Lithium Australia digs up strong German cobalt mineralisation

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Published 30-MAY-2018 11:39 A.M.

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1 minute read

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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.



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