Junior explorer Tambourah Metals has pegged new tenements in Western Australia prospective for gold and lithium that it has now coined as the Nullagine project.
The 34-tenement package under application covers 5788 hectares and is 5km north of the explorer’s existing Russian Jack lithium project in the Pilbara.
The company says there’s been no lithium-focused exploration in the area however historical soil samples have reportedly indicated lithium up to 40 parts per million.
Tambourah has begun a project scale compilation of available data. It plans to use the data to prioritise areas for first-pass field prospecting and mapping and the company is well-funded with $5.5m in the bank.
Management says government data suggests about 260 historical gold mines lie to the immediate north and its tenements host several complex and prospective structures that may house gold mineralisation.
Whilst gold has slipped from its graceful highs in March, the World Gold Council observes first quarter 2022 gold demand jumped 34 per cent on the first quarter of 2021, driven by strong ‘exchange-traded fund’ inflows.
The ground’s potential for gold is a welcome bolster to Tambourah’s existing gold-focused portfolio in the Pilbara region.
In terms of lithium, the explorer says the pegged ground is surrounded by historical lithium-tin-tantalum prospects that demonstrate the prospectivity of the regional package.
Benchmark Mineral Intelligence compiled lithium prices into an index and found the indicator to have surged a staggering 280 per cent in 2021 and a further 127 per cent in the first quarter of 2022.
Tesla Chief Executive Officer, Elon Musk, sees lithium as the fundamental limiting factor for electric vehicle adoption with the surging prices this month prompting him to say: “I’d certainly encourage entrepreneurs out there who are looking for opportunities to get into the lithium business.”
In a Net-Zero Emissions by 2050 Scenario, the International Energy Agency suggests demand for lithium in 2050 could be up to 50 times higher than in 2020. Interestingly, the US Geological Survey pegs Australia as the lead producer of lithium in front of Chile.
The latest grab by Tambourah is not its first foray into the lithium space with the company granted its Russian Jack Tenements containing outcropping pegmatites earlier in March 2022.
Notably, the rush of exploration in the Pilbara is not unwarranted as the region hosts several world-class lithium mines.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
