Lodestar Minerals (ASX:LSR) and joint venture partner Future Battery Minerals (ASX:FBM) have delivered multiple thick ‘high-grade’ lithium assays from a phase two RC drilling at the Kangaroo Hills Lithium Project.
The company reports these results indicate thick and shallow ‘high-grade’ lithium mineralisation within an outcropping spodumene bearing pegmatite, which so far has been identified as 200m wide, up to 30m in thickness and at least 300m in length remaining open along strike.
Speaking to Mining.com.au, Lodestar Managing Director Ed Turner says these results support the presence of a ‘significant’ lithium discovery at the KHLP, which has potential to prove up an economic resource at the project.
The MD tells this news service the results also bring both parties one step closer to defining an initial resource at the project within the next 3-5 months, in order to achieve a goal of reaching the mining stage.
“We believe Future Battery Minerals has made a significant lithium discovery at Kangaroo Hills. What’s really interesting and impressive, is the really good thickness is up to 29m at 1.36% lithium oxide in flat lying pegmatite, and they haven’t closed off the mineralisation yet, so they’ve only done two phases of drilling and now doing the first diamond core drilling. They’ve made really good progress in a short period of time and we’re very happy to be a joint venture partner in the project.
“We believe Future Battery Minerals has made a significant lithium discovery at Kangaroo Hills”
With the progress they’re making and with the simplicity of the geometry of the mineralised pegmatite, they could potentially do another one or two rounds of infill drilling to prove up the initial resource in the next three or four or five months, I think. They have to do metallurgical testwork and things like that, but to prove up the initial resource, that can be done really quite quickly.”
Turner also notes this milestone in exploration at KHLP has gotten the attention of other mining companies within the region.
“With the feedback we’re getting from the brokers and from investors, people are watching and watching closely and you’ll see there’s quite a lot of activity and even consolidation within the industry already with other companies like Essential Metals (ASX:ESS), who perked up a resource and now had some takeover offers proposed to them.”
Meanwhile, Turner reports these results have been returned in conjunction with planned exploration programs at the company’s wholly owned Earaheedy Project in Western Australia.
The MD adds this project will be the focus of exploration for the remainder of the year, with soil sampling and heritage surveys expected to be conducted later in May ahead of an inaugural 5,000m aircore (AC) drilling program, which has been designed to test base metal targets in the area.
“We’re just about to kick off our exploration programmes at the Earaheedy project, which will be the focus of exploration for the remainder of the year. We’re heading up there next week to do some soil sampling, followed quickly after that by a heritage survey, which we need to do before our inaugural 5000 metres of aircore drilling that’s testing our base metal targets in that area basin, so that’s potential for copper and gold, but also for lead, zinc and silver.”
With exploration still ongoing at the KHLP, Ed Turner announces that the upcoming soil sampling and heritage surveys at Earaheedy are scheduled to be completed in the next 2 weeks, with AC drilling expected to begin immediately after.
Lodestar Minerals is an ASX-listed base metal, lithium, and gold exploration company with a portfolio of wholly owned projects, as well as a current JV project alongside Future Battery Minerals. The KHLP represents a JV between both parties, with Future Battery Minerals holding the majority 80% interest in the project, and Lodestar retaining the minority 20% interest.
The project is considered prospective for lithium mineralisation and is located in close proximity to the Mt Marion deposit owned by Mineral Resources (ASX:MIN).
The company’s Earaheedy project represents its “number one” project and is considered prospective for copper and gold mineralisation, as well as lead, zinc, and silver. The project’s footprint has recently been increased to 1,300km-square, as announced by the company last week (28 April 2023), and is believed to have tier one base metal potential.
Images: Future Battery Minerals Ltd
