Forrestania Resources Ltd (ASX:FRS) has jumped more than three-fold on intersecting multiple pegmatites up to 63 metres thick in maiden lithium-focused drilling at the Calypso target within its flagship Forrestania project in Western Australia’s southern Yilgarn region.
The explorer completed a total of 1,968 metres of drilling at the prospect believed to host LCT pegmatites based on soil mapping and historic drilling.
Multiple stacked pegmatites were intercepted in 13 out of the 14 holes drilled.
This has brought a strong response from investors with shares soaring as much as 216% to $0.24 on volume of more than 26 million in the first hour of ASX trading.
Pegmatite intercepts in drill hole FCAR0005 (63 metres of pegmatite from surface) and FCAR0013.
A total of 65 pegmatite intervals were logged across the 13 holes for a cumulative total of 456 metres of logged pegmatite.
Samples will be dispatched to a Perth lab this week, with the results expected in about six weeks.
Chip trays with 63 metres of pegmatite from surface.
“Fantastic” discovery
Forrestania Resources managing director Michael Anderson said: “It’s fantastic to confirm that there are further pegmatites of significant thickness within Forrestania’s tenure.
“Calypso is only about 4.5 kilometres from a known mineralised pegmatite (South Ironcap), so any occurrence of pegmatite within this area is significant to Forrestania.
“Geological and geochemical information gathered from this drilling program will assist with vectoring towards further prospective zones within and surrounding the extensive Calypso pegmatite bodies.”
Forrestania is searching for lithium, gold and nickel in the Forrestania, Southern Cross and Eastern Goldfields regions of Western Australia as well as exploring for lithium in the James Bay region of Quebec, Canada.