This conclusion, in addition to the August Strategic Review (see LLI announcement: Operations Update - 22 August) now lists all Western Australian Gold and Base Metal Assets as better suited for joint venture or divestment:
1.
2.
3.
Loyal Lithium's Chief Executive Officer,
"The exploration team at Loyal should be proud of the work conducted at our Western Australian assets. Although the advancement of these assets has proven their potential, it is clear that they are better suited for a larger regional player that can advance these projects, potentially within a larger package."
Monger South
A geological mapping and sampling program was completed at the
Gold assay results for rock chip samples taken during geological mapping returned values of up to 89.79 g/t gold (MMS0032) quartz vein, east of the Three Emus Prospect and 9.65 g/t gold (MMS0027) quartz vein in a small old workings shaft. A north-striking structure appears to intersect the Three Emus Prospect and adjacent unnamed prospects with a series of old workings found along this trend. The northern zone is recommended for drill testing.
Rock-chip sample assay results from the Ben Nevis Prospect at Mt Monger South included, copper assays to a maximum 2,615ppm and zinc assays to a maximum of 3,742ppm and anomalous silver. A total of 23 anomalous rock chip samples extended the surface anomaly to 150m long with one anomalous sample located a further 180m west. Another lens was discovered further east where a FLEM conductor was found beneath (figure 1*).
There is a broader prospective 5km prospective horizon, with an increase in zinc found towards the west and an increase in silver towards the east. The Ben Nevis Prospect was historically unexplored and is interpreted as being a potential zone of copper/zinc/silver VMS style mineralisation, which are known to occur to the NNW in the Kurnalpi Terrane.
UFF+ soil samples have been sampled across all of Monger South licenses, with 568 samples that discovered the following anomalies, untested by drilling.
- 2 silver-copper-zinc gossans within the Monger Sill
- 1 nickel-cobalt gossan at the base of the Monger Sill
- 4 low-level gold anomalies, with one in alluvium
Southern Geoscience completed a geophysics Fixed Loop
Strategic Review of Exploration Results
As a consequence of the results of post IPO exploration and the consideration of these results by the Board, the company has formed the view that without significant further expenditure in the
A due diligence data room has now been formed for all three projects at
There are a number of targets developed by LLI that are walk-up drill targets for a new owner to invest. All three projects have tenements that have had sufficient work programs completed and are all in good standing.
Lithium Focus
Recently the Company has acquired a highly prospective North American asset portfolio containing:
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- Brines and Clay -
The lithium market fundamentals are forecasted to remain strong for years to come, with demand for lithium continuing to increase due to consumer and legislative shifts towards electric vehicles in addition to the electrification of energy grids around the world.
In light of the results of post IPO exploration activity, the Company believes that it is in the interests of the Company and its shareholders to increase its focus on its Lithium projects will likely yield greater shareholder value. As such, the Company has appointed lithium professional, Mr
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/O28Z7XPG
About
Contact:
Chief Executive Officer
aritchie@loyallithium.com
+61-403-462-383
Investor and Media Relations
jm@janemorganmanagement.com.au
+61-405-555-618
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