FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

EverGreen Lithium Identifies Priority Pegmatite Targets in Bynoe Project

28 June 2023 13:27
ASX: EG1
EverGreen Lithium has concluded the initial evaluation of its EXOSPHERE BY FLEET® ANT geophysics survey carried out at Bynoe, with findings of the survey revealing a number of promising pegmatite targets on a significant scale.

EverGreen Lithium Limited (ASX: EG1) has released a preliminary analysis of its EXOSPHERE BY FLEET® ANT geophysics survey at Bynoe, with the survey identifying multiple large-scale potential pegmatite targets adjacent to Core Lithium’s Carlton and Hang Gong resources.

TeJBCVZsszhN2TrV?auto=format%2Ccompress&fit=max&h=800&q=75&s=03f404a70cfb6e6bdcfd90b53b0c9042

Figure 1: Location of EverGreen’s ANT surveys 1 through to 4.

ANT Survey Unveils Promising Results

The ANT survey, conducted in November 2022, covered four grids and utilised natural or man-made seismic noise as a signal source to measure subsurface seismic velocity.

Preliminary analysis of Survey Area 1 revealed two priority anomalies characterised by lower seismic velocity anomalies, indicating the presence of potential lithium-bearing pegmatites. Anomaly 1 extends from 200m to 600m below the surface, measuring 400m x 200m, while Anomaly 2 extends from 200m to the model’s depth limit at 1000m below the surface, measuring 600m x 300m.

Additionally, the ANT data has highlighted two structural trends in the area, with the first northeast-southwest trend aligning with major lineaments in the Bynoe Pegmatite Field, while the second, more subtle northwest-southeast trend is thought to be associated with pegmatite emplacement. An anomalous velocity low within this second trend further supports the potential presence of lithium-bearing pegmatites.

Comparison to Core Lithium’s BP33

EverGreen’s Bynoe Project sits inclose proximity to and along strike of Core Lithium’s BP33 deposit, which stands as one of their major lithium resources. In a significant update earlier this year, Core Lithium announced a remarkable development: the BP33 Mineral Resource has more than doubled. The current Mineral Resource Estimate for BP33 now stands at an impressive 10.1 million tonnes, boasting a Li2O grade of 1.48%.

The survey findings at EverGreen’s Bynoe Project have unveiled striking similarities in terms of low velocity characteristics when compared to the BP33 survey. These similarities, as depicted in Figure 2 for visual comparison, occur along the strike of Core Lithium’s Carlton and Hang Gong resources. This alignment of features reinforces the significance of EverGreen’s exploration potential in discovering valuable lithium resources within the Bynoe Pegmatite Field.

R9gL9AIHU9eqgOZC?auto=format%2Ccompress&fit=max&h=800&q=75&s=ffb5718b22c263829be8c9098b63271f

Figure 2:

  • Top: ANT section through 3D velocity model highlighting EverGreen Anomaly 1 & 2 in Area 1 of the EverGreen survey (top).
  • Bottom: Similar section through 3D velocity model through the southern part of Core Lithium’s BP33 showing low Vs pegmatite response (CXO, 1/8/22 – BP33 Drilling Delivers Outstanding Results).

Looking Forward

This year has been marked with significant achievements for the battery-metal-focused explorer, which gained substantial attention following its highly successful $7 million dollar IPO in April.

The Company is determined to maintain its momentum and is currently dedicated to the interpretation and analysis of geophysical data obtained from the ANT study. The primary focus of this analysis is on Survey Areas 2, 3, and 4. In parallel, the Company has initiated geochemical sampling activities throughout the Bynoe concession, which will complement the identification of anomalies from previous programs.

Moreover, EverGreen is actively preparing its Mine Management Plan to facilitate forthcoming drilling activities. In line with their commitment to adhering to cultural heritage protection regulations, the Company is also engaged in the Aboriginal Areas Protection Authority clearance process to ensure compliance and respect for cultural heritage.

Jason Ward, EverGreen Lithium’s Head of Exploration, emphasised the survey’s contribution as an additional tool for targeting lithium pegmatites and assisting in the planning of the Company’s upcoming drilling program.

“This ANT Survey has given us another tool to target lithium pegmatites. The preliminary, and priority low seismic velocity anomalies appear to show some coincidence with our geochemical and geological interpretations and have also revealed new targets at depth and beneath cover. This data will be used together with our geochemical results to assist us in planning our maiden drilling program.”

EG1’s Australian Stock Exchange-listed share price is currently trading at 34c (12:10 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