Gibb River Diamonds Limited's Lithium Generative Project aims to add significant shareholder value through generating and/or acquiring lithium/REE projects within Australia and to explore and develop these projects. The project areas are selected as prospective based upon ongoing reviews of data from government databases, remote sensing and from other data sources. The most initially promising of the three areas was the Mica Well Project in which numerous large pegmatites were identified, with the large measuring in excess of 300m x 200m (6 hectares). Anomalous lithium was detected in some of these samples, one of the assay results (MMR054A) in a muscovite altered granite is strongly anomalous for lithium at 178ppm Li. The Company does believe the area has further exploration potential for lithium pegmatites. The discovery of the Mica Well pegmatites (previously undocumented) does demonstrate the success of GIB's targeting criteria and fieldwork methodology. GIB geologists conducted a mapping and sampling program in November 2022 over tenement E58/602 (Mica Well). The trip identified numerous large muscovite-bearing pegmatites, with many measuring over 2 hectares, the larger in excess of six hectares (300m x 200m). None of these pegmatites had been identified by previous explorers or
GSWA mapping and GIB believes these new discoveries indicates the Company's pegmatite targeting methodology is correct. The project was named `Mica Well' after a bore on Windsor Station within the tenement. Upon inspection of Mica Well, the bore spoil from previous excavations exhibited very large amounts of muscovite mica pegmatite, this is a positive prospectivity indicator for pegmatites in the area. GSWA mapping indicates that the Mica Well tenement is underlain by metamonzogranites of the Tuckanarra Suite. GIB observed this as a coarse-grained and mostly massive granite, frequently cross-cut by pegmatites, with occasional large (~750m x 2m) late-stage low-temperature quartz veins. Field mapping found that pegmatites on E58/602 are both numerous and at times very large, with the large being in excess of 6 hectares (400m x 150m). Individual feldspar crystals up to ~two metres in length were observed (Plate 2). Some of the pegmatites have a single or multiple high-purity quartz cores and all are muscovite-bearing. Graphic quartz-feldspar textures are common. GIB visited Mica Well (sample MMR026) and found it is located in shallow alluvial cover overlying a very coarse-grained muscovite rich pegmatite (not mineralised). Pegmatite outcrop is often quite subtle and GIB found numerous pegmatites with no aerial expression, many of them +1ha in area, which strongly indicates more pegmatites will be found during future fieldwork. 51 geochemical samples were collected, either as rock chip samples, or in the case of the larger and poorly-outcropping pegmatites, loam samples, to ensure a more representative geochemical sample. No lepidolite or spodumene was observed and opaque minerals (columbite/tantalite/tourmaline etc) are rare.