Perpetual Resources (ASX:PEC) has launched a second reconnaissance trip at its Itinga prospect in the prolific lithium valley region of Minas Gerais, Brazil.
The $9.45 million market capitalisation company says the reconnaissance visit will include a widespread mapping and sampling campaign, as well as geochemical analysis using an in-field portable x-ray fluorescence (pXRF) unit.
This will play a pivotal role in defining anomalous signatures and support in delineating between known pegmatite outcrops.
Soil samples will also be re-sampled under the oversight of Portable Spectral Services upon return to Australia for thorough confirmation.
Perpetual notes that the timing of this second reconnaissance trip is planned to broadly coincide with the receipt of assays from recent rock chip analysis undertaken, which is expected within the next 2 weeks.
Exploration Manager Allan Stephens says the initial site visit confirmed the presence of key ingredients in the recently acquired exploration permits, surpassing the company’s expectations of the pegmatites spread across the prospect areas.
“We eagerly await the results of the rock chip analysis to determine the presence of mineralisation and pathfinder elements and to assist in guiding our exploration team to areas of higher lithium anomalism. Our clear intent with this trip is to deliver tangible data to advance our strategy.”
Subsequent to today’s (1 December) announcement, Perpetual’s share price had climbed 33.33% at $0.016 as of 2:45pm AEDT.
As with the company’s initial reconnaissance site visit, local-in-country geologists will accompany the fieldwork efforts with the aim of further using their ‘strong’ local expertise to enhance Perpetual’s detailed understanding of the geological environment.
Perpetual Resources is a critical minerals explorer and developer with assets in Western Australia and the Minas Gerais region of Brazil.
As of 30 September 2023, the company had $2.096 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Perpetual Resources