The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • 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 Online
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…