During the September quarter, Premier1 Lithium Ltd (ASX:PLC) continued to forge ahead with its gold and copper exploration activities across key project areas, particularly in the Yalgoo project in Western Australia.
Yalgoo emerges
The Yalgoo project in particular, which lies within the Yalgoo-Singleton Greenstone Belt, emerged as a strategic priority for Premier1 during the reporting period.
The 220 square kilometre project hosts over 25 kilometres of untested mineralised shear zones. Historical drill data points to high-grade gold intercepts, including 5 metres at 5.1 g/t gold and 10 metres at 6.4 g/t gold, yet much of the area remains underexplored at depth and along strike.
Current exploration efforts focus on extending mineralisation at existing prospects, such as Olive Queen, Crescent and Cumberland, through geophysical surveys, geochemical sampling and a 3,000-metre reverse circulation (RC) drill program.
With the project benefiting from proximity to established infrastructure and processing facilities, Yalgoo is eyeing the potential for near-term development.
Premier1 also moved forward with its Abbotts North Project, positioned along strike from Ora Gold’s Crown Prince deposit, which recently reported high-grade gold intersections.
The company plans to initiate ground exploration at Abbotts North in November, aiming to test splays off the Abernathy Shear.
Meanwhile, the Mt Magnet North Project, 20 kilometres north of the Mt Magnet gold mine, has shown encouraging results with recent intercepts, including 8 metres at 1.98 g/t gold from surface and 14 metres at 1.55 g/t gold from 122 metres.
Exploration is ongoing to assess the project’s potential for an intrusion-related gold system.
In addition to gold and copper, Premier1 maintains a strong interest in lithium exploration.
The Montague Project, featuring highly fractionated pegmatites adjacent to fertile granite, is under preliminary analysis for lithium potential, with further exploration set to follow pending regulatory approvals.
Corporate activities
Premier1 spent A$182,000 on exploration activities this quarter, including mapping, sampling, and project management.
Following a strategic review, the company withdrew from the Yalgoo West project.
Premier1 is also finalising its FY2024 tax return, anticipated to include a research and development tax incentive of around $470,000.
In other corporate news, non-executive director Richard Taylor retired from the Board on 23 October 2024.
The company remains well-positioned for future growth, supported by diversified exploration assets and substantial backing from Deutsche Rohstoff, its major shareholder.