Accelerate Resources (ASX:AX8) is nearing the start of a maiden drilling program scheduled for early Q2 2024 at its newly discovered Prinsep Lithium Project in Western Australia.
The $14.92 million market capitalisation company says it is actively engaging with the traditional owners to finalise a native title agreement and to confirm heritage and ethnographic survey data.
The company notes discussions are going well, with the agreement expected to be executed in the coming weeks.
A program of works for the maiden drilling has been submitted to the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) for approval while consumables and infrastructure are sourced to ensure rapid drill rig deployment once all permitting requirements have been completed.
Accelerate also today (15 February 2024) reports additional rock chip sampling along strike of the northern pegmatite zone has extended a lithium mineralisation trend to 1.5km, with assays up to 1.51% lithium oxide (Li2O).
Sampling also demonstrates a continuously mineralised 60m wide pegmatite outcrop over 650m in length in the northern pegmatite zone with assays up to 1.68% Li2O.
Chief Executive Officer (CEO) Luke Meter says: “We continue to be excited by the high-grade lithium results from our recently completed sampling activities at the Prinsep Project, which is located in the Karratha-Roebourne hard-rock lithium belt that also hosts Azure Minerals’ (ASX: AZS) Andover lithium discovery.
Results from the 4 north-south rock chip sample traverses over the Prinsep northern pegmatite, as well as extensional sampling, have now extended the known mineralisation at Prinsep beyond 1,500m.
Importantly, these latest assays continue to clearly demonstrate the continuity and potential scale of the Prinsep Lithium discovery in the West Pilbara, which gives us great confidence and momentum as we advance towards our maiden drilling program scheduled for early Q2 this year.”
Prinsep is a drill ready exploration project sitting about 15km south of the regional service centre of Karratha and 35km west of Azure’s Andover Lithium discovery currently subject to a $1.7 billion takeover offer by Sociedad Química y Minera de Chile (SQM) and Gina Rinehart’s Hancock Prospecting.
Accelerate Resources is an explorer committed to advancing its strategic portfolio of lithium, gold, and manganese assets in Western Australia.
As of February 2024, Accelerate Resources had $2.9 million cash at hand, according to its latest company presentation at this year’s RIU Explorers Conference.
Write to Adam Drought at Mining.com.au
Images: Accelerate Resources
