CALIDUS RESOURCES LIMITED onlyABOUT CALIDUS RESOURCES Ca idus Resources is an ASX listed gold producer that is ramping up the 1.7Moz Warrawoona Gold Project in the East Pilbara district of Western Australia.
DIRECTORS AND MANAGEMENT
Mr Mark Connelly useNON-EXECUTIVECHAIRMAN
Mr David Reeves
MANAGING DIRECTOR
Mr John Ciganek
NON-EXECUTIVE DIRECTOR
Ms Kate George
NON-EXECUTIVE DIRECTOR
Mr Paul Brennan personalPROJECT DEVELOPMENT
Mr Rich rd Hill
CHIEF FINANCIAL OFFICER
Ms Julia Beckett
COMPANY SECRETARY
calidus.com.au
ForASX : CAI
info@calidus.com.au
Suite 12, 11 Ventnor Ave
West Perth WA 6005
AUSTRALIA
6 June 2022
Spear Hill emerges as significant lithium discovery with pegmatites now stretching over 4.3km
More strong results with grades up to 2.35% Li2O in outcrops
support plan to spin-off Pirra later this year
HIGHLIGHTS
- Calidus' 50 per cent owned Pirra Lithium has significantly expanded the mapped lithium pegmatites at Spear Hill in WA's Pilbara
- Outcropping pegmatites now established over total strike length of 4.3km
- A batch of 30 rock-chip samples yielded lithium grades up to 2.35% Li2O and 808ppm Ta
- Plan to demerge Pirra and undertake IPO in 2022
Calidus Resources Limited (ASX:CAI) is pleased to announce that more strong results have almost doubled the known strike length of the outcropping lithium-bearing pegmatites at the Spear Hill lithium discovery to 4.3km.
The latest results come from further rock-chip sampling and mapping by Pirra Lithium, which is owned equally by Calidus and Haoma Mining NL2.
Assays have been received for a further 30 rock-chip samples from a newly discovered pegmatite swarm 1.7km south-west of the original discovery area1,3. The samples were collected from three exposed pegmatites and areas of muscovite and lepidolite alteration over nearly 1.8km of strike length.
The recent mapping and assays have nearly doubled the area of lithium-bearing pegmatites in the Spear Hill area.
Calidus Managing Director Dave Reeves said: "This discovery of another significant pegmatite outcrop in the vicinity of the previously announced results confirms the presence of a significant lithium pegmatite system. These results have provided additional drill targets that demand to be tested.
"The expansion of the mineralised system at Spear Hill reinforces the substantial prospectivity across the large tenement package and rights owned by Pirra Lithium. As a result, the shareholders of Pirra Lithium have decided to commence a demerger process and IPO of Pirra Lithium later this year".
onlySpear Hill
The Spear Hill area, about 50km SW of Marble Bar, is part of the historic Shaw River tin field4. The area has been mined f r alluvial tin since about 1893 with a little more than 6,500t of tin concentrate won from the field up until 1975.
usepersonalFigure 1 - Location of the Spear Hill area and tenement holdings and lithium rights of Pirra Lithium. On the RHS, Pirra structures layers. Also shown are Global Lithium's Archer deposit and Li-pegmatites identified by Kalamazoo Resources6,
Geology Overview
ForPi a Lithium has previously reported assays from newly discovered lithium-bearing pegmatites over a strike length of 2.5km about 3km ENE of Spear Hill1 on a granted Prospecting Licence, P45/2975, and a pending Exploration Licence, E45/58343. The pegmatites on these tenements appear to be broadly parallel to the foliation or gneissic layering in the enclosing granitic rocks. The pegmatites strike ESE and dip shallowly to the NNE. The width of the main pegmatite at surface ranges from less than 10m to more than 30m; the true thickness is not yet known owing to uncertainty about the dip angle but is likely to be considerably less than the surface widths.
The Company has now identified three additional lithium pegmatite bodies and areas of muscovite/lepidolite alteration over a wide area about 1.7km SW of the original discovery (Figure 2). The largest pegmatite is intermittently exposed for about 1.8km; two other, poorly exposed, subparallel pegmatite bodies are also present. The pegmatites appear to be
sub-horizontal or dip gently to the ENE. Presently, it is difficult to estimate the thickness of the pegmatites given their relatively poor exposure. The presence of scattered muscovite and lepidolite alteration and thin pegmatites east of the main pegmatite on E45/4587 suggests the potential for additional pegmatites in the subsurface.
The main lithium-bearing mineral appears to be lepidolite or green muscovite. In the mapped pegmatites on E45/4587, overall, there is a change from mainly green muscovite ± lepidolite in the south to lepidolite ± green muscovite in the onlynorth. Between the main exposures shown in Figure 2, are numerous, widely distributed occurrences of thin muscovite-
bearing pegmatite and muscovite alteration of granite and granitic gneiss country rock.
usepersonalFigure 2 - Geology map showing the distribution of the lithium pegmatites identified at Spear Hill to date. Also shown are the Li2O values for all the samples recently collected and analysed, and results released previously1,3.
