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Preparing to embark on phase-three drilling at its Bynoe lithium project in the Northern Territory, pure lithium-play explorer Lithium Plus Minerals (LPM) is keen to cash in on a region home to hundreds of historically known yet untested pegmatites.

The company’s flagship asset, Bynoe, is located on the Cox Peninsula, around 45 kilometres south of Darwin and adjacent to Core Lithium’s (CXO) Finniss operation — boasting a mineral resource of 30.6 million tonnes at 1.31 per cent lithium oxide.

Lithium Plus has 22 tenements across the NT it believes have excellent exploration potential to generate new targets and new lithium-hosted discoveries.

The explorer’s projects are broken down into five projects: Bynoe, Wingate, Barrow Creek, Spotted Wonder and Moonlight.

In recent times, the company has made significant exploration progress at Bynoe, making the most of its more than 1690 square kilometres of total tenure in the NT.

LPM has identified a range of drill-ready targets across its Lei, SW Cai, Cal and Perseverance prospects, all located within the company’s flagship project.

Lithium Plus hits new pegmatites at Bynoe

Lithium Plus said the Bynoe region was known to host pegmatites clustered in linear swarms ranging in surface area from a few square metres up to hundreds of square metres.

In a bid to fast-track and cost-effectively screen the broad prospect areas and identify pegmatite targets, LPM carried out reconnaissance mapping of pegmatite float trails.

In April 2023, Lithium Plus reported it struck new pegmatite systems across its Bynoe project, receiving results from 3700 geochemistry samples taken across its Lei, Perseverance, Jennys, and Jewellers prospects.

LPM said the program was highly successful in defining numerous pegmatite targets with associated pathfinder elements.

The company used the sample results to inform and shift its focus toward a phase three drilling program at the newly defined Kings Landing area.

Drilling to commence at Kings Landing

The Kings Landing area, according to LPM, is host to a number of large known drill-ready pegmatite bodies and systems correlating strongly with lithium enrichment identified in soil samples.

The phase three drilling program includes a planned 5000 metres of rotary air blast (RAB) drilling to better define and test the newly mapped targets and to uncover fresh pegmatites in preparation for a follow-up dual RC and diamond drilling.

Also included in the drilling program is 3000 metres of diamond drilling and 10,000 metres of reverse circulation drilling, beginning at its Lei prospect.

Infill and extensional drilling is planned for Lei, with drilling to target the extension in depth and along-strike of Lei pegmatites, forming part of resource definition drilling.

The team at LPM believes there is a strong possibility to delineate a maiden high-grade lithium resource at Lei, where 2022 drilling intersected high-grade mineralisation, including 28.3 metres at 1.6 per cent lithium oxide from 264.7 metres.

Following this, the company will begin maiden diamond drilling at the Perseverance prospect, targeting lithium-bearing pegmatites identified in Q4 2022.

LPM confirmed drill pad and site access preparation works have started following the conclusion of the Darwin wet season.

The company has called on DDH1 as the drilling contractor, scheduled to mobilise in the coming weeks.

LPM makes the most of surging lithium demand

Lithium Plus believes that it’s equipped with a focused, experienced team on hand aimed to benefit from a healthy cash balance at the March quarter end of $5.03 million to further develop its projects.

Because its efforts involve the right commodity at the right time.

Lithium demand is and has been soaring for some time now, expected to continue growing rapidly due to the increasing demand for electric vehicles (EVs) and the popularisation of renewable energy.

Lithium is a key raw material for batteries, and as a result, lithium has become the most sought-after mineral.

Market research provider Statista reported the global demand for lithium was expected to surpass two million metric tonnes of lithium carbonate equivalent in 2030 — more than doubling the demand forecast for 2025.

LPM has seen this demand first-hand, securing a strategic cornerstone investment from leading battery developer and manufacturer CATL.

Upon its IPO, Suzhou CATH Energy Technologies invested a 9 per cent equity interest, which is jointly owned by CATL and Mr Pei Zhenhua. CATL is the world’s largest EV battery manufacturer, while Mr Pei is a significant investor in Yibin Tianyi lithium industry – one of China’s largest lithium converters.

With a sole focus on lithium exploration, LPM believes it’s in a strong position to cash in on the right commodity for the world’s transition to electric vehicles.

LPM by the numbers
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