EXPLORATION & DEVELOPMENT

Liontown confirms lithium discovery

SHARES in Liontown Resources rose this morning after the company reported another strong round of assay results from its emerging lithium discovery at the Buldania project in Western Australia.

 Field work at Buldania

Field work at Buldania

The latest assays from the Anna prospect confirmed the presence of large mineralised pegmatites.

New results included 25m at 1.2% lithium oxide from 16m, including 3m at 2% and 5m at 2%; 58m at 1.2% lithium oxide, including 20m at 1.6%, 4m at 1.8% and 2m at 2.5%; 36m at 1% lithium oxide, including 3m at 2%, 6m at 1.7% and 1m at 1.8%; and 15m at 1.2% lithium oxide, including 3m at 2.4% and 2m at 1.7%.

Mineralisation at Anna starts at surface and has been outlined over a 500m strike length.

Lithium mineralisation remains open along strike and at depth.

Results for another 17 holes are pending.

The drilling is part of a 36-hole reverse circulation program, which was recently completed.

Buldania is 30km east of Norseman in the Eastern Goldfields.

Liontown has an agreement with Westgold Resources, giving it the right to lithium and related metals for A$2 per tonne for any lithium ore mined and 1.5% of the gross sales receipts.

Drilling is also set to begin at Liontown's Kathleen Valley lithium project, which is near Mt Keith in the north-eastern Goldfields.

A 34-hole program for 4000-4500m is planned to follow up February results including 21m at 1.9% lithium oxide from 71m, including 17m at 2.2%.

Liontown has around $2.4 million cash after selling $809,874 worth of shares in Core Exploration.

Shares in Liontown rose by 9% to 3.6c, valuing the company at more than $32 million.

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