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- Junior explorer Australasian Metals (A8G) is officially granted an exploration licence for its Mt Peake lithium project by the Northern Territory Mines Department
- The licence covers a prospective region in the NT’s Northern Arunta pegmatite province and follows a soil geochemical sampling program in the area
- A8G Managing Director Qingtao Zeng says exploration licence will allow the company to be more aggressive in its on-ground exploration of the Mt Peake area
- The company says the results of the Mt Peake sampling program have outlined several potential targets for further work in the area
- Shares in Australasian Metals are up 6.86 per cent to 54 cents each at 2:09 pm AEDT
Junior explorer Australasian Metals (A8G) has officially been granted an exploration licence for its Mt Peake lithium project by the Northern Territory Mines Department.
The company said the licence covers a prospective region in the NT’s Northern Arunta pegmatite province. Today’s news comes not long after A8G completed a soil geochemical sampling program in the northwestern corner of the exploration licence area.
Australasian Metals Managing Director Qingtao Zeng said the granting of the exploration licence would allow the company to be more aggressive in its on-ground exploration of the Mt Peake area.
“The soil sampling program successfully identified the northwest striking structures which are consistent with the deep ground penetrating radar (DGPR) interpretation,” Dr Zeng said.
“This gives us added confidence in our exploration strategy in identifying potentially mineralised pegmatites, and helps to firm up our future drilling targets.”
Looking ahead, A8G said the results of the Mt Peake sampling program had outlined several potential targets for further work in the area.
As such, the company’s next steps are to extend the program to the southeast and to conduct infill sampling to follow up on areas of interest from the first phase of sampling work.
With assays from rock chip samples at the project still on the way, A8G said the results could significantly improve its geological understanding of lithium mineralisation in the Mt Peake area.
Shares in Australasian Metals ended the day 3.92 per cent in the green to close at 53 cents.
