ASX Bites: lithium discoveries have all eyes on Lake Johnston

ASX Bites: lithium discoveries have all eyes on Lake Johnston

December 1, 2023 Off By Rueben Hale

This week has seen a frenzy of activity in Lake Johnston in southern Western Australia, with several explorers rushing to the corridor. White Cliff Minerals is running the ruler over its assets at Lake Johnston South, highlighting the high potential for spodumene-bearing pegmatites. Charger Metals, Rio Tinto, Bryah, TG Metals, and Vertex are all present, making it a hot region for lithium exploration.

White Cliff is putting access to quality government data to good use, with the “top to bottom” of its tenement adjacent to Charger and TG, and Chairman Roderick McIllree is saying everything investors want to hear, promising to get exploration underway during December, intending to drill subsequent targets in early 2024.

It seems lower lithium prices are not dampening spirits. Atlantic Lithium is increasing its resource estimate in Ghana, while Lithium Universe received excellent feedback from an engineering study into its lithium concentrator in Quebec. LU7 CEO Alex Hanly says his “Dream Team” have lots of experience building successful projects during slowing demand.  Gold, meanwhile, is skyrocketing, with all-time highs predicted in as little as a week. Futures are around $2,040 US an ounce, with the US dollar weaker and central banks making their move. This is always welcome news for aspiring gold producers.

Amid the surge, Meeka Metals has reported high-grade gold intercepts at Turnberry and an expansion of open-pit resources for its 1.2moz Murchison Gold project. Tim Davidson’s quote suggests a production plan, and the company is ready to launch early ’24, forecasting $261m post-tax cash flow over the next decade of my life.

Cooper Metals’ share price surged after they announced a copper-gold deposit in Mt Isa East, Northern Queensland. The first hole they dug into Brumby Ridge yielded 50 meters of 1.32% Cu and 0.05g/t Au from 80 meters. The sizeable discovery was confirmed with a top-grade intercept of 71m @ 2.8% Cu & 0.05 g/t Au from 115m to the end of hole at 186m and included a stretch of 24 meters at 5.4% Cu and 0.10g/t Au from 115 meters. Grades appear to be getting even better at depth, and this seems to be just the beginning, with Cooper MD Ian Warland promising more digging in earnest in the new year.

The hunt for rare earths is on in Brazil, with both Gold Mountain and Equinox Resources snapping up territory next to IPO entrant Brazilian Rare Earths looking to join public trading with a big resource and $315 million market cap to match.

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