Marindi Metals Limited (ASX: MZN) is pleased to advise that it has secured an attractive new growth opportunity in lithium exploration in the Forrestania Greenstone Belt of WA, after identifying and securing a highly prospective project package in the heart of a well-known pegmatite district.
Background Marindi has in-depth knowledge of the Forrestania Greenstone Belt with the Company’s Managing Director Joe Treacy having worked extensively in the belt in the 1970s and 1980s in the first instance and subsequently with base metals miner Kagara Ltd, which previously owned the nearby Lounge Lizard nickel deposit (an extension to the Flying Fox nickel deposit).
Pegmatites are the host rock for spodumene-lithium mineralisation similar to that being mined at the Mt Cattlin Project (Galaxy Resources and General Mining), located near Ravensthorpe some 100km to the south, and to the mineralisation which underpins the world-class Pilgangoora lithium-tantalum deposit in WA’s Pilbara region, currently being developed by Pilbara Minerals (ASX: PLS).
The combined project package – to be known as the Forrestania Lithium Project – provides Marindi with numerous walk-up exploration targets for potential lithium mineralisation in a region which was recognised historically for its strategic metals prospectivity.
The Forrestania district has come into prominence in the lithium sector recently with the start-up of production from the Mt Cattlin spodumene project and with the recognition of the spodumenelithium potential of the area by other companies such as Western Areas (ASX: WSA) and Kidman Resources (ASX: KDR) at its Mt Holland Project.
The intersection of 50.6m @ 0.95% Li2O quoted by WSA lies adjacent to Marindi’s South Ironcap Prospect.
The Mt Hope Prospect located at the northern end of Marindi’s tenement holdings was the focus of nickel exploration activity in the 1970s, during this time intersections of up to [email protected]%Li2O MHD 019 from spodumene were recorded, (Forrestania Gold Prospectus 1987).
Marindi views the Forrestania Lithium Project as a low-cost, complementary growth opportunity alongside its flagship 100%-owned Newman Zinc Project, where a new phase of drilling is about to commence.
MZN Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
