Forrestania (ASX:FRS) advance along ‘Goldilocks’ pathway
November 21, 2022Forrestania Resources has completed the first of many lithium-focussed drilling along the highly mineralised 100-kilometre Goldilocks zone at its namesake Forrestania lithium project, in Western Australia’s Wheatbelt region.
The successful first phase at Bounty East, just 40kms from the world-class Early Grey lithium deposit, Gem Mine and Bannon prospect, intersected pegmatite in six holes at Bannon, including 7m in 4 zones (FBAR0003) and 6m in 5 zones (FBAR0004) for a total of 13 RC holes for 2,198m.
The RC drilling focussed on testing geochemical anomalies and the extension of historic pegmatite intercepts at Bounty East and Bannon.
At Gemcutter, the drilling was designed to test an area between historical pegmatites recorded in RAB holes drilled at the Gem Mine and a diamond hole GCDD0001
Forrestania Project shows regional geology interpretation and location of Bounty East, Gemcutter and Bannon drilling areas.
“We are delighted to have completed our first lithium drilling programme at Forrestania following requisite approvals,” Chairman and interim CEO John Hannaford said.
This is just the beginning of timely drilling across many large underexplored and even untouched areas, which will test a robust pipeline of high-quality lithium targets identified from historical data and supported by ongoing geophysical exploration over our Project’s continuous and significantly mineralised 100km Goldilocks Zone extent.
We believe this will be another top tier lithium project owing to the mineralised belts’ world-class project hosting characteristics.
Thanks to our exploration team and drilling contractors Topdrill who executed the programme effectively despite some adverse weather and site access conditions.”
Price Action
The Company’s ASX-listed shares are 19c at Market Open.
Next Steps
Samples have been collected and dispatched to a laboratory in Perth for lithium and gold analysis, with results expected within the next six weeks.
Post the receipt of assay results; planning will continue for the second phase of drilling at the Forrestania Project. Pending approvals, the Company is looking to follow up the successful drilling programmes at Bannon, Bounty East and Gemcutter with further exploration drilling.
Additionally, a maiden drilling programme at South East Iron Cap is planned for early 2023.
About Forrestania Resources
Forrestania Resources is an ASX-listed mineral explorer and developer focused on lithium, gold and nickel exploration in un-and-under-explored regions of Western Australia. Coupled with a low Enterprise Value of approximately $5M, the Company’s asset portfolio sets a solid foundation for future shareholder value.
Multi Commodity Prospectivity
Forrestania Resources was formed around the consolidation and acquisition of critical tenements across three prolific and highly prospective mineral provinces in Western Australia, identified for their lithium, gold and nickel potential. The Company’s assets include three significant projects, the Forrestania Lithium, Gold and Nickel Project, Southern Cross Gold Project, and the Leonora Gold Project.
The Forrestania Project represents a significant consolidation of key tenements across the well-endowed southern Forrestania Greenstone Belt, a highly prospective mineral province in WA with multi-commodity prospectivity (with nickel/gold).
The Forrestania Project is located in a world-class neighbourhood – adjacent to Wesfarmers / SQM Mt Holland Lithium Mine and Western Areas Forrestania Project (Spotted Quoll, Flying Fox nickel mines).
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