ForPegmatite assays
The results of 34 rock-chip assays from about 600m strike length of the pegmatite on P45/2975 were announced on the 8th of March 20221 and a further 62 rock-chip assays released from pending E45/5834 and P45/2975 on the 11th of May 20223. Thirty, newly received rock-chip assays come from several pegmatite bodies on E45/4587, about 1.7km to the SW of the initial discovery area, and from a pegmatite and associated lepidolite alteration parallel to, and NE of, the main pegmatite on P45/2975 (Figure 2).
Sampling was conducted along all the exposed strike extent of the pegmatites (Figure 2). Assays for Li2O, Cs, Rb, Ta, Sn, and F for all samples collected are shown in Table 1.
Assays with Li2O >1% were received from more than about 1.2km of strike length in the largest pegmatite identified on E45/4857, from a small poorly exposed pegmatite 600m to the NE, and from an intermittently exposed pegmatite with associated muscovite alteration in the NE part of P45/2975. Green muscovite-bearing pegmatites in the southern part of E45/4587, while not mineralised, still contain up to 0.15% Li2O are evidence of widespread lithium enrichment.
The samples also contained up to 808ppm Ta. Table 2 contains Ta assays for samples reported previously for Li2O1,3. Over onlyhalf of the samples contain >100ppm Ta with a peak value of 784ppm Ta.
Future work
A program of work (PoW) application will be lodged with DMIRS shortly for a maiden drilling program on E45/4587. A
drilling program on P45/2975 recently started5 and which is expected to be finished in mid-June. Field mapping is
continuing in the area around Spear Hill with the aim of identifying further occurrences of lithium pegmatite and
associated metasomatism. Work in the Spear Hill area will be expanded following the recent grant of E45/5835, useE45/5846, and E45/6054, all for which Pirra Lithium has the lithium rights.
Hi toric exploration data (stream sediment, soil, and rock-chip geochemistry) and reprocessed Government geophysics are being reviewed to identify priority exploration targets across the Pirra Lithium tenement package.
Demerger of Pirra Lithium
It is increasingly evident that Pirra Lithium is exploring a highly fertile lithium area with large upside potential. The
shareholders of Pirra Lithium believe that a pure lithium focussed developer will be better able to attract appropriate personalc pital and partners to accelerate this rapidly evolving lithium discovery and allow the current shareholders to focus on
C lidus' core businesses. The shareholders of Pirra Lithium intend to complete the demerger by end of CY2022, subject to entry into a formal demerger agreement, tax and regulatory requirements, market conditions and shareholder approval. At present, the Pirra Lithium shareholders have not entered into a binding demerger agreement. Further details will be provided as and when they become available.
NOTES
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COMPETENT PERSON STATEMENT
The information in this announcement that relates to new exploration results is based on and fairly represents information compiled by Steve Sheppard a competent person who is a member of the AIG. Steve Sheppard is employed by Calidus Resources Limited and holds shares and options in the Company. Steve has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code of Reporting of Exploration Results,
onlyMineral Resources and Ore Reserves. Steve Sheppard consents to the inclusion in this announcement of the matters based on his work in the form and context in which it appears.
FORWARD LOOKING STATEMENTS
This announcement includes certain "forward looking statements". All statements, other than statements of historical fact, are forward looking statements that involve risks and uncertainties. There can be no assurances that such
statements will prove accurate, and actual results and future events could differ materially from those anticipated in such usestatements. Such information contained herein represents management's best judgement as of the date hereof based
on information currently available. The Company does not assume any obligation to update forward looking statements.
DISCLAIMER
References in this announcement may have been made to certain ASX announcements, which in turn may have included
exploration results and Minerals Resources. For full details, please refer to the said announcement on the said date. The
Company is not aware of any new information or data that materially affects this information. Other than as specified in personalthis announcement and mentioned announcements, the Company confirms it is not aware of any new information or
d ta that materially affects the information included in the original market announcement(s), and in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant a ouncement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original announcement.
For the purpose of ASX Listing Rule 15.5, the Board has authorised for this announcement to be released.
For further information please contact:
Dave Reeves
Managing Director
info@calidus.com.au
ForRefer announcements:
- 18 January 2022 - Calidus forms new Pilbara lithium exploration venture
- 21 February 2022 - Formation of Pirra Lithium complete
- 8 March 2022 - Significant lithium prospect identified in east Pilbara
- 11 May 2022 - High-grade lithium pegmatite doubled to 2.5km strike
- 27 May 2022 - Maiden drill program commences at the Spear Hill Lithium Project
The Company confirms that it is not aware of any new information or data that materially affects the information included in the above market announcements.
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Calidus Resources Limited published this content on 05 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 June 2022 22:31:02 UTC.
