This article is 7 years old. Images might not display.
Geochemical work at the Lake Percy lithium project identified the anomaly, which contains values of up to 354 parts per million lithium oxide.
The trend has been identified over a 2km strike length and is coincident with pegmatites exceeding 100m true thickness.
Lake Percy is around 60km east of Kidman’s Earl Grey deposit, which has a resource of 128 million tonnes at 1.44 lithium oxide.
Liontown has scheduled drilling at Lake Percy, previously explored for nickel, for early next month.
“It’s early days here but the potential is large,” Liontown managing director David Richards told MNN during the December quarter.
The company can earn 70% of Lake Percy via a farm-in with White Cliff Minerals.
The company is also planning to drill its Bynoe lithium project in the Northern Territory early this year after identifying drill targets in a soil sampling program late last year, and its newly acquired Kathleen Valley lithium project in WA.
Liontown had around $A600,000 cash at the end of the September quarter, but raised $1.4 million in early October at 1c per share.
Shares in Liontown jumped by 41.2% this morning to 2.4c, still below the peak of more than 4c the stock reached in October. White Cliff added more than 16% to 0.7c.
