Ann: Drilling Intersects Pegmatites with Visible Lithium, page-67

@gassed asked coto and others how they assess the comments of weally ...

Weally has decent credibility IMO but he is also out to make profits like we all are so you have to use your own judgement. I trust him and follow him like a hawk on HotCopper, and I find him very helpful to weed out the good discoveries from the average or poor discoveries. Generally he is totally accurate with his identification of the various lithium elements but I have found some occasions where he might talk down a stock for other reasons e.g. the stock is in a risky jurisdiction such as Africa, or he might think the spodumene that is present is too deep and in very narrow pegmatites which he might then say are uneconomic to mine, or he might bring up an issue with the funding of a discovery and try to get people concerned that the company might not last. That criticism may be valid or maybe he wants to buy in at a cheaper price so he talks it down because people who follow him know that he knows lithium better than most. He has clearly worked in the field. But, several times every day I will check out the messages he has posted. Occasionally he will lead me to a spodumene find that I did not know of but most of the time he is just trying to be helpful. Take that opinion as you want. Because Weally never posts whether he holds or not it can be hard to tell what he is holding but he, like me, is solely on the hunt for spodumene.

Spodumene is the bees knees of lithium. Lepidolite by its own will be rarely mined in Australia. It is extremely difficult, perhaps impossible to get battery-grade lithium from lepidolite. They do mine lepidolite in China but for a long time the Chinese miners have not been environmentally responsible and cut corners to make the lepidolite economic. But I suspect that the lithium in such a case is used for ceramics or medicine. Often lepidolite will be found where rubidium is found. I can't be bothered as there are regular spodumene discoveries where we just need to hope that the spodumene is in thick pegmatites and decent grades, and ideally close to the surface, although spodumene is still very economic to extract if it is a long way down using underground mining e.g. CXO, LTR, RDT(?).

But lepidolite can also be a pathfinder element for spodumene. A couple of our biggest hard-rock lithium tenements started with lepidolite discoveries but many more lepidolite discoveries never turn up any spodumene so you will have done your money. I have found that the lepidolite -> spodumene discovery doesn't happen very often.

I am purely after spodumene finds when it is hard rock and they are rare unfortunately. So I will always turn up to look in detail at announcements like these. Lepidolite is found by many of the companies who have acquired tenements containing pegmatites. Many of these tenements are also near to successful spodumene discoveries. Many of these companies seem to have no shame to plug a spodumene success when it just doesn't seem realistic. According to Weally, a good geologist will be able to tell whether a drill core has spodumene immediately. So, if the announcement does not scream 'Spodumene' in the headline or the first paragraph you can be pretty sure that it is not present in economic amounts. But this stock, like many others (e.g. RGL yesterday found lots of lepidolite and a little bit of spodumene) will remain on my watchlist and I will continue to hope that they do find significant spodumene (e.g. WR1 in Quebec late last week which went from 0.37 or so to 0.89 in a couple of days). In the latter case we always knew that WR1 had spodumene, just not that they had lots of it. So sometimes it is worth taking the speculative punt if you can afford to also potentially do your dough, and you don't want to miss out on the cheap early share price. I bought LTR at 0.08; GLN at 0.12; CXO at 0.15; LKE at a similar cheap amount although I later sold it and have only just bought back in.

I hope this helps even though you did not ask my opinion. As always, check my assertions by doing your own research.