Australasian Metals : Further Lithium mineralisation identified at Mt Peake

Further Lithium mineralisation identified at Mt Peake

Highlights

• ● 1.15% Li2O (and 226 ppm Ta) returned from ongoing rock chip sampling program at the Mt Peake Lithium Project

• ● Petrological study confirms Montebrasite, Ferrotantalite and Wodginite

• ● Further mapping, rock chip sampling and an extension to the previously announced soil geochemistry program are planned to locate drill targets

Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to advise that the Company has identified further lithium mineralisation at the Mt Peake Lithium Project, in the Northern Arunta pegmatite province, Northern Territory.

A8G Managing Director Dr Qingtao Zeng commented:

"Our sampling program and mapping is continuing to generate encouraging results and we are greatly increasing our understanding of the different phases of intrusion in this area. Our geologists have identified lithium mineralisation on every sampling survey to date and the latest >1.0% Li2O rock chip sample gives us increasing confidence on the lithium enrichment within our tenements. The high lithium content indicates that the pegmatites in our area have fractionated enough to concentrate up lithium and related elements and there could be several parallel lithium-bearing pegmatite dykes in shallow depth waiting for us to drill."

Outcropping bedrock in the northwest corner of EL32830 is rare due to the dominant alluvial cover, which provides limited access to probe the geology directly. With our ongoing field mapping and sampling surveys, the Company has again confirmed lithium mineralisation in the surface through another sample (MP10127) with 1.15% Li2O and 226 ppm (location is presented in Figure 1). This is consistent with the previously reported JC-001 sample which contained 1.61% Li2O and 223 ppm Ta. MP10127 was taken ~800m to the southeast of JC001. The exact relationship between these two mineralised samples is still unknown due to the limited outcrop and will be a focus of investigation in the near future. All samples to date assay results are listed in the Table 1 of this announcement.

Diamantina Laboratories were engaged for a petrological study on sample MP10127. One of the minerals identified was montebrasite (LiAl(PO4) (OH,F)) a lithium phosphate that is amenable to processing to produce a saleable product.

Figure 1: Location of Sample MP10127 at the northwest corner of EL32830. The interpreted pegmatite bodies in shallow depth by DGPR was coloured in orange. The Inserted map shows the soil sampling program area and rock chip locations.

Figure 2: Montebrasite in thin section of Sample MP10127

Dr Qingtao Zeng	Mr Dan Smith
Managing Director	Joint-Company Secretary
M [phone]	T [phone]

The montebrasite forms a 2cm sized crystal in the centre of the 4x 2.5cm slide area of Sample MP10127. It is flanked by variable concentrations of finer muscovite, apatite, quartz and some fine montebrasite. The montebrasite was identified by optics/ SEM, and confirmed by its XRD pattern, which differs from its polymorph, amblygonite.

The identified micas are seen to form bunches of coarse flakes and have a very high Rb2O content (>3%), yet very low fluorine (0.15%). The mica is colourless macroscopically and in polarized light. Attempts using RI values that separate lepidolite and muscovite were inconclusive. XRD patterns are very similar. SEM scan found a number of grains of ferrotantalite and wodginite.

Next Steps

• • Soil geochemistry will be infilled around the areas of anomalism and will also be extended to the south-east to cover the area sample MP10127 was taken.

• • Rock chip sampling will be ongoing across the project where there is outcrop exposure.

• • Soil and rock chip geochemistry will be combined with the previously conducted Deep Ground Penetrating Radar survey to develop a more complete understanding of the geology and mineralisation.

• • Work has begun on the submission of a Mine Management Plan in order to obtain authorisation under the Mining Management Act (NT) to carry out activities that could lead to significant disturbances. This will enable the company to conduct drilling activities.

This announcement is approved for release by the Board of Directors.

ENDS

For Further Information

Competent Person Statement

The information in this report that relates to Exploration Results is based on, and fairly represents, information and supporting documentation prepared by Graeme Fraser, Non-Executive Director of Australasian Metals Limited (A8G). Mr Fraser is a member of the Australasian Institute of Mining and Metallurgy and he has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Fraser consents to the inclusion in this release of the matters based on the information in the form and context in which they appear. Mr Fraser is a shareholder of A8G.

