Minerals 260 (ASX:MI6) has defined a new 5km-long continuous lithium trend defined by regional and infill soil sampling conducted at the Pyramid Hill prospect, within the Aston Project in Western Australia.
The $105.30 million market capitalisation company reports that rock sampling recorded ‘significant’ lithium, up to 0.12% lithium oxide (Li2O), rubidium up to 3,405 parts per million (ppm), and tantalum up to 95ppm tantalum pentoxide (Ta2O5), which suggests a possible lithium-caesium-tantalum (LCT) mineralised trend.
The latest data has returned ‘highly’ anomalous rare earths results of more than 1,000ppm total rare earth oxide (TREO) from multiple locations within the project. Minerals 260 says this requires further investigation, including infill sampling.
The company’s share price had increased 11.11% at $0.50aas of 3:30pm AEST Monday afternoon (4 September).
Commenting on the results, Minerals 260 Chief Executive Officer (CEO) Luke McFadyen says: “The positive results announced today continue to demonstrate our systematic approach to exploration across all our projects.
We will remain disciplined and focused in the way we plan and execute our exploration programs, with our strong balance sheet giving us the ability to accelerate activity when warranted.”
Field reconnaissance and surface sampling will continue across the project, following up recent assay results in addition to newly uncovered targets from recent high-resolution airborne aeromagnetic and radiometric surveys.
At the Moora Project, Minerals 260 is planning to drill test multiple conductive and chargeability anomalies defined from the Dipole-Dipole Induced Polarisation (DDIP) surveys.
Meanwhile at Dingo Rocks, a maiden aircore drill program is set to begin this month, following recent completion of earthworks.
The upcoming program will comprise 130 to 150 holes for 6,000 to 7,000m of drilling, designed to test coincident magnetic and gravity anomalies, which are considered prospective for nickel-copper-gold-platinum group elements.
In addition, the program will assess the potential of the Dingo Rocks Project to host rare earths mineralisation.
Minerals 260 is a Perth-based exploration company focused on its assets including the Moora and Koojan projects, alongside the Aston and Dingo Rocks projects.
As of 30 June 2023, the company had just over $17 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Minerals 260
