🔴 LIVE: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Aurumin gets diamond bit spinning in lithium quest at Mt Palmer

Published 27/06/2023, 11:50 am
© Reuters.  Aurumin gets diamond bit spinning in lithium quest at Mt Palmer
XAU/USD
-
GC
-

Aurumin Ltd (ASX:AUN) has kicked off a diamond drilling program targeting lithium-bearing pegmatites at Mt Palmer Project, 40 kilometres southeast of Southern Cross in Western Australia.

During sampling, the company logged pegmatites up to 40 metres thick from proximal historical drilling targeting gold.

Aurumin's holes will focus on geochemical multi-element anomalism with lithium results up to 146ppm and tantalum results up to 391ppm.

What's more, the company’s drill program is funded by the Western Australian Government’s Exploration Incentive Scheme (EIS).

“Great potential”

Aurumin managing director Brad Valiukas said: “Mt Palmer is prospective for lithium mineralisation and shows great potential, remaining unfinished business for the company since we announced results from orientation drilling in June last year.

“The EIS funding results from a competitive process and is excellent recognition of the lithium potential at Mt Palmer and the work completed to date.

“We are excited to be drilling these holes and look forward to the results and updating the market.”

About Mt Palmer

Mt Palmer is a small high-grade historical mining complex that was last commercially mined in 1944.

Given its proximity to Wesfarmer’s Mt Holland Lithium Project, the project is also prospective for lithium mineralisation.

Mt Holland held 94.2 million tonnes of proven and probable reserves grading 1.5% lithium as of December 2018, offering a projected output of 45,254 tonnes of battery-grade lithium hydroxide over 47 years of estimated project life.

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.