- EXAI to earn up to 80% of Lithium Rights on E59/E2252 by spending $3.5m in two stages.
- Additional considerations of up to $600,000 on delivery of maiden Mineral Resource Estimate (“MRE”) and Pre-feasibility Study (“PFS”).
- Under the terms of agreement, SensOre will provide Firetail access to its proprietary AI technology across the Yalgoo and Dalgaranga Lithium Projects.
- SensOre has identified Lithium-Caesium-Tantalum (“LCT”) mineralisation with the use of its proprietary technology.
- SensOre and Firetail to work closely together to identify and confirm Lithium exploration targets in the region.
- Firetail has commenced diamond drilling (“DD”) at its Picha Copper Project in Peru with ten drill holes for ~5,000m.
Firetail Executive Chairman, Brett Grosvenor, commented:
“The approach and subsequent deal with SensOre, validates our understanding of the region and the the potential for a Lithium discovery in this region. The agreement with SensOre enables the FTL team to continue to concentrate efforts on the current targets identified, whilst simultaneously unlocking the potential of the other tenements in the region.
“Firetail has its initial drill program underway at the Picha Copper Project in Peru, and we are delighted to be able to progress our exploration activities across our portfolio in collaboration with SensOre.
“This is a great outcome for FTL shareholders and we look forward to working with the SensOre team in the coming months.”
SensOre Executive Director and CEO, Richard Taylor, commented:
“We are delighted to have the opportunity to collaborate with Firetail in this LCT-prospective region, where the FTL team has made great progress with their exploration so far. We are excited to see the value that SensOre will be able to bring with our proprietary AI technology in exploring the wider Yalgoo and Dalgaranga Project area.”
Yalgoo-Dalgaranga Lithium Project
The Yalgoo and Dalgaranga Lithium Project comprises 14 granted concessions covering an area of over 1750km2, and is located near Geraldton Port in the growing mid-west mining region of Western Australia. Yalgoo is close to all infrastructure, including an existing mine camp powered by renewable energy.
Firetail has completed significant exploration across the project since listing in April 2022, using a systematic strategy of surface mapping and geochemical sampling to identify targets. Firetail identified a 25km “Goldilocks Zone” confirmed to host LCT pegmatites1, and completed its maiden reverse- circulation (“RC”) drilling campaign in an area of just 1km by 2km within the zone2. Drilling confirmed high-grade rubidium in the area3, including 10m @ 0.44% Rb from 10m, warranting further investigation as one of the highest value critical minerals with potential applications for decarbonisation.
Further detailed mapping and rock chip sampling by Firetail at the Johnson Well prospect, 8km south- east of Yalgoo confirmed the continuation of fertile pegmatites along strike to northwest of Johnson Well lepidolite mine4. Significant rock chip assay results include:
- 0.54% Li2O, >1% Rb, 707ppm Cs and 304ppm Ta
- 0.37% Li2O, >1% Rb, 800ppm Cs and 166ppm Ta
- 0.17% Li2O, 6410ppm Rb, 435ppm Cs and 82 ppm Ta
The Company subsequently undertook a program of RC drilling5 comprising 22 holes for 589m at the Johnson Well Prospect. Pegmatites were intersected in 3 of the 4 drill sections over a strike length of around 150m and appear continuous for ~120m down-dip.
Encouraging assay results were received including:
- 3m @ 0.83% Li2O from 32m
including 1m @ 1.16% Li2O from 34m (JWRC-0005)
Lithium minerals observed in the pegmatites were predominantly lepidolite and zinnwaldite, associated with potassium feldspar, albite, muscovite and biotite. The Company was pleased to note the apparent increase in lithium grade at depth where the deepest pegmatite intersection returned the best lithium assay result (drill hole JWRC-0005).
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