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Australasian Gold (ASX:A8G) - Managing Director, Qingtao Zeng
Managing Director, Qingtao Zeng
Source: Australasian Gold
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  • Australasian Gold (A8G) shares have jumped this morning after the company discovered high-grade lithium at its Mt Peake Project in the Northern Territory
  • Rock chip samples returned lithium mineralisation of up to 1.61 per cent lithium oxide
  • Australasian believes there is an area between its sample area, JC001, and Core Lithium’s (CXO) discovery to be highly prospective for lithium mineralisation
  • Managing Director Qingtao Zeng says “the next six months will be exciting for A8G”
  • On the market, Australasian was up 19.2 per cent and is trading at 77.5 cents per share

Australasian Gold (A8G) shares have jumped this morning after the company discovered high-grade lithium at its Mt Peake Project in the Northern Territory.

Rock chip samples from ELA 32830 returned high grade lithium mineralisation of up to 1.61 per cent lithium oxide and 223 parts per million tantalum within outcropping pegmatites.

This find comes less than three months after A8G applied for the tenement.

Australasian believes there is an area between its sample area, JC001, and Core Lithium’s (CXO) discovery that is highly prospective for lithium mineralisation.

“It was great to be out in the field with the exploration team as part of the mapping and
sampling program that led to the discovery of high-grade lithium mineralisation at our Mt Peake lithium project,” Managing Director Qingtao Zeng said.

“While it is only one high grade sample for now, it proves that the area holds significant potential for the identification of further lithium bearing pegmatites. Importantly, only one sample (JC001) was taken from the patchy outcropping pegmatite which could be traced over 250 metres in length and open both northwest and southeast.

“The next six months will be exciting for A8G as we are well funded to accelerate exploration and commence maiden drilling,” he concluded.

A follow up program is currently being planned and will focus on the area sample JC001 was taken from.

On the market, Australasian Gold was up 19.2 per cent and is trading at 77.5 cents per share at 10:28 am AEDT.

A8G by the numbers
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