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LIT goes hunting for lithium in “elephant country”
2 minute read
Lithium Australia (ASX:LIT) is aiming to become a key player in both of WA’s lithium hotspots – gaining a license to explore in the famous Greenbushes area.
It told its investors today that it had been granted exploration permits from the WA government to starting looking in an area which currently produces roughly 40% of the world’s lithium needs.
Talison Australia currently produces from the Greenbushes area, but LIT has applied for and received the right to look around in permits right next door to the producing land.
It said that it would start softly with technical work in order to build up a better geotechnical suite of information on the permits.
While the area has been explored in the past, this has been centred on tin and tantalum – with LIT hoping more modern exploration techniques will expose deeper-lying lithium.
Managing director Adrian Griffin said the granting of the licenses would allow it to establish a foothold in two of WA’s lthium hotspots.
“Greenbushes is certainly elephant country when it comes to lithium,” he said.
“Recent activity in the area rivals that of the Pilgangoora hot spot and we are one of the few companies firmly established in both locations.”
Yesterday it told its shareholders that it is moving forward with a plan to set up a processing hub in the Pilbara region – enlisting the help of Venus Metals Corporation (ASX:VMC) to do so.
LIT is currently applying for a WA government grant to help set up the centre, and LIT is hoping to bring a co-investor on board to help make the decision easier for the government.
In the spirit of closer ties with VMC, LIT elected to take part in VMC’s recent $1 million private placement – and the pair is also working on a desktop study on the region as well.
LIT has been on an upstream spree in recent times, having taken an option to explore in the Northern Territory in a region it has labelled a Greenbushes lookalike – and more recently having kicked off an exploration campaign in Mexico.