Buldania Project

HIGHLIGHTS

  • Anna pegmatite confirmed as significant new, West Australian lithium discovery with a Maiden Indicated and Inferred Mineral Resource Estimate (MRE):
    • 14.9Mt @ 0.97% Li2O and 44ppm Ta2O5 (see Table 1 for cut-offs applied)
    • Containing 144,530t of Li2O or 372,889t of lithium carbonate equivalent (LCE).
  • 60% of MRE is classified as indicated.
  • Mineralised system at Anna has been defined over 1.4km strike and remains open both along strike and at depth.
  • Second spodumene-bearing pegmatite swarm discovered 5-10km NW of Anna with initial drilling returning up to 6m @ 1.5% Li2O from 54m.
  • Similar geology to the Mt Marion and Bald Hill lithium deposits (71Mt and 26Mt respectively).
  • Large, prospective 330km2 area in a lithium-rich province, close to good infrastructure.

 

OPPORTUNITY

The Buldania Project is Liontown’s second hard-rock lithium project in Western Australia, located in the southern part of the Eastern Goldfields Province - a region which also hosts the operating Mt Marion and Bald Hill lithium mines (Figure 1).  

The Buldania Project is a highly prospective 330km2 area 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.  The Project is located, approximately 600km east of Perth and 200km north of the regional port of Esperance.


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

ANNA DEPOSIT - MAIDEN MINERAL RESOURCE ESTIMATE

The Indicated and Inferred Mineral Resource, which was prepared by independent specialist resource and mining consulting group Optiro Pty Ltd (“Optiro”), comprises 14.9Mt @ 0.97% Li2O and 44ppm Ta2O5 and is set out in Table 1 below:

Table 1: Anna Deposit, Buldania Project – Mineral Resource as at October 2019

The Mineral Resource estimate is reported and classified in accordance with the guidelines of the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code; 2012).

View the Mineral Resource Estimate here: https://www.ltresources.com.au/sites/default/files/asx-announcements/6954150.pdf

At the Anna deposit eight mineralised pegmatites (Figure 2) have been identified that are sub-horizontal in the northwest (dips of 0° to -10°) and which steepen in the southeast (dips of up to -65° to the west and to the east).  The mineralised pegmatites have been drilled over an area of 1,300 m by 380 m and to a depth of 300 m.  The individual mineralised pegmatites are up to 35 m thick and have an average thickness of 4m to 9m and a combined average thickness of 26 m.

Figure 2: Anna Deposit – 3D view (looking northeast) of drill holes and mineralised pegmatites

Figure 3: Drill rig operating at the Buldania Project in August 2018.

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

LAND STATUS

The Buldania Project comprises three areas which were acquired from separate parties:

·         Buldania Lithium Rights Agreement (BLRA);

·         Killaloe; and

·         Norcott

BLRA

The original Buldania Lithium Rights Agreement (BLRA) was acquired from Avoca Resources Pty Ltd, a wholly owned subsidiary owned by RNC Minerals (previously Westgold Resources Limited), in October 2017. It included one granted Exploration Licence (EL 63/856) and one granted Prospecting Licence (PL63/1977). Mining Lease M63/674 was incorporated into the BLRA in November 2018 in return for Liontown issuing 10 million shares to Westgold Resources Limited.

Other than a state statutory royalty, there are no royalties in relation to the BLRA.

Avoca retains the rights to all other metals (excluding lithium and related metals) and has priority access for exploration.

Killaloe

The Killaloe Project area is located immediately west of the BLRA,  totals ~140km2 and comprises four granted Exploration Licences (ELs 63/1018, 1660 and 1713), one granted Mining Lease (M 63/177) and one Prospecting Licence Application (PL63/2134).

EL 63/1018 is subject to an agreement with Cullen Exploration Pty Ltd, with Cullen owning 20% of the tenement. All other tenements are 100%-owned by LRL (Aust) Pty Ltd, which is a wholly-owned subsidiary of Liontown Resource Limited.

The Project was acquired from Matsa Resources Limited for 20 million fully-paid ordinary shares, at a deemed value of 3cps. In addition Matsa retains a 1% NSR for all minerals produced by Liontown.

Norcott

The Norcott Project is located ~5km south of the BLRA and comprises two exploration licence applications (ELA 63/1824 and EL 63/1863) - which cover a contiguous area of approximately 370km2.

Liontown acquired 100% of the mineral rights for Norcott tenements from private group Galahad Resources Pty Ltd.

 

OTHER COMPANY PROJECTS

View our Kathleen Valley Lithium Project