Australasian shares head north on gold, lithium work

LOW profile Australasian Gold took its turn as the latest micro-cap day trader favourite as it shares spiked as much as circa 90% on some gold results from a prospect in Queensland and the news it would start exploring for lithium within days.
Australasian shares head north on gold, lithium work Australasian shares head north on gold, lithium work Australasian shares head north on gold, lithium work Australasian shares head north on gold, lithium work Australasian shares head north on gold, lithium work

Blue sky seen for Australasian given its gold and lithium prospects in Qld and NT respectively

The gold results included surface rock chip samples and diamond core results from May Queen, with results from the latter including 1m at 9.4 grams per tonne from 68m and geology featuring "intense alteration with strong porphyry signatures".

May Queen is within Queensland's Brovinia region.          

Regarding lithium, exploration of Australasian's Mt Peake ground near Core Lithium's Anningie and Barrow Creek prospects, will include surface sampling.

According to Australasian, "the company sees potential to make a significant lithium discovery at the Mt Peake pegmatite field".

Australasian listed in May following a $5.5 million IPO.

The company is led by Dr Qingtao Zeng, a geologist who completed his PhD at the Centre of Exploration Targeting (CET) of University of Western Australia in 2013.

Shares in Australasian were up 52% to 39.5c in early afternoon trade, capitalising the company at $18 million.