Forrestania Resources has the rig on site and will imminently begin lithium-focused drilling on three high-priority targets at its namesake project in the mineral-endowed Archaean Forrestania Greenstone Belt of Western Australia.
A favourable geological setting, promising geochemistry, outcropping pegmatites, and historic pegmatite intercepts untested for lithium continued to build allure at Forrestania’s flagship project, and spur on a 4000m RC campaign directed at validating and extending historic intercepts while fully testing the extent of the pegmatite body.
Forrestania Managing Director Michael Anderson said the company was extremely excited to see what drilling will uncover from a trio of its highest priority targets.
The drilling represents a carefully refined and targeted programme – a testament to our exploration strategy which is continually being optimised through results analysis, investigation into historic data and observations in the field. We remain confident that the Forrestania project remains highly prospective for a significant lithium discovery,” Mr Anderson said.
Sitting next to the 189mt @ 1.5% Li2O Mt Holland lithium mine, Forrestania belief is strong its asset holds all the right criteria for a significant lithium discovery on top of prospectivity for gold and nickel in a greenstone belt host to a historic 1Moz Bounty gold deposit and two operating nickel mines.
A second lithium wave
After skyrocketing demand saw lithium prices shatter all-time highs, slowing EV growth in China caused prices to crumble through the early parts of 2023.
But the long-term outlook of demand from EV and energy storage markets remained in place, and major players have begun to prowl around undervalued lithium assets, setting the stage for a wave of mergers and acquisitions akin to the 2000’s boom which saw multiple Australian mining companies become part of multi-national organisations.
With an economy on the rebound, Chinese lithium prices have already ascended by over 40 per cent over the past month, and multi-national deals are struck as global powers move fast on securing their stockpiles of critical minerals.
In other news
Forrestania is also busy rearing its other lithium assets, recently identifying lengthy pegmatites untouched by lithium exploration in the Eastern Goldfields as the company begins to explore almost 30,000 hectares next to Quebec’s world class lithium discoveries.
