Perpetual Resources (ASX:PEC) has flagged ‘significant’ lithium soil anomalies at the Itinga prospect in the Lithium Valley District area of Minas Gerais, Brazil.
The $7 million market capitalisation company says further investigation, including additional ground reconnaissance to identify sub-cropping pegmatites or pegmatitic soils in the anomaly areas, is planned for the coming months.
Perpetual reports the anomalies are in association with outcropping and interpreted subsurface pegmatites and have been uncovered from an initial soil sampling program at Itinga.
Results demonstrate lithium values up to 255 parts per million (ppm) with clearly anomalous values across a ‘broad’ sample area. According to Perpetual, 23 soil samples returned lithium values exceeding 150ppm while another 88 samples returned values exceeding 100ppm.
Additional rock chip results are expected in the coming weeks.
The company notes anomalies correlate with lithologies that are considered favourable for hosting lithium-caesium-tantalum (LCT)-type pegmatites in a proven lithium province.
Perpetual Resources is an ASX-listed explorer and developer focused on opportunities within the critical mineral sector.
The company’s flagship Beharra Project sits 300km north of Perth and 96km south of the port town of Geraldton, Western Australia. Perpetual is also active in lithium exploration activities in the Minas Gerais region of Brazil.
As of 30 September 2023, Perpetual Resources had $2.096 million cash and cash equivalents at hand, according to its latest quarterly reports.
Write to Adam Drought at Mining.com.au
Images: Perpetual Resources
