Buldania Project

OPPORTUNITY

The Buldania Project is the Company’s second lithium discovery in Western Australia located in the southern part of the Eastern Goldfields Province. The Project is located close to major infrastructure in a region is well-known for hosting significant lithium deposits including the operating Mt Marion and Bald Hill lithium mines. The Buldania Project is part of a large, strategic land position highly prospective for lithium including the neigbouring  Norcott Project and Killaloe Project, acquired by Liontown this year.

The Buldania Project is close to major road and rail infrastructure, with direct links to the Port of Esperance, critical to the mining and production of bulk commodities such as spodumene concentrates. 


Figure 1: Buldania Project – Location, tenure and regional geology plan

EXPLORATION

Since acquiring the Buldania Project, Liontown has drilled a total of 68 holes for 7,371m confirming the discovery of significant new spodumene-related lithium bearing pegmatite at the Anna prospect. The mineralisation is open in all directions, with the Anna pegmatite body covering a minimum strike length of 650m with surface widths varying between 50m in the north-west to 250m in the south-east and 200m down-dip (~150m vertical) (Figures 2 and 3).

Better intersections include up to 58m @ 1.2% Li20 and are shown in Figures 2 and 3.

For the latest results and figures, please refer to the  ASX Announcement ‘Liontown confirms second significant lithium discovery in WA with new thick, high-grade hits at Buldania’ – 19th September 2018.

Figure 2: Buldania Project/Anna Prospect – Drill hole plan showing better drill results

Figure 5: Buldania Project – Drill section A (Anna Prospect) – see Figure 4 for position

FUTURE EXPLORATION

The current drilling program has been expanded and is ongoing. Final results from the current program will be combined with those from previous drilling to fast-track a maiden Mineral Resource estimate. A diamond drilling program designed to provide geological data and samples for metallurgical test work is due shortly.

For further information please see our Investor Presentation and ASX Announcements.

GEOLOGY

The Projects are located at the far southern end of the Norseman - Wiluna Greenstone Belt within the Archaean Yilgarn Craton of southern Western Australia in a region well known for hosting significant lithium deposits including Mt Marion and Bald Hill (Figure 1).

Although there has been no previous lithium exploration, geological mapping have defined a large (2.3km x 1.5km), undrilled, spodumene-bearing pegmatite swarm. Individual pegmatites up to 400m long and 160m wide have been mapped at surface; however, true thicknesses are unknown due to the lack of previous drilling and structural data.

The Norcott Project covers the southern strike extension of prospective stratigraphy being targeted at Buldania. The projects are adjacent to the eastern margin of a large, dome-shaped, granitic intrusion which is a similar geological setting to the Mt Marion and Bald Hill lithium deposits located further to the north.

Importantly, the lithium values appear to be largely related to spodumene mineralisation with only minor lepidolite observed.

LAND STATUS

Acquisition Terms Buldania

The Buldania Project area totals ~55km2 and comprises one granted Exploration Licence (EL 63/856) and one granted Prospecting Licence (PL63/1977). The licences are held by Westgold Resources Ltd (ASX: WGX). Liontown, has acquired the lithium and related metals rights for the Buldania Project by meeting certain minimum expenditure commitments and paying Avoca $2 per tonne of ore mined and 1.5% of the gross sales revenues in respect to any lithium or related metals extracted from the tenements. Westgold retains the rights to all other metals (excluding lithium and related metals) and has priority access for exploration.

Acquisition Terms Norcott

The Norcott Project is 100% owned – subject to paying Galahad a royalty equivalent to 1.25% of the gross revenue in respect to any minerals extracted from the Tenements.

Acquisition Terms Killaloe

Liontown entered into a sale agreement to acquire the Killaloe Project from Matsa Resources Limited (ASX: MAT) in consideration for 20 million Liontown shares and a 1% NSR Royalty. The acquisition significantly expands Liontown’s lithium-prospective footprint in the region. Completion of the Sale Agreement has been achieved with all conditions satisfied. 

OTHER COMPANY PROJECTS

View our Kathleen Valley Lithium Project