Premier1 Lithium (ASX:PLC) is conducting a strategic review for its current portfolio to define follow-up exploration targets at the Abbotts North, Montague, and Yalgoo lithium projects in Western Australia.
The review will also be focusing on complementary exploration potential outside of lithium to prioritise expenditures in the current subdued lithium market.
While lithium remains a key focus, Premier1 says there remains considerable potential for gold and copper within its existing exploration portfolio.
Managing Director Jason Froud says early indications from an internal review of the tenure are “encouraging” for gold and potentially copper.
“This allows us to maintain a parallel focus on multiple commodities over our existing projects whilst the lithium market remains weak,” he says.
“The company’s long-term view of lithium remains positive and we continue seeking further transactional opportunities to strengthen our portfolio.”
Following the completion of the first phase of fieldwork at Abbotts North, Yalgoo, and Montague projects, the company is analysing all data, including historic intercepts of pegmatites for interpretation and follow-up exploration targeting.
All of the collected data includes multielement analysis that allows for the review of other commodities at Abbotts North, Yalgoo, Mt Magnet North, and Boodanoo.
As part of the review, Premier1 has withdrawn from the Gecko North Project. The target, which lies in the southwest and was previously tested, returned no lithium or pegmatites.
Meanwhile, at the Moonera Project, four holes were funded and completed, with the deepest hole drilled over 500m with no holes reaching the basement anomaly. As a result, the company also withdrew from this project.
Premier1 Lithium is focused on tapping into Western Australia’s mineral resources potential. The company is primarily focused on exploration for lithium.
Write to Aaliyah Rogan at Mining.com.au
Images: Premier1 Lithium
