Kali Metals (ASX:KM1) is set to begin a reverse circulation (RC) drilling program at the Spargoville Project in Western Australia.
The $62.70 million market capitalisation company says preliminary exploration programs completed pre-initial public offering (IPO) have identified and sampled lithium-bearing pegmatites across multiple locations within the Higginsville District Scale tenement holding.
Importantly, Kali says spodumene has been identified at the Spargoville Project.
In late December 2023 a first pass soil sampling program was completed across the Spargoville project and the northern section of the Widgiemooltha project area. Assay results pending.
Kali plans to test the Flynn-Giles and Green Flame lithium-caesium-tantalum (LCT) pegmatites, via a 10,000m RC drilling program in H1 2024.
Drilling will primarily focus on known spodumene occurrences and outcropping trends, expanding to step-out drilling along strike and down dip.
Kali Metals General Manager of Geology Stuart Peterson says the company’s exploration team have set up ongoing pathways to uncover new discoveries across this ‘impressive’, district-scale tenement holding.
“The Higginsville Lithium District portfolio has already proven to be prospective for lithium exploration with spodumene identified in multiple locations.”
The company reports assay rock chip samples returned results up to 3.69% lithium oxide (Li2O) from Spargoville. These samples were taken from outcropping LCT pegmatites during the initial site visits.
Subsequent to today’s (10 January) announcement, Kali Metals’ continues its hot start as a listed company, as its price climbed a further 20.95% to $0.635 as of 11am AEDT. The company listed at $0.25 a share.
Kali Metals is a newly listed lithium-focused explorer with more than 3,850km-square of exploration tenure in Western Australia, New South Wales, and Victoria.
Write to Aaliyah Rogan at Mining.com.au
Images: Kali Metals
