Westar Resources (ASX:WSR) has completed negotiations to obtain a 100% interest in new tenure in order to expand its Olga Rocks Lithium-Gold Project in Western Australia.
The company says this new tenement (P77/4070) is situated adjacent to the Olga Rocks project and complements the existing tenements holding. This ground is also located along strike of the north-northwest trending interpreted central and western pegmatite zone within the southern tenure and is considered prospective for gold, rare metals, and lithium.
Westar Resources notes historical rotary air blast (RAB) drilling conducted on the tenement identified multiple shallow pegmatite intercepts along strike of the interpreted central pegmatite zone, which ‘significantly’ builds on the interpreted western pegmatite zone.
The company describes these intercepts as ‘highly encouraging’, and also ‘significantly’ increases the potential strike length of the lithium-caesium-tantalum (LCT) type pegmatites interpreted in the southern portion of Olga Rocks.
It is reported this tenure will be included in the exploration drilling currently being planned to test the lithium mineralisation within the interpreted LCT pegmatite swarm identified.
Key terms of the transaction include Westar paying $5,000 in cash and issuing 500,000 fully paid ordinary shares to the vendors.
Speaking on the expansion of the Olga Rocks Project, Westar Resources Managing Director Karl Jupp says: “Although early days for the Olga Rocks project, the pegmatite story is building rapidly with historical drilling indicating substantial thickness and strike extent of the central pegmatite zone and rock-chips indicating LCT-style fractionated pegmatites.
“Although early days for the Olga Rocks project, the pegmatite story is building rapidly…”
We know we’re in the right district with ASX listed neighbours Zenith Minerals and Xantippe having recent lithium exploration success and the world-class Covalent Lithium Project at Mt Holland is approximately 40km away within the same Southern Cross-Forrestania Greenstone Belt. With the current lithium focus we haven’t even begun to evaluate the gold potential of the project either, which from historical intercepts and the number of workings is extremely encouraging.”
The company also notes intercepts and rock chips taken from drilling extends the interpreted western trend up to 3km in strike length, highlighting the exploration potential throughout the Olga Rocks project.
Meanwhile, the completion of negotiations comes following the announcement of ‘significant’ lithium bearing pegmatites encountered in drilling within the immediate project region by ASX-listed neighbours Zenith Minerals (ASX:ZNC) and Xantippe Resources (ASX:XTC).
The discovery was made at the ‘world-class’ Covalent Lithium Project at Mt Holland, about 40km away within the same Southern Cross-Forrestania Greenstone Belt.
With negotiations to acquire the new tenements now complete, Westar Resources announces other planned exploration activities include mapping and rock chip sampling, as well as an assessment of the western Parker Dome tenement for LCT pegmatite potential.
Westar Resources is an ASX-listed Perth-based mineral exploration company focused on discovering and developing ‘high quality’ precious and future metal assets in Western Australia. The company’s Olga Rocks project is located within an emerging Forrestania lithium district which is host to the developing Covalent Lithium project, which currently has a mineral resource of 189 million tonnes (Mt) @ 1.50% Li2O.
Olga Rocks has potential to further enhance the Tier 1 lithium potential of the district with further exploration success.
Other assets included in the company’s exploration arsenal are strategically located in the highly prospective Pilbara, Murchison, and Yilgarn regions of WA.
Images: Westar Resources Ltd & iStock
