- Australasian Gold (A8G) applies for an exploration licence within a prospective pegmatite province in the Northern Territory
- The tenement covers more than 640 square kilometres and borders fellow ASX-lister, Core Lithium’s (CXO) Anningie Project
- This licence is in the Anningie tin-tantalum-pegmatite fields which is believed to be highly prospective for hard rock lithium mineralisation
- Managing Director Qingtao Zeng says the company is fortunate to be able to peg free land in the Northern Territory to conduct lithium exploration
- A8G’s shares are up 22.2 per cent to trade at 16.5 cents at 2:18 pm AEST
Australasian Gold (A8G) has applied for an exploration licence in a prospective pegmatite province in the Northern Territory.
The materials stock lodged an application for EL32830 to the Northern Territory Department of Industry, Tourism and Trade.
The tenement covers more than 640 square kilometres and borders Core Lithium’s (CXO) Anningie Project. The tenement is within the Anningie tin-tantalum-pegmatite fields in the north Arunta region and this area is believed to be highly prospective for hard rock lithium mineralisation.
What’s more, there is a known tin and tantalum-bearing pegmatite at the Reward tin prospect which is just three kilometres north of the ELA 32830. Previous geochemical analysis from the Reward prospect returned assays of up to 747 parts per million lithium.
Managing Director Qingtao Zeng was pleased to have submitted this application at a time when there’s great demand for spodumene concentrate.
“Spodumene concentrate price opens up a new space for lithium-bearing pegmatite exploration,” Dr Zeng said. “That is where we see the opportunities. The company is fortunate to be able to peg free land in the Northern Territory to conduct exploration for lithium.
“Given the vast land holding we have and preliminary lithium mineralisation indication in the area, we are extremely excited about the forthcoming field mapping campaign.”
Australasian Gold plans to conduct field reconnaissance and geological mapping at the Mount Peake pegmatite field after it explores innovative ways to narrow down a pegmatite outcrop which could potentially host lithium mineralisation.
Company shares were up 22.2 per cent to trade at 16.5 cents at 2:18 pm AEST.