- Junior explorer Australasian Metals (A8G) officially receives an exploration license for its Mt Peake lithium project by the Northern Territory Department of Mines
- The permit covers a prospective region in the North Arunta pegmatite province of the Northern Territories and follows a geochemical soil sampling program in the area
- A8G Managing Director Qingtao Zeng said the exploration license will allow the company to be more aggressive in its field exploration of the Mt Peake region.
- The company says the results of the Mount Peake sampling program have defined several potential targets for further work in the area.
- Australasian Metals shares are up 6.86% at 54 cents each at 2:09 p.m. AEDT
Junior explorer Australasian Metals (A8G) has officially been granted an exploration license for its Mt Peake lithium project by the Northern Territory Department of Mines.
The company said the license covers a prospective region in the northern pegmatite province of Arunta in the Northwest Territories. Today’s news comes shortly after A8G completed a geochemical soil sampling program in the northwest corner of the exploration license area.
Australasian Metals managing director Qingtao Zeng said the grant of the exploration license would allow the company to be more aggressive in its exploration in the Mt Peake area.
“The ground sampling program has successfully identified striking northwest structures that are consistent with deep ground penetrating radar (DGPR) interpretation,” Dr Zeng said.
“This gives us increased confidence in our exploration strategy to identify potentially mineralized pegmatites and helps firm up our future drill targets.”
Looking ahead, A8G said the results of the Mount Peake sampling program have defined several potential targets for further work in the area.
As such, the next steps for the undertaking are to expand the program to the southeast and conduct infill sampling to follow up on areas of interest from the first phase of sampling work.
With analyzes of rock chip samples on the project still ongoing, A8G said the results could significantly improve its geological understanding of lithium mineralization in the Mt Peake area.
Shares of Australasian Metals ended the day 3.92% in the green to close at 53 cents.