Accelerate Resources Ltd (ASX:AX8) has completed a high-resolution aerial imagery and digital elevation survey to help identify new lithium-bearing pegmatites across the Prinsep Lithium Project, which is part of the newly acquired Karratha Lithium projects.
The company will integrate the enhanced imagery and digital terrain model (DTM) to construct a 3D map view to help with lithological and structural mapping, delineation of pegmatite outcrops and optimisation of drill targeting.
Detailed mapping and sampling campaign
Accelerate is now set to commence a detailed mapping and follow-up sampling campaign, based on the high resolution imagery. This will be to define in detail the extents of lithium-bearing pegmatites along the Prinsep north and south trends.
The potential size and continuity of mineralisation of each target will be assessed in anticipation of a maiden shallow drilling program. Following a program of works approval and any heritage clearance approvals, the company intends to commence drilling as soon as possible.
Accelerate also plans to map the wider Mt Sholl, Mt Sholl East and Roebourne South Projects for prospective geology and sample where pegmatites are identified. These projects have never been systematically explored or drilled for lithium, yet — along with Prinsep — they lie within the highly prospective and active Roebourne-Karratha lithium corridor, which hosts Azure Minerals Ltd (ASX:AZS, OTC:AZRMF)’s recently discovered Andover Lithium Deposit.
Karratha Lithium Projects location map.
Leadership changes
The company also announced today that Kevin Joyce has joined the exploration team as project manager leading the exploration on the Karratha Lithium Projects.
Joyce is a geologist with more than 25 years of experience in the resources industry including the discovery of Leo Lithium Ltd (ASX:LLL, OTC:LLLAF)’s world-class Goulamina Lithium Deposit in Mali that now has a globally significant lithium resource of 211 million tonnes at 1.37% lithium oxide.
Meanwhile, due to the company’s strategic change in focus, Steve Bodon will transition back to non-executive director from executive director-technical from 1 January 2024. He will continue to provide guidance to the technical team and provide support to the company going forward.
Revised acquisition terms to preserve cash
The company also informed the market of revisions to the key terms of the acquisition of Mt Sholl Holdings Pty Ltd, including the Prinsep Lithium Project and the Mt Sholl Project. Mt Sholl shareholders are now to receive securities instead of cash consideration, which will preserve up to $600,000 cash to boost Accelerate’s exploration budget.