ASX-listed explorer Infinity Mining has beefed up its portfolio with the acquisition of a 250 square kilometre land parcel prospective for gold and lithium in the Pilbara region of Western Australia.
The company says several tenements within the package are contiguous to its Tambourah South lithium project where a recent rock chip sampling program saw grades of up to 2.6 per cent lithium oxide.
In addition, Perth-based Infinity will also collect a cache of ground that potentially houses shear-hosted gold, volcanogenic massive sulphide ore deposits and paleo-placer gold mineralisation.
Infinity’s sale purchase agreement with TasEx Geological Services allows it to pick up a 100 per cent stake in three key tenements and a pair of tenement applications.
As part of the deal Infinity will fork out over $50,000 in cash and $250,000 worth of Infinity shares valued at a price equivalent to the volume weighted average price of the stocks for the five days preceding the deal's execution.
The addition takes the company’s landholdings in the East Pilbara region of Western Australia to more than 960 square kilometres and importantly boosts the prospectivity of a recent lithium-caesium-tantalum, or “LCT” pegmatite discovery at Tambourah South.
LCT pegmatites are often laced with higher concentrations of lithium, caesium and tantalum mineralisation.
Infinity Mining CEO Joe Groot said:“Infinity has been very fortunate to acquire this East Pilbara tenement portfolio. I am keen to begin work on these tenements as soon as possible, especially the new tenements adjacent to our where we have discovered Li-bearing pegmatites and have just finished our maiden drilling program. This new tenure essentially triples the prospectively of the Tambourah South Lithium Project.”
The acquisition follows the conclusion of a recent 2500m RC drill program at Tambourah South and is hot on the heels of a 225-piece rock chip sampling program which returned grades of 2.635 per cent lithium oxide 0.0662 per cent rubidium and 611.3 parts per million caesium.
In addition to the banner result, 25 samples in the program also yielded grades of more than 1 per cent lithium oxide, with 14 going higher than 1.5 per cent lithium oxide.
Notably, about half a dozen results delivered high grades above 2 per cent lithium oxide.
Management says the rock chip samples were collected from 36 weathered and outcropping pegmatite units which collectively cover a more than 2.6km strike length.
Infinity originally discovered the pegmatites after a helicopter-supported review of several of its Pilbara-based assets which lit up a suite of lithium-bearing pegmatite dykes in April.
A subsequent exploration program in September unveiled results of up to 1.77 per cent lithium oxide.
Infinity Mining went public in December last year and was listed with an armoury of lithium, silver, copper, nickel and precious metal assets in WA.
Infinity was previously a wholly owned subsidiary of MacArthur Minerals before the company decided to spin out its non-iron ore assets into a new exploration vehicle.
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