resources have spiked 163.16% to $0.20 as of 10:52am AEST.

Commenting on the results, Forrestania Resources Managing Director Michael Anderson says: “It’s fantastic to confirm that there are further pegmatites of significant thickness within Forrestania tenure.

Calypso is only about 4.5km from a known mineralised pegmatite, so any occurrence of pegmatite within this area is significant to Forrestania”

Calypso is only about 4.5km from a known mineralised pegmatite, so any occurrence of pegmatite within this area is significant to Forrestania. Geological and geochemical information gathered from this drilling program will assist with vectoring towards further prospective zones within and surrounding the extensive Calypso pegmatite bodies.”

Forrestania Resources is an Australian explorer searching for lithium, gold, and nickel across its Forrestania, Southern Cross, and Eastern Goldfields projects in Western Australia. 

Along with these projects, the company is also exploring for lithium in the James Bay region of Quebec, Canada, through an earn-in agreement to secure a 51% interest in the Hydra Lithium Project with ALX Resources (CVE:AL).

As of the end of March 2023, Forrestania had around $1.4 million in cash on hand. 

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Images: Forrestania Resources Ltd
Written By Harry Mulholland
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.