Lithium Australia Mulls Deeper Project Commitment as Potential Emerges at Pilgangoora Project
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Lithium Australia is considering expanding the scope of its work at the Pilgangoora project in Western Australia after areas prospective for lithium “micas” were identified just northwest of a confirmed pegmatite zone.
Pegmatite is a source rock for the mining of lithium.
The discovery has prompted the company to consider stepping up its activities at the site by renegotiating its memorandum of understanding with project owner Pilbara Minerals, which is expecting to deliver a major resource upgrade later this month after a 2015 resource in-fill and extensional drilling program returned further thick, high grade intercepts.
The latest developments at Pilgangoora have helped cement WA’s reputation as a lithium hotspot and added luster to Lithium Australia’s business model as the company advances a potentially A$29 million fundraising drive.
Earlier this month, the company launched a placement to raise A$6.5 million in addition to a previously planned share issue, which could bring in a further $22.5 million when required.
The $6.5 million placement at $0.14 per share would comprise a $2.5 million component to professional and sophisticated investors along with a $4 million cornerstone investment by Lanstead Capital at the same share price.
Source: (January 14, 2016) Proactive Investors
About Lithium Australia
Lithium Australia is listed on the Australian Securities Exchange.
To stop by Lithium Australia’s website, CLICK HERE
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