FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Evergreen Uncover Bynoe’s Lithium Pegmatite Potential

1 June 2023 11:36
ASX: EG1

Keeping up the momentum of its $7 million dollar IPO and subsequent >60 per cent share price surge, Evergreen Lithium has uncovered a number of large-scale lithium pegmatite targets at its flagship Bynoe Project.

Pegmatite Potential

Results from the explorer’s phase two soil sampling program have extended previously known lithium anomalies and revealed two broad NE-trending zones which host multiple lithium pegmatite targets along and parallel strike of neighbouring spodumene-bearing pegmatites such as Core Lithium’s 30.6Mt at 1.31% Li2O Finnis Project.

The newly uncovered lithium anomalies are several kilometres long and show assays up to 117ppm Li2O alongside coincident grades for the pathfinder elements Beryllium (Be), Caesium (Cs), Lanthanum (La), Rubidium (Rb), Tin (Sn) and Tantalum (Ta).

Due to the explorer targeting buried LCT-pegmatites at the Project, these pathfinder grades are particularly encouraging as they often make up a geochemical surface footprint for lithium-bearing pegmatites at depth.

Data from the soil sampling program has been integrated with existing geochemical data, further demonstrating Bynoe’s potential to host a significant lithium pegmatite system, with the Company believing that the large geochemical anomalies could potentially represent a continuation of the Finniss lithium mineralisation into Bynoe, with world-class drilling intercepts of 107 metres at 1.70% Li2O returned within 1km of Bynoe.

Looking Forward

Evergreen will waste no time in following up on these new targets, with field crews already being mobilised to the site for the third phase of the geochemistry program and further mapping activities, with fieldwork set to commence as soon as this week.

Evergreen has also reviewed data from a recent Ambient Noise Tomography survey taken across the Project, with the Company expecting to release a report on this data as well as receive further data in the near future.

The Company said that it plans to combine the data received from the soil geochemistry program with data from the ANT survey to delineate potential drill targets.

“These recent results add to the geochemical picture at Bynoe and indicate several very large zones of lithium anomalism. The lithium anomalies are supported by the pathfinder elements which are commonly associated with the surface expression of lithium-bearing LCT pegmatites below. We will use this data together with the results of our recently conducted Fleet Exosphere ANT study, which we are currently analysing, to define drill targets.” Head of Exploration Jason Ward said.

EG1’s Australian Stock Exchange-listed share price has risen 1.35 per cent today, currently selling at 37.5c (11:15 pm UTC+ 8 hours).

The Market Bull Logo

FREE DAILY STOCK MARKET NEWS

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

You have Successfully Subscribed!

Share This