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TG Metals Share Price Soars 252% on Lake Johnston Lithium Intercept

30 October 2023 13:48

TG Metals Limited (ASX:TG6) has reach a pivotal milestone in its exploration at the Lake Johnston Lithium, Nickel and Gold Project located in Western Australia, recording substantial lithium soil anomalies intersecting high grade mineralisation up to 2.28% Li2O.

TG Metals Lithium Drilling

In July, the Company defined the Burmeister lithium soil anomaly, located within the Lake Johnston Project, which covers an area of 4.5 kilometres by 1.7 kilometres.

The aim of the drilling was to test this soil anomaly, with six holes to a minimum 120 metres and maximum 132 metres, dipping 60o to the West, completed on two lines 200 metres apart.

The initial drilling of the Burmeister lithium soil anomaly reported significant intersected spodumene bearing pegmatites with high grades recorded up to 2.28% Li2O.

TG Metals outlines the best recorded results from the campaign include:

  • 9 metres @ 1.35% Li2O from 30 metres: including 1 metre @ 2.03% Li2O from 32 metres and 1 metre @ 2.21% Li2O from 37 metres
  • 9 metres @ 1.62% Li2O from 87 metres: including 1 metre @ 2.28% Li2O from 87 metres
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Table 1: Significant RC drilling pegmatite intercepts >0.5% Li2O, downhole widths are approximate to true widths. Pegmatite samples include both fresh and weathered (lithium depleted) samples.

Spodumene Occurrences

Spodumene was detected in pegmatite intercepts in four out of six completed drillholes, correlating with lithium grades exceeding 0.5% Li2O. TG Metals employed UV light to differentiate white spodumene from other similar white gangue minerals within the pegmatites.

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Figure 2: RC drill chipsTGRC0006 and TGRC0011 showing pegmatite intercepts (downhole depth in metres shown at base of each photo) under plain light (top) and long-wavelength UV light (bottom). Spodumene fluoresces orange-pink under UV light.

The fluorescing spodumene chips were also confirmed through RAMAN spectroscopy, a non-destructive chemical analysis by laser light which provides detailed results on chemical structure, phase, polymorphy, crystallinity and molecular interaction.

Future Exploration

Buoyed by the encouraging drilling results, TG Metals is committed to sustaining its exploration drive. The necessary drilling approvals have been secured to delve deeper into the extensive lithium soil anomaly.

Preparations for Phase 2 drilling exploration are currently underway, with site work expected to commence in the first week of November. Their strategy for this phase includes testing the known lithium pegmatites at depth and along their strike, exploring potential repetitions at greater depths, refining the geological model as additional drilling data becomes available, and obtaining permits for the initial diamond core drilling.

TG Metals Chief Executive Officer David Selfe commented on the results.

“These are exceptional initial drilling results especially since we have only tested such a small part of the soil anomaly,” he said.

“There appears to be multiple pegmatites with consistent widths of between 8 to 12 metres, that are completely mineralised with spodumene. The targeted soil geochemical anomaly is very large and remains open, particularly to the east.”

“The next phase of drilling will begin shortly and is proposed to test both the lateral and depth potential of this lithium pegmatite system. We are planning for an immediate follow up drilling campaign.”

TG6’s Australian Stock Exchange-listed share price has risen 252% and is currently trading at $0.37 (1:44pm UTC+ 8 hours).

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