FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Forrestania shines bright with new lithium target areas

12 October 2021
ASX: FRS
Rueben Hale

Forrestania Resources has identified significant new lithium target areas at its flagship gold, nickel and lithium project in Western Australia. A recent survey has revealed a major lithium target anomaly at the site.

The Perth-based mining explorer accessed the advanced spaceborne thermal emission and reflection radiometer (ASTER) onboard NASA’s Terra satellite to further explore the project site east of Hyden in the Forrestania Greenstone Belt. ASTER produces images of Earth’s surface in 14 different wavelengths of the electromagnetic spectrum.

Mining explorers such as Forrestania use the data to help interpret mineralogy alternation potentially associated with buried mineral deposits. Chief executive officer Melanie Sutterby says the data is a significant part of the company’s exploration efforts.

“With its status as a world-class lithium province ascribed within the past decade, explorers have only just scratched the surface at Forrestania, and we plan to play a lead role in the development of the area.”

The Forrestania project comprises a north-south tenement footprint approximately one to four kilometres wide and 100 kilometres long. The ASTER data saw Forrestania identify new target areas, rank and define them, and move to secure the necessary tenement applications.

The major lithium target anomaly identified is adjacent to the highly successful Wesfarmers / SQM Mt Holland Lithium Mine. Forrestania says there is outstanding lithium prospectivity at their site.

“Geologically, our package holds the potential to discover a range of commodities, including lithium, nickel and other speciality metals,” Ms Sutterby said.

The company has significant exploration interests across Western Australia, prospecting for gold, lithium, and nickel in the Forrestania, Southern Cross and Leonora regions. All three metals have seen significant gains in recent years, but few metals have caught the market’s attention as much as lithium.

The soft, silvery-white metal is up 323 per cent this year. Two out of three of Forrestania’s projects are highly prospective for lithium, including the same-named Forrestania Project.

The company is now moving forward using the satellite data. Geologists are undertaking mapping, soil and rock chip sampling across the priority ASTER anomalies. Initial ground truthing is underway as part of Forrestania’s ongoing exploration program.

The new lithium target areas identified represent broad exploration spaces to add to the company’s tenements. When tenure is granted, Forrestania plans to commence start geological reconnaissance, field checking, and geochemical sampling across the ground.

The company’s Australian Stock Market listed price is trading at 35c today (8:15 am GMT + 8 hours).

COMPANY OVERVIEW

Forrestania Resources Limited is an exploration company searching for gold, lithium and nickel in the Forrestania, Southern Cross and Leonora regions of Western Australia. The Forrestania Project is prospective for gold, lithium and nickel and is currently the only project, within the tenement portfolio that holds a gold Mineral Resource. The Southern Cross Project is prospective for gold and lithium and the Leonora Project is prospective for gold.

COMPANY INFORMATION

ASX: FRS

Website

https://forrestaniaresources.com.au/
https://www2.asx.com.au/markets/company/frs

FREE DAILY STOCK MARKET NEWS

Join our mailing list to receive the latest stock market news.

You have Successfully Subscribed!