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Located 23km from Marble Bar in the Archean Pilbara Craton, Moolyella was historically mined for tin and tantalum from 1898 until 1986.
Recent reconnaissance exploration has shown anomalous lithium results of up to 1.82% in rock chips. Previous drilling programs, exploring for tin, have revealed wide zones of pegmatites with prospects for spodumene and other associated lithium minerals.
Exterra will engage in follow up sampling and mapping, to commence in the March 2016 quarter. By locating historical exploration samples (most not assayed for lithium) the company will have a low-cost way to expand the project’s current lithium dataset.
The Pilbara region is a proven lithium-bearing resource area, highlighted by the recent successes of Pilbara Minerals and Altura Mining.
Payment of a $A5000 option fee will secure an exclusive six-month option period, extendable by a further three months for an additional $5000 payment. The option may be exercised at any time with the issue of 5 million ordinary shares in Exterra to the vendor.
The tenement grant is expected shortly.
The lithium work program will run parallel with development of Exterra’s Second Fortune gold mine at the Linden gold project, also in WA.
Exterra shares rose 4.5% to A2.3c
