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Forrestania builds critical mineral catalogue

23 May 2022
ASX: FRS
Jack Baker

Forrestania Resources rock chip and soil sampling have returned over 30 parts per million in-demand tantalum at the South Iron Cap East prospect and 0.12 per cent lithium oxide over 4 metres at the Banon prospect, both part of the company’s namesake project 80 kilometres east of Hyden in Western Australia.

Additionally, the Bannon lithium results have supported the previous suggestions of specialised lithium-cesium-tantalum pegmatites at the prospect.

There are mounting fears in the tantalum market — a dense, robust and versatile metal mainly used in electronics and surgical instruments and implants —that severe shortages are looming.

The company said the results add significant weight to the southern region’s potential, sharing similar geology to the adjacent 9.2Mt Earl Grey lithium deposit and 80 km from the company’s established Bounty East and Gem-Giant lithium target areas.

“Ongoing work confirms many key exploration criteria, including a favourable geological setting along the Goldilocks corridor,” chief executive Angus Thomson said.

“To have found a new pegmatite outcrop from our first field program in the southern project area highlights the significant potential in the area with some targets yet to be extensively explored.”

The explorer is ramping up programs across several projects, with approval processes moving ahead of drilling.

FRS’ Australian Stock Exchange-listed price was trading at 21c today (9.21 am UTC+ 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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