Lithium Tenement Granted at Lake Percy
Perth, Jan 11, 2017 AEST (ABN Newswire) - White Cliff Minerals Limited (
ASX:WCN) ("White Cliff" or the "Company") is pleased to report the grant of a 20 km2 tenement immediately North and adjacent to the Lake Percy Joint Venture tenement where Liontown Resources recently identified a 2km long anomalous lithium trend.
Highlights:
- White Cliff Minerals Acquires 100% of Tenement (E63/1793) Adjacent to Lake Percy Lithium Trend
-- Previous exploration identified numerous pegmatites in existing drilling and mapping
-- No lithium assays undertaken
-- Soil sampling program starting in February
- 2km Lithium Trend identified on White Cliff Minerals Lake Percy Joint Venture Tenement (E63/1222i)
-- Liontown Resources earning 70% via staged expenditure of $1.75 Million
-- Liontown to commence drilling in February
Historical exploration on the tenement E63/1793 (see Figure 1 in the link below) identified pegmatites both in outcrop and on drill holes but no lithium assaying was undertaken.
Given the recent discovery of lithium containing pegmatites at Mt Day and the highly anomalous lithium soil geochemistry reported at the Lake Percy Joint Venture Tenement (see Figure 2-3 in the link below) by Liontown Resources (LTR) the Company will undertake a comprehensive soil sampling program in February.
Liontown Identifies 2km Long Lithium Trend
The anomalous trend, which contains values of up to 354ppm Li2O, has been outlined over a strike length of 2km and is coincident with pegmatites which locally exceed 100m true thickness (see Figure 2 in the link below).
Lake Percy is located ~440km east of Perth near Poseidon Nickel's Lake Johnson/Maggie Hayes treatment plant in WA. It is also just 60km from the world-class Earl Grey lithium deposit discovered by Kidman Resources.
This emerging Forrestania Lithium Province also includes the Mt Cattlin spodumene mine (currently being commissioned by Galaxy Resources) and the Mount Day lithium discovery, which is located 20km to the south in the same greenstone belt as Lake Percy (see Figure 3 in the link below).
In light of the strong anomaly identified at Lake Percy, Liontown has scheduled a maiden RC drilling program to start early February.
Lake Percy Joint Venture Agreement
In 2016 Liontown Resources ("Liontown") (ASX:LTR) agreed to a binding joint venture arrangement to explore the Company's Lake Percy tenement (E63/1222) for lithium and other minerals in a rapidly emerging lithium province in the Lake Johnson-Forrestania district of Western Australia.
Under the joint venture, Liontown can earn up to 70% equity in the 41km2 Lake Percy tenement (EL63/1222i) located approximately 430km east of Perth Western Australia (see Figure 3 in the link below).
Under the terms of the Joint Venture Liontown may acquire up to 70% of the Lake Percy Project by:
- spending A$1,000,000 on exploration within 3 years to earn 51% equity;
- at Liontown's election, it can increase its equity to 70% by spending an additional A$750,000 before the 4th anniversary of the JV Agreement execution; and
- by committing to spending $50,000 on exploration before having the right to withdraw from the joint venture.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/G8SW2W84
Contact
Todd Hibberd
Managing Director
T: +61-8-9321-2233
W: www.wcminerals.com.au
E: info@wcminerals.com.au
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