Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Calidus Resources (CAI) almost doubles the known strike length of lithium pegmatites to 4.3 kilometres at its Spear Hill prospect in WA’s Pilbara region
  • Recently, the company completed further rock chip sampling and mapping through Pirra Lithium, which is 50 per cent owned by Calidus
  • Calidus received assays for 30 rock-chip samples that yielded lithium grades of up to 2.35 per cent lithium oxide and 808 parts per million tantalum
  • The company now plans to lodge a program of work application for a maiden drilling program, with field mapping continuing around Spear Hill
  • Calidus last traded at 82.5 cents per share on June 3

Calidus Resources (CAI) has almost doubled the known strike length of lithium pegmatites to 4.3 kilometres at its Spear Hill prospect in WA’s Pilbara region.

Recently, the company completed further rock chip sampling and mapping through Pirra Lithium, which is 50 per cent owned by Calidus.

Calidus has received assays for 30 rock-chip samples from a newly-discovered pegmatite swarm near the original discovery area. Results yielded lithium grades of up to 2.35 per cent lithium oxide and 808 parts per million tantalum.

The recent mapping and assays have nearly doubled the area of lithium-bearing pegmatites in the Spear Hill area.

“This discovery of another significant pegmatite outcrop in the vicinity of the previously announced results confirms the presence of a significant lithium pegmatite system,” Calidus Managing Director Dave Reeves said.

“These results have provided additional drill targets that demand to be tested.”

The company said it now planned to lodge a program of work application for a maiden drilling program, with field mapping continuing around Spear Hill

Additionally, Calidus flagged plans to emerge Pirra Lithium through an initial public offering later this year.

Calidus last traded at 82.5 cents per share on June 3.

CAI by the numbers
More From The Market Herald
Ballymore Resources (ASX:BMR) - Non Executive Chairman, Nick Jorss

" Ballymore Resources (ASX:BMR) begins drilling in Queensland

Ballymore Resources (ASX:BMR) has begun drilling at the Matthews Pinnacle and Seventy Mile Mount prospects in…
Ballymore Resources (ASX:BMR) - Non Executive Chairman, Nick Jorss

" Ballymore Resources (ASX:BMR) intersects significant assays at Seventy Mile Mount

Ballymore Resources (ASX:BMR) has intersected significant assays in its initial drilling program at the Seventy Mile…

" Ballymore Resources (ASX:BMR) begins stage one drilling at Ruddygore

Ballymore Resources (ASX:BMR) has begun stage one drilling at the Ruddygore Prospect in North Queensland.

" Ballymore Resources (ASX:BMR) confirms displacement of Duffer lode at Dittmer mine, QLD

Ballymore Resources (ASX:BMR) has confirmed through diamond drilling that the historic Duffer lode at its Dittmer…