Does LIT’s acquisition hold an uncanny resemblance to Greenbushes?
Lithium Australia (ASX:LIT) has told shareholders its latest venture into the upstream holds uncanny similarities with the largest hard rock lithium mine in the world.
It has been granted Mineral Exploration License 30897, which is about 60km from Darwin – measuring 60 sq.km and hosting at least 20 known pegmatites.
LIT is betting that these pegmatites can be processed using its Sileach process, turning the rock into lithium oxide.
Recent exploration on the license has targeted spodumene, which is a lithium silicate, and lithium micas which rival those at fields such as Pilgangoora in Western Australia.
The latest acquisition is part of a raft of upstream opportunities LIT has focused on in recent times, most recently telling investors that it had found additional lithium resources at its Ravensthorpe project.
The NT project, dubbed the ‘Bynoe Project’, is part of the Litchfield Pegmatite belt – which is almost 200km long but in the past has only been tapped for tin and tantalum.
This is where LIT says the play bears an uncanny resemblance to the Greenbushes play – which hosts the world’s largest hard rock lithium mine in the world.
Mining at Bynoe started towards the back end of the 19th century, which explorers mostly looking for tin and tantalum – only recently has the potential for the pegmatites to hold lithium mineralisation been considered.
This mirrors development at Greenbushes, which was mined for 100 years for tin and tantalum before lithium came into the equation.
Field work is expected to begin during the northern dry season (around May until October), with LIT starting desktop work on the opportunity in the meantime.