Albion Resources Funded for Exploration in Strategically Located Murchison Province

Albion Resources Ltd (ASX: ALB) is advancing exploration at the wholly-owned Mongers Lake Project.

The project covers a portion of the Yalgoo-Singleton Greenstone Belt in the Murchison Province of Western Australia.

Mongers Lake is strategically located between Capricorn Metals Ltd’s (ASX: CMM) Mt Gibson Gold Project and Silver Lakes Resources Ltd’s (ASX: SLR) Rothsay Gold Projects.

Mt Gibson hosts an ore reserve of 61.6 million tonnes at 0.9g/t gold for 1.83 million ounces.

Rothsay is a high-grade underground gold mine and is a satellite ore source to the proximal Deflector mill.

Mongers Lake has been subject to limited historical exploration despite the regional prospectivity.

Valuation proposition

Albion held $2.87 million in cash at the end of the March 2024 quarter, and with around 65 million shares on issue.

Shares last traded at $0.058 providing a market capitalisation of $3.8 million, for an intriguing enterprise value of $1 million.

Lithium at Mongers Lake

Within the Mongers Lake Project is the Rothsay South Prospect, where a maiden soil sampling program identified two large coherent lithium-in-soil anomalies defined over at least 2 kilometres of strike.

What is important about these anomalies is that they are also coincident with a variety of important rare metals highly characteristic of classic Lithium-Cesium-Tantalum deposits found worldwide, including caesium, rubidium and beryllium.

The historical Rothsay beryl mine is located 2 kilometres north of the area of new soil sampling at Rothsay South.

 

 

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