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.
Write to Aaliyah Rogan at Mining.com.au
Images: Forrestania Resources
