LIONTOWN RESOURCES LIMITED ASX : LTR
ABN 39 118 153 825
Liontown Resources Limited (ASX: LTR) is pleased to advise that it has successfully intersected high-grade lithium and tantalum mineralisation in its initial trenching program at the recently acquired Mohanga Lithium- Tantalum Project in central Tanzania, East Africa (Figure 1).
The results confirm the potential of the project to host significant lithium mineralisation and have given Liontown confidence to progress exploration activities, particularly considering the fact that the initial trenching was undertaken at just four prospect areas.
The Mohanga Project, which Liontown acquired last year, contains a number of historical pegmatite-hosted lithium occurrences, the only reported in Tanzania, and has had no modern exploration for strategic or other metals.
Better results from the trenching program include:
(See Appendix 1 for full listing of trench statistics and significant results)
MOHTR001 and MOHTR002 are located at the Ipata prospect (Figure 2) and the intersections are interpreted to define a continuous zone (Figure 3) which is open along strike and at depth. MOHTR007 is the only trench excavated at the Tresor prospect (Figures 2 and 4) and the mineralised zone is open.
The lithium mineralisation at Ipata is largely contained within lepidolite, a mineral which is commonly associated with other lithium-bearing minerals like spodumene in pegmatite ore bodies elsewhere in the world.
Given the extent of the mapped pegmatite field and the largely unexplored status of the 177km2 Mohanga Project area, which is underlain by an Archaean greenstone belt, Liontown is highly encouraged by these early trench results.
The next phase of work will be designed to define lithium and/or tantalum trends that warrant drill testing with a particular emphasis on identifying spodumene mineralisation, a primary hard rock source of lithium globally.
Upcoming work will comprise:
Detailed geochemical and geological surveys;
Further trenching; and
Acquisition, processing and interpretation of recent government airborne magnetic and radiometric data.
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Liontown's Chairman, Mr Tim Goyder, said the Company was pleased with the results of its initial exploration program at Mohanga, which had confirmed the presence of significant lithium and tantalum mineralisation and provided a clear forward pathway for exploration.
"The mineralisation tested so far is largely hosted in lepidolite, which typically occurs in close proximity to spodumene within pegmatite bodies. Our ongoing exploration efforts will therefore be focused on identifying areas where spodumene is the dominant lithium-bearing mineral.
"Given the scale and unexplored nature of the Mohanga Project - and the extremely favourable investment climate globally towards potential new lithium projects - we plan to accelerate exploration activities over the coming weeks to establish the commercial merits of this project as soon as possible.
"The favourable outlook for lithium has been highlighted in a number of new research reports and expert commentary released over the Christmas/New Year period on the enormous growth potential of the lithium-ion battery sector, giving us confidence that this is a potentially valuable project to pursue on behalf of our shareholders."
DAVID RICHARDS
Managing Director 25th January 2016
For further information, please contact: David Richards, Managing Director Tim Goyder, Chairman Liontown Resources Limited Telephone +618 9322 7431 | For media inquiries, please contact: Nicholas Read Read Corporate Telephone: +618 9388 1474 |
The Information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr David Richards, who is a Competent Person and a member of the Australasian Institute of Geoscientists (AIG). Mr Richards is a full-time employee of the company.
Mr Richards has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being 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 Richards consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
This announcement contains forward-looking statements which involve a number of risks and uncertainties. These forward looking statements are expressed in good faith and believed to have a reasonable basis. These statements reflect current expectations, intentions or strategies regarding the future and assumptions based on currently available information. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary from the expectations, intentions and strategies described in this announcement. No obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
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Figure 1: Tanzania - Regional location plan showing Liontown Projects
Figure 2: Mohanga Project - Geology and Prospect Locations.
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Figure 3: Mohanga Project - Ipata Trenches
Figure 4: Mohanga Project - Tresor Trenches
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Liontown Resources Limited issued this content on 2016-01-25 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-25 01:07:05 UTC
Original Document: http://ltresources.com.au/upload/documents/investor_relations/asx/20160125ASXAnnouncementMohangaProject_TrenchResults.pdf
