Pantoro Ltd (ASX:PNR) and its joint venture (JV) partners Mineral Resources Ltd (ASX:MIN) (MinRes) and Tulla Resources Plc (ASX:TUL) have unearthed high-grade lithium results in the first phase of drilling at Buldania Lithium Project, confirming the pegmatite formations on the tenure are prospective for lithium and tantalum.
The drilling was completed by MinRes as part of a JV earn-in for the Norseman Lithium Project, consisting of 8,000 metres targeted at a 1.6-kilometre lithium-prospective strike revealed in rock chip sampling of outcropping pegmatites.
This is the first drilling campaign of its nature on the tenure, which previously had been untested for lithium potential.
Results of note include (tantalum results in parts per million):
- 9 metres at 1.26% lithium and 151ppm tantalum from 30 metres;
- 8 metres at 1.10% lithium and 118 ppm tantalum from 53 metres;
- 6 metres at 1.02% lithium and 103 ppm tantalum from 64 metres;
- 6 metres at 1.03% lithium and 146 ppm tantalum from 39 metres;
- 2 metres at 1.79% lithium and 202 ppm tantalum from 42 metres;
- 3 metres at 1.47% lithium and 125 ppm tantalum from 134 metres;
- 3 metres at 1.24% lithium and 248 ppm tantalum from 64 metres; and,
- 3 metres at 1.23% lithium and 143 ppm tantalum from 62 metres.
“Great potential for Pantoro stakeholders”
MinRes has advised it intends to continue exploration at Buldania with a work program including additional drilling, auger soil sampling over the full prospective area of the project, aerial geophysical surveys and flora and fauna surveys.
“The first-pass drilling results by MinRes are a great start to the Norseman Lithium JV,” Pantoro managing director Paul Cmrlec said.
“MinRes’s rapid advancement of the Buldania project provides great potential for Pantoro stakeholders.
“MinRes is responsible for all costs associated with the Norseman Lithium JV until a saleable concentrate is produced from a purpose-built processing plant and mining operation.”
The terms of the Norseman Lithium JV between Pantoro and MinRes are:
- MinRes to complete a minimum of $500,000 expenditure within six months (completed).
- MinRes to spend a further $2.5 million within 18 months (in progress).
- MinRes to complete a feasibility study including definition of a JORC-compliant resource within 24 months to earn 25% of the lithium rights within the Norseman Gold Project tenure.
- MinRes to earn a further 40% of the lithium rights (for a total 65% ownership) by funding the project until first production.
- Pantoro and Tulla (jointly or independently) have the right to buy back in to increase their ownership in the joint venture to a combined 49.9%.