Octava Minerals Ltd (ASX:OCT) has made a significant stride in its pursuit of new energy metals exploration with the acquisition of 100% ownership of the promising Talga Lithium Project, located in the highly sought-after Pilbara region of Western Australia, covering a substantial 202km2 and offering immense potential for both lithium and gold exploration.
Figure 1: Talga Location Map
A Lithium and Gold Prospective Gem
The Talga Project is strategically located just 30 kilometres north of Marble Bar and comprises seven exploration tenements. Octava already owned 100% of one of these tenements and had a farming agreement with ASX-listed First Au Ltd (ASX:FAU) for up to 80% of the remaining six tenements.
As part of the newly announced Sales Agreement, Octava will acquire the remaining 30% interest, including the 20% free carried interest held by FAU, effectively securing full ownership of all Talga JV tenements.
This move opens up exciting possibilities for Octava Minerals, given the unique geological characteristics of the Talga Project.
It is situated in close proximity to the Archer Lithium Deposit, hosting 18Mt @ 1% Li2O, and shares a similar geological setting. The geological features at Talga, including the presence of lithium-caesium-tantalum (LCT) type pegmatites and lithium mineralisation near greenstone/granite contacts, also make it an attractive prospect for lithium exploration.
Unlocking the Gold Potential
In addition to its lithium prospects, the Talga Project holds significant potential for gold exploration, sharing geological similarities with the nearby Warrawoona gold discovery by Calidus Resources Limited and the Bamboo Creek gold deposit to the east.
The Razorback gold prospect at Talga has previously yielded notable gold intersections in drilling, but the exploration has been limited to a distance of 700 metres, despite an interpreted strike of the mapped siliceous chert unit extending approximately 4 kilometres. This presents a compelling opportunity for Octava Minerals to expand its gold exploration efforts and potentially uncover valuable gold resources.
Figure 2: Razorback Gold Prospect cross section looking west 808,778
Octava’s plans to conduct detailed exploration programs, including drilling tests in the near future, are expected to reveal further insights into the lithium potential of the Talga Project, with these initial indications of lithium mineralisation a promising sign of potential discoveries in the future.
Octava’s Managing Director, Bevan Wakelam, expressed enthusiasm about this acquisition, stating, “We are pleased to secure 100% of the Talga Project in a sought-after region for lithium exploration in the Pilbara.”
“There is highly prospective geology at Talga that has already provided initial indications of the potential for discovery. We will continue to actively conduct detailed exploration programs over the project area,” he said.
OCT’s Australian Stock Exchange-listed has risen 12.86% and is currently selling at $0.079 (2:30pm UTC+ 8 hours).