Intra Energy (ASX:IEC) has identified spodumene at its new Maggie Hays Hill (MHH) Lithium Project in Western Australia through its first round of mapping and rock sampling.
The junior explorer says the spodumene represents around 5% to 10% of the sample and occurs as one to 2cm crystals forming around the larger quartz and feldspar crystals.
It’s worth noting, however, that lab assays have not yet confirmed the visual spodumene, and Intra says visual estimates should never be considered a proxy or substitute for this kind of analysis.
Nevertheless, preliminary rock chip sampling completed in December by the company as part of its acquisition due diligence showed ‘highly anomalous’ levels of tantalum and niobium in the area.
Intra says it still has ‘extensive’ areas to map at the project, and its soil geochemical survey work is 50% complete, with 591 samples dispatched to a lab for analysis.
The company expects to receive preliminary assays from this work in mid-March.
Intra Managing Director Ben Dunn says the identification of spodumene at surface on an outcropping pegmatite vein within its new project area is ‘tremendously exciting” for the company.
“We are very excited by the prospectivity of the MHH Project, and with the exploration program in full swing under the supervision of Todd Hibberd, our Principal Geologist, we believe there is more good news for IEC shareholders in the near future.”
Intra announced its acquisition of an 80% interest in the MHH project from Global Uranium and Enrichment (ASX:GUE) in mid-January for a mix of cash and scrip.
Under the deal, Intra paid the sellers $175,000 in cash and 30 million IEC shares subject to a 3-month voluntary escrow. Intra has also granted Global Uranium a 1% gross revenue royalty, though this is subject to the terms of a future royalty agreement to be entered into between the two parties.
Further to this initial consideration, Intra could pay another 60 million shares at $1.5 million in cash as a deferred consideration subject to 3 milestones related to exploration results and resource delineation.
The MHH project lies adjacent to the Maggie Hays and Emily Anne nickel mines, owned by Poseidon Nickel (ASX:POS), and 25km north of 2 separate spodumene lithium discoveries at Burmeister Hill by TG Metals (ASX:TGM) and Lake Medcalf by Charger Metals (ASX:CHR).
Intra’s fieldwork in the MHH area has identified several new pegmatites mainly to the northeast and east of the main outcrops, ranging from 1m to 5m wide and, in some places, exposed over lengths of 250m.
However, the company says ‘substantial’ parts of the tenement, particularly to the north, have not yet been mapped due to difficult access conditions.
Intra had around $2.25 million cash at hand at the end of December 2023, according to its latest quarterly report.
Images: Intra Energy Corporation
