Kali Metals (ASX:KLI) is gearing up to undertake a maiden reverse circulation (RC) drilling program within the Spargoville Project in Western Australia.
The $67 million market capitalisation company will be drilling for 10,000m and focusing on known lithium occurrences and outcropping trends with expanding step out drilling along strike and down dip.
In conjunction, Kali recently conducted fieldwork at Spargoville and the Widgiemooltha projects, which uncovered multiple lithium soil anomalies and ‘high-grade’ lithium rock chip samples.
Kali reports the lithium anomalies from the soil program show correlation with multiple existing outcropping lithium-caesium-tantalum (LCT) pegmatite trends.
At Spargoville and Widgiemooltha, assays from rock chip sampling returned results up to 5.05% lithium oxide (Li2O).
Kali says these early ‘positive’ results give the company confidence to continue the soil geochemistry survey program across the remaining planned soil geochemical coverage areas.
General Manager of Geology Stuart Peterson says these results have shown the lithium mineralisation could extend over areas with alluvial cover along strike and width, where no outcropping pegmatites are visible.
“With more high-grade’ lithium assays returned from the rock chip sampling program, the company plans to expand both the soil geochemical program and subsequent drill targeting to include these additional prospective areas as they become available.”
The company will continue district scale soil sampling programs over 8 prospects within the Higginsville lithium district project area throughout 2024.
Kali Metals is a lithium-focused explorer with a portfolio of assets in Australia’s hard-rock lithium fields. The company covers a 3,854km-square exploration tenure in emerging and unexplored regions in Western Australia, New South Wales, and Victoria.
As of 31 December 2023, the company had $13.476 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Kali Metals