Newly-listed Kali Metals Ltd (ASX:KM1) has identified lithium-bearing pegmatites across multiple locations within its Higginsville District tenement holding in Western Australia, with initial rock chip samples returning assays up to 3.69% Li20 at Spargoville, one of eight projects within the portfolio.
The company's preliminary exploration program at Higginsville, completed before its initial public offering (IPO), included a first-pass soil sampling program at Spargoville and at the northern section of Widgiemooltha, another project within the 1,571 square kilometre land holding.
News of the initial discovery has sent the company’s shares as much as 67.62% higher in morning trade to $0.88, extending its strong run since listing on January 8.
Weathered LCT pegmatite identified from the northern Widgiemooltha project area.
Early results
Spodumene was identified in two separate locations at Spargoville’s Flynn-Giles prospect within a large outcropping pegmatite that extends more than 800 metres.
While assay results are still pending, initial rock chip samples taken from outcropping lithium, cesium and tantalum (LCT) pegmatites returned grades greater than 1.0% Li20 across multiple projects.
The standout results at Spargoville include:
- Parker-Grubb Prospect (KCSA049) - 3.69% Li20, 349 parts per million (ppm) tantalum;
- Flynn-Giles Prospect (KCSA037) - 1.63% Li20, 258 ppm tantalum;
- Flynn-Giles Prospect (KCSA030) - 1.24% Li20, 136 ppm tantalum; and
- Green Flame Prospect (KCSA043) - 1.27% Li20, 41 ppm tantalum.
Spargoville Project with LCT pegmatite trends and rock chip sample results.
Meanwhile, at the Mt Henry Project, sampling at the Dave’s Claim Prospect (KCSA039) returned 1.02% Li20.
With this early success, Kali is planning a maiden drilling program of about 10,000 metres at Spargoville, 20 kilometres south of the Mt Marion lithium mine, targeting known spodumene occurrences and outcropping trends in the first half of this year.
The company is also planning geochemical soil sampling programs in the coming months, covering the entire Higginsville Lithium District, including Mt Henry Project’s 8-kilometre-long greenstone strike length that hosts the historical Mt Henry gold mine.
About the company
Kali boasts a massive exploration package across Australia's prime lithium fields.
Its 3,854-square-kilometre exploration tenure is located near existing, emerging and unexplored lithium and critical minerals regions in WA, including the Pilbara and Eastern Yilgarn and the Lachlan Fold Belt in NSW and Victoria.
The company’s highly qualified team is focused on unlocking the potential of its assets in the quest to play a key role in the global clean energy transition.