Sample ID	East	North	Li2O (ppm)	Cs (ppm)	Fe (ppm)	Nb (ppm)	P (ppm)	Rb (ppm)	Sn (ppm)	Ta (ppm)
JC001	307813	7592989	16,080	66.7	3200	25	85600	1975.4	91	223
JC002	306439	7597227	50	5.8	33700	50	900	544.1	-10	3.3
MP10101	307736	7592965	-20	21.6	5400	18	400	299.2	-10	7.1
MP10102	307735	7592965	-20	10.1	3800	5	4400	176.7	-10	0.6
MP10103	307744	7592982	-20	6.5	3800	6	600	262.9	-10	2
MP10104	307956	7593086	-20	0.8	2800	3	-200	36.9	269	-0.1
MP10105	307958	7593085	-20	1	3400	2	400	29.2	-10	0.1
MP10106	307951	7593054	20	11.8	2500	7	-200	218.9	15	3.7
MP10107	307874	7592931	20	8.7	3800	6	300	211.8	-10	2.4
MP10108	307841	7592910	-20	7.6	4100	10	200	204	-10	1.2
MP10109	307955	7592859	-20	6.1	3400	4	300	159.1	-10	0.1
MP10110	308018	7592908	-20	7.7	3200	5	500	222.7	16	1
MP10111	308056	7592909	-20	7	3200	10	-200	192.9	11	4.1
MP10112	307919	7592729	-20	13.4	6600	16	400	250.5	12	9.3
MP10113	308119	7592747	-20	20.4	9900	35	500	226.3	21	17.6
MP10114	308337	7592270	-20	11.3	5800	3	900	242	-10	0.6
MP10115	308270	7592253	-20	12.3	5000	20	-200	235.4	14	4
MP10116	308276	7592378	-20	6.4	4100	8	1200	224.1	13	3.4
MP10117	308372	7592308	-20	16.5	6100	30	800	262.4	22	17.4
MP10118	308569	7592046	-20	0.4	5400	-2	-200	16.1	-10	-0.1
MP10119	306079	7595894	-20	12.6	5700	16	400	334	14	3.3
MP10121	306140	7596471	-20	0.6	3200	11	400	21.5	-10	0.2
MP10122	305515	7595048	90	1.8	24200	12	400	165.4	-10	0.2
MP10123	308531	7592567	-20	23.4	4800	20	600	534.1	16	9.1
MP10124	308576	7592564	-20	23.2	6300	30	800	307.2	76	8.7
MP10125	308721	7592493	-20	11.6	4300	12	600	148.4	45	5
MP10126	308563	7592636	30	68.8	9900	86	400	704.7	499	31.2
MP10127	308603	7592711	11,520	30.3	5500	32	31000	747.3	113	225.7
MPL007-A	308812	7592372	240	27.4	44300	15	800	205.7	36	4.5
MPL007-B	308812	7592372	40	25.3	6700	21	800	428.5	17	4.4
MPL007-C	308812	7592373	-20	7.5	2900	10	600	175.8	18	2.1
MPL007-D	308812	7592373	20	16.8	3100	15	400	357.2	19	3.6
MPL007-E	308812	7592374	40	27.4	5800	34	900	351.8	266	30.2
MPL007-F	308812	7592374	30	14.4	4600	23	200	211.4	44	8.4
MPL007-G	308812	7592375	-20	15.9	3500	21	800	314.8	23	8
MPL008	308816	7593219	-20	27.4	3000	74	1100	463.9	23	125.4
MPL009	308801	7593348	110	28.5	4500	87	1300	754.6	71	21.2
MPL014	309037	7592428	-20	19.8	5100	19	-200	269.6	24	2.8
MPL015	308812	7592418	30	19.4	4100	20	-200	241.5	52	12.7
MPL018.1N	307901	7589618	120	12.8	4800	3	300	197.6	-10	0.3
MPL018.2N	307901	7589618	30	5	13000	10	400	187.9	33	1.4
MPL018.51S	307853	7589575	40	10.1	33800	19	500	374.1	-10	0.5
MPL018.52S	307831	7589564	60	8.3	9500	20	-200	147.9	45	1.1
MPL018.53S	307855	7589503	60	3.9	10000	15	-200	139.1	42	1.2
MPL018.54S	307867	7589368	40	3.7	7500	13	-200	97.9	18	3.3
MPL018.55S	307896	7589448	50	7.5	11700	11	-200	223.1	32	2.1
MPL018.56S	307907	7589504	60	6	9200	16	400	264.5	62	1.2
MPL024	316042	7596469	210	25.5	19000	17	1300	372.6	-10	2.9
MPL050	306689	7592442	50	1.7	82300	7	600	113.2	-10	0.5
MPL051	306539	7592468	30	18.7	12600	13	500	237.5	22	3.3
MPL053	331523	7573401	80	13	43200	21	1400	393.1	-10	1.9
MPL054.1	308047	7592961	-20	0.6	3100	5	500	15.4	-10	6.3
MPL054.2	308047	7592961	70	8.4	5100	9	800	203.4	11	4.4
MPL054.3	308047	7592961	20	2.9	5000	6	-200	140.4	-10	1
MPL056	305789	7596444	40	16.8	8800	21	400	418	18	5.1
MPL057	305899	7596451	80	7.1	5300	10	-200	206.4	-10	3
MPL058	305964	7595913	-20	7.8	3100	2	500	272.2	11	0.8

Table 1: Results of all surface samples taken from the Mt Peake lithium project to date.