FREE DAILY STOCK MARKET NEWS

FREE DAILY STOCK MARKET NEWS

Australian Critical Minerals’ Maiden Lithium Expedition at Cooletha Confirms Spodumene Mineralisation

28 August 2023 13:23
ASX: ACM
Screenshot 2023 08 28 At 11.46.59 Am

Australian Critical Minerals (ASX:ACM) has announced the successful conclusion of its inaugural exploration campaign at the Cooletha Lithium Project in Western Australia, showcasing promising mineralisation, including notable identification of spodumene and manganese, and underscoring its commitment to advancing high-value lithium and rare earth projects.

NVUWNpUqtzAvUvdU?auto=format%2Ccompress&fit=max&h=800&q=75&s=ff6e39c0890a84b770c1246008d0218e

Figure 1: The location of the Cooletha Lithium Project in the Pilbara region, Western Australia.

Encouraging Mineralisation and Key Highlights

During the maiden campaign, the Company identified highly encouraging mineralisation within the Cooletha Project. Notably, visible spodumene sites were discovered on E45/4990, underlining the potential for lithium extraction. In addition, manganese mineralisation was pinpointed on E45/5228, indicating diverse mineral prospects within the region.

Reconnaissance efforts have traversed approximately 15% of the pegmatite prospective region, unveiling only a fraction of the vast mineral potential within the Cooletha Project. The Company’s proactive approach to exploration has been exemplified by the submission of the first batch of 94 rock samples from Cooletha to the laboratory for analysis. Anticipated within 6-8 weeks, these results will provide crucial insights into the Project’s mineral composition and economic viability.

CRqNQr0tBA47M8xB?auto=format%2Ccompress&fit=max&h=800&q=75&s=2a5d8cbedc3118f836ade382127a05a8

Figure 2: Echo Valley Spodumene Pegmatite

UQhNv1e4oQqAx4FX?auto=format%2Ccompress&fit=max&h=800&q=75&s=5df46fd4b015c26a72465e9f175d2419

Figure 3: Burnt Ridge Spodumene Pegmatite

Even as the analysis is underway, Australian Critical Minerals’ commitment to progress continues, with reconnaissance sampling and mapping efforts remaining ongoing at the Cooletha Project.

In parallel, the Company is eagerly advancing its plans at Rankin Dome, another prominent project in the portfolio. Preparations for a comprehensive drill program are in full swing, targeting anomalous rare earth prospects, with the Project’s scope including reverse circulation (RC), aircore, and auger drilling techniques, strategically selected to unlock the potential of diverse geological anomalies within the expansive Rankin Dome area.

A Jewel in Western Australia’s Crown

The Cooletha Lithium Project stands as the Company’s flagship venture, encompassing over 100 square kilometres of lithium prospectivity. Notably, the Project is located adjacent to renowned discoveries such as Pilbara Minerals’ Pilgangoora Lithium Project and Mineral Resources’ Wodgina Lithium Project, both boasting significant lithium reserves.

Two pivotal sites, Echo Valley and Burnt Ridge, have emerged approximately 1km apart in the western region of the prospective pegmatite area, with these discoveries reinforcing the Project’s promise, and further sampling is poised to extend the sampled area, enabling a comprehensive evaluation of the mineralisation’s extent and significance.

NcQnlmIMyOibc60x?auto=format%2Ccompress&fit=max&h=800&q=75&s=a756b54c7db4a1f6a26c5f739217a4b9

Figure 4: Initial sampling focus area of NW and SE regions of Cooletha

In the southeastern region of Cooletha, on E45/5228, Australian Critical Minerals’ reconnaissance sampling has covered around 10 square kilometres, with 23 samples collected from this region. Extending several kilometres north of the sampled area, the potential for mineralisation expansion remains substantial.

Adding to the excitement, the identification of manganese shales associated with the basal Fortesque Group unconformity has opened a new exploration avenue within the Cooletha Project. These manganiferous shales, ranging from 1m to 3m in thickness, have been found in proximity, suggesting a wider presence.

HTAK3Djj0wWUXWQd?auto=format%2Ccompress&fit=max&h=800&q=75&s=17cf6a34ef3d9a7f4d39fc3d12d58fbe

Figure 5: Significant hematite-rich channel iron deposit ridges overlying basal unconformity hosting manganese rich shales

Unveiling Rare Earth Potential

The Rankin Dome Project, jointly undertaken with Kula Gold Ltd (ASX: KGD), positions Australian Critical Minerals’ to explore rare earth elements. This project, nestled in the established mining hub of Youami Terrane near Southern Cross, holds immense promise, with the Company’s positive review of an upcoming drill program at Rankin Dome, combined with active engagement with landowners, reflects their commitment to ethical and efficient exploration practices.

The upcoming drilling campaign, which incorporates various techniques tailored to the geomorphology of the anomalous areas, promises to unlock the Project’s rare earth potential. As planning proceeds apace, the Company’s dedication to responsible resource extraction remains a cornerstone of their operations.

Managing Director, Dean de Largie expressed optimism, stating, “We are delighted to have completed our maiden exploration campaign at the Cooletha Lithium Project so quickly after our IPO was finalised in July this year. We are very encouraged by the visible spodumene identified during this program and whilst we wait for the results of the first batch of rock samples within 6-8 weeks, reconnaissance sampling will continue. Having only covered 15% of the prospective pegmatite region so far, we are excited about the potential for exploration success.”

“We are also eagerly anticipating the commencement of our first drilling program at Rankin Dome which will target anomalous rare earth prospects. Final approvals and landowner access to allow this program to begin are imminent.”

ACM’s Australian Stock Exchange-listed share price has risen 40.54% today and is currently trading at 26c (12:15 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