Lithium Australia digs up strong German cobalt mineralisation
Lithium Australia NL (ASX:LIT) this morning revealed the first results of its maiden exploration program at the Eichigt Project in Germany, confirming the presence of strong cobalt and copper mineralisation at surface.
Eichigt is situated near LIT’s Sadisdorf Lithium Project, whose location places the company at the forefront of the Europe-led burgeoning battery and EV markets.
Initial exploration at Eichigt focused on copper-bearing quartz veins that were subjected to small-scale mining activities during the 16th century.
LIT has encountered significant cobalt and copper mineralisation here, with grades up to 0.6 per cent for cobalt and 0.48 per cent for copper in sample E802G.
Additional veins were also encountered — all remain open along strike and dip.
Results from the first five grab samples:
Recent multiple diggings by mineral collectors were encountered in what is otherwise forested terrain. Uncharacteristically low levels of arsenic and uranium differentiate these occurrences from other mineralisation recorded in the area (in which gossans of this type have not been previously described). This could suggest considerable upside for LIT in largely underexplored ground.
LIT managing director, Adrian Griffin, said: “Strong, previously undescribed cobalt mineralisation at surface confirms the limited nature of past exploration. The diggings encountered are testimony to the considerable extent of the strike.”
Griffin added: “Close to our Sadisdorf lithium project, and on the doorstep of the European EV manufacturers, this cobalt could prove a strategic feed into the burgeoning battery industry.”
It should be noted that LIT is in the early stages of exploration here and investors should seek professional financial advice if considering this stock for their portfolio.
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.