Perth-based explorer Minerals 260 (ASX:MI6) has begun a maiden exploration fieldwork program at its recently acquired Aston Project in Western Australia.
The company reports the planned field program is designed to define drill targets through geological reconnaissance including rock chip sampling, a detailed airborne magnetic and radiometric survey over about 50% of the project area, and a grid-based geochemical program comprising about 6,000 samples.
This fieldwork program is expected to take about 6 months to complete.
Minerals 260 says the geological reconnaissance program will initially prioritise the Jameson-Malinda lithium trend, part of which is interpreted to trend through the northern part of the project. This trend was defined by Delta Lithium (ASX:DLI).
Exploration by Delta recorded ‘significant’ spodumene-related lithium mineralisation, striking up to 29m @ 1.4% Li2O from 121m at the Malinda prospect and up to 4.2% Li2O in rock chips at the Jameson prospect. These prospects are about 20km apart.
Additionally, Minerals 260 reports government mapping has recorded numerous pegmatites and tantalum occurrences within the region, including at the Aston Project. The company says this is interpreted to enhance the lithium prospectivity of the region given that most of the ‘significant’ pegmatite-hosted lithium developments in Australia were previously exploited for tantalum.
Historic exploration at Aston included extensive stream and localised soil surveys, but Minerals 260 says only a limited number of the samples were assayed for lithium and rare earth elements (REE). The company reports its proposed geochemical program is designed to provide litho-geochemical data that will lead to infill sampling and the definition of drill targets.
Minerals 260 reports magnetic data from the current airborne geophysical survey will be merged with radiometric data acquired from White Cliff Minerals (ASX:WCN) and assessed for signatures that possibly indicate carbonatite intrusions prospective for REE mineralisation. The company expects the airborne geophysical survey will take 4 weeks to complete.
Commenting on the exploration, Minerals 260 Managing Director David Richards says: “Given that we have worked hard to acquire a large land position in the highly prospective Gascoyne Province, we are excited to get on the ground and start our targeted exploration program.
“Given that we have worked hard to acquire a large land position in the highly prospective Gascoyne Province, we are excited to get on the ground and start our targeted exploration program”
We look forward to updating the market with additional news as soon as possible.”
Minerals 260 says its ‘strong’ cash position of about $18.6 million on 31 March 2023 ensures it can quickly progress exploration on the Gascoyne tenure while maintaining momentum at its other key assets, including the Moora/Koojan Project in the Julimar region of southwest Western Australia.
The Aston Project lies about 230km east of Carnarvon and was acquired by Minerals 260 earlier this year through the purchase of 2 separate tenement packages from ASX-listed explorers eMetals (ASX:EMT) and White Cliff Minerals on 7 March and 27 March 2023, respectively.
The project comprises 13 contiguous exploration licences covering an area of about 1,700km-square.
Historically, the Gascoyne region has been explored for gold, base metals, tungsten, and uranium. However, Minerals 260 says recent exploration by neighbouring tenement holders has highlighted the region’s prospectivity for both hard rock-hosted lithium and REE deposits.
Minerals 260 is a Perth-based exploration company created to contain the non-lithium assets of Liontown Resources (ASX:LTR), including the Moora and Koojan projects in Western Australia. Along with Aston, the company also holds the Dingo Rocks Project in the Albany-Fraser Orogen proximal to the southeast margin of the Yilgarn Craton.
Images: Minerals 260 Ltd
