Lithium Universe (ASX:LU7) has generated fresh priority drill targets and refined its upcoming exploration strategy following a bout of fieldwork across its Apollo Lithium Project in Canada.
On the final business day of 2023, the $20.85 million market capitalisation company said it had completed its summer/fall exploration campaign across the Quebec-based project, which comprised an ‘intensive’ field program including geological mapping and sampling.
With final soil lab analyses received, Lithium Universe now has 2024 in its sights at its works to further explore the project area.
The company says its fieldwork over the past several months has helped it devise a drilling strategy for the area along a major east-west-trending fault shear corridor that extends from the Apollo Project to Winsome Resources’ (ASX:WR1) Adina Project.
This fieldwork outlined some potential targets that could be incorporated into Lithium Universe’s maiden 2024 drilling work.
Chairman Iggy Tan says the company’s fieldwork has set the company up with ‘great interpretation and understanding’ of the geology of the Apollo project.
“The work has been methodical and systematic, which is required to map out a drilling campaign in the new year.”
“The work has been methodical and systematic, which is required to map out a drilling campaign in the new year”
Lithium Universe’s recent fieldwork included a field mapping and sampling campaign primarily focused on ‘high-potential’ areas previously highlighted by KorrAI satellite and airborne magnetic litho-structural interpretations.
The company traversed 666km and collected 209 rock chip samples to cover the majority of its 240km-square Apollo permit and evaluate its potential for lithium-caesium-tantalum (LCT) pegmatites, spodumene mineralisation, and geochemical pathfinders.
Further, the company completed a 300m-by-150m soil sampling program on the northwest and central parts of the Apollo project, collecting 2,220 samples.
Lithium Universe says this work allows its geologists to analyse the concentration of lithium and other elements in the soil to potentially indicate the underlying geology and potential lithium-bearing minerals.
Finally, the company has received analysis results from ALS Laboratories that allow for an updated geological interpretation for the Apollo project, resulting in a greater understanding of key rock types and their extent across the permit.
Lithium Universe had roughly $3 million cash at hand as of 30 September 2023, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Lithium Universe
