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Forrestania backs Lady Lila for a Bounty

28 October 2021
ASX: FRS
Rueben Hale
mining

The explorer focused on large scale gold, lithium and nickel discoveries across its portfolio around 400 kilometres east of Perth, has enjoyed a run of success with lithium exploration since listing on the Australian stock exchange last month.

FRS managing director Mel Sutterby says she sees no reason why its up-and-coming gold exploration programme at the Lady Lila deposit cannot be as successful as Bounty, sharing similar characteristics to the famous gold mine.

“Gold is hosted at Lady Lila by a banded iron formation, the same geological host as at Bounty, and mineralisation is associated with quartz veining and sulphide alteration, also distinctive features of the Bounty deposit.

“There are only a handful of holes collectively drilled into this deposit, and many have been focused on defining the existing high-grade intercepts.

From a geological perspective, the existing drill intercepts are potential “the tip of an iceberg”.

“Herein lies a great opportunity for Forrestania to rapidly define the size of Lady Lila and deliver some tangible value for our shareholders.”

FRS’s Australian Stock Exchange-listed shares were trading at 37.5c (1:55 pm 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

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