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chadpowers

136 Posts.

29/03/17

10:23

Post #: 23698845
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Originally posted by hoek67 ↑

ASX & MEDIA ANNOUNCEMENT Forrestania Project – Lithium Drilling  Approval received to commence 3,000 metre aircore drill program targeting a geological position similar to that hosting the high grade Earl Grey lithium deposit Hannans Ltd (ASX:HNR) advises shareholders that approval has been received to commence an aircore drilling program to assess the lithium prospectivity of the 100% owned Forrestania Project, located approximately 100kms south of Southern Cross, Western Australia (refer to Figure 1 on Page 2 for Location Map). The drill program is scheduled to commence in early April. The Forrestania-Mt Holland lithium province has been the subject of frenetic exploration and corporate activity in recent times highlighted by:  Kidman Resources Ltd (ASX:KDR) fast tracking exploration and development activities to bring their high grade Earl Grey lithium project closer to a decision to mine;  Western Areas Ltd (ASX:WSA) owner of world class nickel mines, becoming a significant shareholder in Kidman following the sale and purchase of lithium rights; and  Albamarle (NYSE:ALB) the world's biggest lithium producer reportedly considering mergers and acquisitions activities that may include Kidman Resources Ltd, amongst others. It is noteworthy that Hannans’ major shareholder (~ 43%) is Neometals Ltd (ASX:NMT) who together with its joint venture partners have commenced production at the Mt Marion lithium mine and are now focused on developing the Kalgoorlie lithium hydroxide facility. Neometals’ consultant Dr Bryan Smith has planned Hannans exploration activities for lithium at Forrestania and will complete interpretation of results and reporting. Drilling1 will be located approximately 4km west of two granite intrusions mapped within Hannans’ tenure. The high grade Earl Grey lithium deposit is located approximately 4km east of the same granite intrusions (refer to Figure 2 on page 3). This distance (i.e. 4km) appears to be the distance necessary to allow for cooling of the intruding pegmatites sourced from the granite intrusions and for differential crystallization of exotic minerals including spodumene (an important lithium mineral). As there is minimal historic information in the immediate area of interest at Forrestania the exploration approach proposed is to use broad reconnaissance traverses of aircore drilling to help define the geology and to provide improved geochemical information. The exploration drilling was originally planned for March 2017 however the heavy rainfall in January and February 2017 made accessing the target areas very difficult without damaging existing tracks.2

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good news, though we are still awaiting further results on nickel and assaya from QVR this quarter.
should be a busy week.

HNR Price at posting: 1.3¢ Sentiment: Buy Disclosure: Held
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good news, though we are still awaiting further results on...

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