Kali Metals Initiates Maiden Lithium Drill Program in Higginsville Lithium District

Kali Metals Ltd (ASX: KM1) only hit the ASX boards a few months ago following a $15 million IPO, and the company now has an expansive drilling program underway.

An initial 10,000 metres of wide spaced reverse circulation drilling has commenced at the Higginsville Lithium District in Western Australia.

The program will target the Spargoville Project, the first of eight project areas at Higginsville.

Additional targets within the Spargoville and Widgiemooltha Project areas have been identified for drilling and are awaiting final approvals.

Kali’s exploration programs are fully-funded for two years.

Spargoville spodumene

Spodumene has been identified in multiple areas at the Spargoville Project.

Assays from from rock chip samples returned from the Flynn-Giles Prospect delivered 5.05% lithium, 2.64% lithium and 2.57% lithium.

At the Parker-Grubb Prospect, the highlight was 3.69% lithium.

Pilbara Lithium Project

Kali also has exposure in the mineral rich Pilbara Region, through a joint venture with SQM, a major Chilean lithium player producing around 19% of world supply.

The joint venture’s DOM’s Hill and Marble Bar are adjacent to the world-class lithium deposits of Pilgangoora hosting 305 million tonnes at 1.10% lithium, and Wodgina with 259 million tonnes at 1.17% lithium.

The DOM’s Hill Project is considered geologically similar to the Pilgangoora area.

As part of the joint venture at DOM’s Hill and Marble Bar, SQM has the right to earn up to 70% by funding A$12 million over 4 years.

Tight share register

The top 20 shareholders make up over 70% of the register.

Of these, Karora Resources holds 22.1%, Kalamazoo Resources Ltd (ASX: KZR) 20.2% and Mineral Resources Ltd (ASX: MIN) 14%.

 

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