11 January 2017 | ASX Code: WCN |
Lithium Tenement Granted at Lake Percy |
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White Cliff Minerals Acquires 100% of Tenement (E63/1793) Adjacent to Lake Percy Lithium Trend
- Previous exploration identified numerous pegmatites in existing drilling and mapping
- No lithium assays undertaken
- Soil sampling program starting in February
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2km Lithium Trend identified on White Cliff Minerals Lake Percy Joint Venture Tenement (E63/1222i)
- Liontown Resources earning 70% via staged expenditure of $1.75 Million
- Liontown to commence drilling in February
White Cliff Minerals Limited ("White Cliff" or the "Company") is pleased to report the grant of a 20 km2 tenement immediately North and adjacent to the Lake Percy Joint Venture tenement where Liontown Resources recently identified a 2km long anomalous lithium trend.
Historical exploration on the tenement E63/1793 (Figure 1) identified pegmatites both in outcrop and on drill holes but no lithium assaying was undertaken.
Given the recent discovery of lithium containing pegmatites at Mt Day and the highly anomalous lithium soil geochemistry reported at the Lake Percy Joint Venture Tenement (Figure 2-3) by Liontown Resources (LTR) the Company will undertake a comprehensive soil sampling program in February.
Liontown Identifies 2km Long Lithium TrendThe anomalous trend, which contains values of up to 354ppm Li2O, has been outlined over a strike length of 2km and is coincident with pegmatites which locally exceed 100m true thickness (Figure 2).
Lake Percy is located ~440km east of Perth near Poseidon Nickel's Lake Johnson/Maggie Hayes treatment plant in WA. It is also just 60km from the world-class Earl Grey lithium deposit discovered by Kidman Resources.
This emerging Forrestania Lithium Province also includes the Mt Cattlin spodumene mine (currently being commissioned by Galaxy Resources) and the Mount Day lithium discovery, which is located 20km to the south in the same greenstone belt as Lake Percy (Figure 3).
In light of the strong anomaly identified at Lake Percy, Liontown has scheduled a maiden RC drilling program to start early February.
Lake Percy Joint Venture AgreementIn 2016 Liontown Resources ("Liontown") (ASX:LTR) agreed to a binding joint venture arrangement to explore the Company's Lake Percy tenement (E63/1222) for lithium and other minerals in a rapidly emerging lithium province in the Lake Johnson-Forrestania district of Western Australia.
White Cliff Minerals Limited ABN 22 126 299 125 Suite 2, 47 Havelock Street, West Perth WA 6005, PO Box 368 West Perth WA 6872. Telephone +61 8 9321 2233 Facsimile +61 8 9324 2977 www.wcminerals.com.auUnder the joint venture, Liontown can earn up to 70% equity in the 41km2 Lake Percy tenement (EL63/1222i) located approximately 430km east of Perth Western Australia (Figure 3).
Under the terms of the Joint Venture Liontown may acquire up to 70% of the Lake Percy Project by:
spending A$1,000,000 on exploration within 3 years to earn 51% equity;
at Liontown's election, it can increase its equity to 70% by spending an additional A$750,000 before the 4th anniversary of the JV Agreement execution; and
by committing to spending $50,000 on exploration before having the right to withdraw from the joint venture.
Figure 1: Geological Map of White Cliff Minerals Lake Percy Lithium Tenement and Joint Venture Tenement
Figure 2: Lake Percy Project - Soil image showing strong lithium anomalism coinicident with mapped pegmatites
Figure 3: Lake Percy Project - Location Plan and Regional Geology
For further information please contact: www.wcminerals.com.au info@wcminerals.com.au
Todd Hibberd Managing Director |
+61 89321 2233 Suite 2, Level 1, 47 Havelock Street, West Perth WA 6872 |
White Cliff Minerals Limited published this content on 11 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 January 2017 23:58:06 UTC.
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