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Oar Resources see lithium in the Goldfields

3 November 2022 10:18
ASX: OAR
OAR's new lithium project

Oar Resources continues to forge up its battery metal portfolio, having agreed to acquire the highly prospective Denchi lithium project near Wiluna in Western Australia’s Northern Goldfields.

The project lies just 120 kilometres from the Kathleen Valley lithium deposit, holding a 156Mt estimate at an average grade of 1.4 per cent Li2O.

Initial reconnaissance of the 217.7 square kilometre project confirmed several outcropping pegmatite targets prospective for lithium-caesium-tantalum, the same type of host rock at several renowned lithium projects, including Greenbushes, the world’s largest operating lithium mine.

Previous rock chip sampling at the project also revealed historical lithium and rubidium anomalies alongside other minerals common in LCT pegmatites.

This acquisition will add ever-important lithium to an already wide battery-metal portfolio, alongside its PGE-nickel-copper project near Julimar and tenements in the Eyre Peninsula with thick, graphite rich clays extending for over 1.5 kilometres.

The company said it was a valuable addition to a stable of globally in-demand critical mineral assets as the race for renewables continues to accelerate.

“With a lithium project in our stable we have two key battery metal elements to focus on, then hopefully develop to the next stage of drilling out a resource,” executive chairman Chris Gale said.

“The Denchi Project is in proximity to large, established lithium projects. The historic rock chip sample data, as well as our initial reconnaissance completed last month, which identified outcropping pegmatites, have demonstrated the project is prospective for LCT pegmatites and warrants imminent exploration activities.”

OAR will undertake further reconnaissance mapping across its new tenements to guide systematic mapping and rock chip sampling as it moves towards drill readiness.

OAR’s Australian Stock Exchange-listed share price has risen 20 per cent today, currently selling at 0.6c (10.12 am UTC+ 8 hours).

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