Calidus Resources (ASX: CAI)

Announced that Pirra Lithium has identified a substantial lithium-bearing pegmatite with a mapped strike length of more than 1km approximately 50km south-west of Marble Bar in the East Pilbara.

 

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Calidus Resources	ASX: CAI
Stage	Development, exploration
Metals	Gold, lithium
Market Cap	A$334 m  @ 83.5c
Location	Pilbara, Western Australia

 

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Calidus Resources Pirra Lithium JV Identifies a Significant Lithium Prospect in East Pilbara

Lithium-bearing pegmatite mapped over +1km with assays up to 2.3% Li2O

 

Calidus Resources Limited (Calidus (ASX:CAI) is pleased to announce that Pirra Lithium has identified a substantial lithium-bearing pegmatite with a mapped strike length of more than 1km approximately 50km south-west of Marble Bar in the East Pilbara.

Pirra Lithium, which is owned equally by Calidus and Haoma Mining NL1, collected 34 rock-chip samples of the pegmatite and the adjacent granitic country rocks.

Assays of the pegmatite yielded 0.66%-2.34% Li2O, with two samples of metasomatized country rock adjacent to the pegmatite yielding 2.78% and 2.91% Li2O.

HIGHLIGHTS

• Calidus’ 50 per cent owned Pirra Lithium has discovered a lithium
pegmatite extending over 1km in strike length at Spear Hill in WA’s
Pilbara
• Rock-chip assays returned up to 2.34% Li2O
• More geological mapping underway to identify and confirm other
pegmatites in the area
• An initial 2,500m RC drilling program has been planned to test the
thickness and down-dip extent of the pegmatite
• Applications for Programs of Work (PoW) and heritage surveys are being
lodged to facilitate drilling, targeting the June quarter of 2022.

 

Calidus Resources management comments

“It is already clear that we are in the early stages of an exciting lithium discovery with both scale and strong grades.

 

“There is a compelling business case to accelerate exploration now we have confirmed lithium grades for this significant outcropping pegmatite.”

“Despite the pegmatite being located close to the Hillside – Marble Bar Road, there is no record of geological mapping or sampling in the area and the area has never been
drilled.

 

“These results highlight the immense prospectivity of the large tenement package and rights owned by Pirra Lithium.

“Work is continuing to determine the full extent of the pegmatite and to identify other pegmatites in the vicinity. As part of this, we are preparing for a maiden drilling program.

 

“The Company will also continue its aggressive exploration program elsewhere on the tenement package”.

Calidus Resources Managing Director Dave Reeves

 

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For brevity, this summary has been redacted, to read the full news release, please click HERE

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Disclosure

At the time of writing the author holds shares in Calidus Resources, bought in the market at the prevailing price on the days of purchase.

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