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EverGreen Lithium Identifies 9 Priority Pegmatite Targets at Flagship Bynoe Project

18 September 2023 11:18
ASX: EG1

EverGreen Lithium (ASX:EG1) has unveiled the results of its Ambient Noise Tomography (ANT) geophysical surveys at the Company’s flagship Bynoe Project in the Northern Territory, revealing nine priority pegmatite targets marked by low seismic velocity anomalies.

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Figure 1: Location of EverGreen’s ANT survey grids one through to four

Nine Priority Targets

The analysis of the results from the four surveys and additional geoscience datasets including airborne magnetics, ground gravity and soil geochemistry, has led to the identification and classification of nine priority anomalies or target areas.

EverGreen released the preliminary analysis of the EXOSPHERE BY FLEET® ANT geophysics survey’s in June, which revealed multiple large-scale potential pegmatite targets adjacent to Core Lithium’s Finniss Project.

EverGreen’s Bynoe Project is strategically located near and shares a geological strike with Core Lithium’s (ASX:CXO) BP33 deposit, a significant lithium resource that has seen its Mineral Resource Estimate double in size over the past year since its initial discovery. The Finniss Lithium Project, housing the BP33 deposit, currently boasts an impressive Mineral Resource Estimate of 15 million tonnes, featuring a remarkable Li₂O grade of 1.3%.

Furthermore, the ANT data has brought to light two distinct structural patterns within the region: the first trend, running northeast to southwest, aligns with significant lineaments found in the Bynoe Pegmatite Field, while the second trend signifies a cross-cutting relationship, closely associated with stacked pegmatite lenses in adjacent regions.

Identification of Targets

Areas which exhibit a low velocity beneath the depth of weathering are interpreted to reflect potential fresh pegmatite dykes, with lithium pegmatites in the Bynoe Pegmatites Field having been shown to be indicated by zones of slower velocities than the surrounding metamorphic host rocks of the Burrell Creek Formation.

Within the survey area, the Company has pinpointed four areas with anomalously low velocity, namely ANT-A3-1, ANT-A3-2, ANT-A3-3, and ANT-A3-4, all of which flank a central northwest-trending structure.

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Table 1: Overview of ANT Anomalies

The ANT Surveys

The ANT Survey is a ground geophysics technique that utilises natural or human-generated seismic noise as a signal source for measuring subsurface seismic velocity in three dimensions.

The primary aim of this survey was to detect concealed pegmatites at depth, commonly referred to as blind pegmatites, with a focus on identifying potential lithium-bearing ones.

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Figure 2: View of all velocity models generated from the ANT Survey. View is NNE.

The Next Steps

While the ongoing process of integrating and analysing geophysical and geochemical data is underway, mapping efforts at the Bynoe Project persist to support EverGreen’s inaugural drilling program, contingent upon the approval of the Mine Management Plan and the Aboriginal Areas Protection Authority.

The Company plans to disclose incremental findings from three sample batches submitted for analysis in June 2023 once the interpretation is finalised.

EverGreen is optimistic that the necessary approvals may be obtained in time to initiate drilling before the onset of this year’s wet season.

EG1’s Australian Stock Exchange-listed share price has risen 1.754% and is currently trading at 29 cents (11:15am UTC+ 8 hours).

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