Forrestania (ASX:FRS) expands into exciting territory
November 7, 2022Forrestania Resources has expanded lithium exploration following successful initial drilling at its flagship namesake project located approximately 400km east of Perth in the WA Goldfields.
The lithium-gold-nickel-focused explorer will expand drilling to the Bannon prospect at the southern end of the 100 km strike while entering the highly promising central Bounty East priority target following POW access granted.
RC drilling of 7 holes for 1100 meters at Bannon will test for down dip extension of pegmatites intersected in historical drilling completed by previous explorers.
Meanwhile, the highly anticipated exploration at Bounty East will follow several narrow pegmatite intercepts (“pegmatophile”) corresponding to the hypothesis of potential for more significant mineralisation down dip into the central Bounty area.
Location of new POW providing access to the central part of the anomaly. The Bounty East prospect is located ~6km east of the world-class Earl Grey lithium Resource (189Mt @ 1.5% Li2O), which Covalent Lithium operates.
Next Steps
Completed drill hole samples are currently in the process of being dispatched to Perth for lithium and gold analysis.
After completing the current drill program and receipt of assay results, planning will continue for the second phase of drilling at the Forrestania Project.
The second drilling phase will likely focus on additional infill and follow-up drilling at Bounty East (utilising the new POW), Bannon and the Gemcutter prospects (once approvals are received).
Approval work streams continue to be progressed to facilitate access to additional drill sites.
Price Action
The Company’s ASX-listed shares are 25.5c at Market Open
About Forrestania Resources
Forrestania Resources’ cornerstone Project is located in Western Australia’s Archaean Forrestania Greenstone Belt, approximately 80km east of Hyden.
The Project occupies a dominant land position with contiguous tenure covering approximately 623km² that is host to numerous overlooked lithium targets, historical high-grade gold projects and early-stage nickel geochemical anomalies.
Before the mid-1980s, the Forrestania region was largely the subject of nickel-focused exploration until Aztec Mining Company Ltd discovered the Bounty gold deposit in the mid-1980s and the subsequent production of approximately 1.3 million ounces. In 2016, Kidman Resources Limited (ASX: KDR) reported a ground-breaking discovery, now known as the Earl Grey lithium deposit, with early results including 52m grading 1.53% Li2O and 45m grading 1.81% Li2O.
FRS tenure is directly adjacent to Wesfarmers (ASX:WES) and Sociedad Quimica Y Minera de Chile (NYSX:SQM) Mt Holland Project, where the world-class Early Grey deposit contains proven and probable Ore Reserves of 94.2 million tonnes at 1.5% Li2O.
The combined Forrestania Lithium, Gold and Nickel Projects are a rare and exciting exploration opportunity, with the potential to discover a vitally important commodity that contributes significantly to the race towards the decarbonisation of the global economy.
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