Strong lithium hits see Calidus target Pirra IPO spin out

Powerful lithium grades up to 2.35 per cent and an extension of the Spear Hill lithium pegmatites to around 4.3km strike size have confident the house owners of Pirra Lithium to spin the firm out into an IPO by the finish of this 12 months.

Calidus Methods owns 50 per cent of Pirra Lithium, a joint enterprise that now controls tenements and lithium rights covering above 1000 sq. kms that ended up earlier portion of the Calidus and Haoma Mining portfolios.

Assays from a 30 rock-chip sampling marketing campaign at Speak Hill gave lithium grades up to 2.35 for each cent lithium oxide and 808 areas for every million Tantalum. The rock chip samples came from a recently identified pegmatite swarm located 1.7km south-west of the discovery outcrop. Pegmatites and parts of muscovite and lepidolite alteration ended up tested over 1.8km of strike size. In superior information for the venture recent outcomes have approximately doubled the recognised strike of lithium mineralised zones.

Spear Hill is a single of numerous pegmatites mapped in the space, with a number of linked with identified tin-tantalum fields that are favourable indicators of prospective lithium enrichment. Spear Hill is roughly 50km south-west of Marble Bar in the Pilbara region of WA and varieties portion of the historic Shaw River tin subject.

The expansion of the mineralised system at Spear Hill reinforces the significant prospectivity throughout the big tenement package deal and rights owned by Pirra Lithium. As a result, the shareholders of Pirra Lithium have decided to begin a demerger process and IPO of Pirra Lithium afterwards this 12 months.

The widths of lithium bearing pegmatites all-around Spear Hill are not nonetheless acknowledged, despite the fact that it is assumed to be substantially a lot less than the 10-30m width exposed at floor because of to the dip angle. The freshly found pegmatites are intermittently exposed for roughly 1.8km and are reported as currently being gently dipping building precise width estimates tough. The scattered alteration suggests possible for further pegmatites in places of bad exposure. The corporation imagine the principal lithium bearing mineral is present in lepidolite and green muscovite.

Pirra Lithium is currently drilling in an region close by and intend to start exploration at nearby Spear Hill after approvals have been been given. Area mapping and sampling is ongoing and existing information, together with geophysics, is becoming reviewed to determine precedence targets.

Offered the area’s potential Pirra Lithium, together with the Spear Hill lithium undertaking, has been earmarked by the homeowners for demerging into a individual ASX detailed entity by the conclude of 2022.

Calidus states the Pirra Lithium demerger will create a pure lithium focused firm with improved obtain to money and other assets to speedy track the evolving Spear Hill discovery and other prospective customers in the portfolio.

Immediately after the lithium spin-out Calidus will stay targeted on its a short while ago commissioned Warrawoona gold mine in the Pilbara. Production up to 105,000 ounces of gold per annum is forecast with the opportunity for an boost to 139,000 ounces when the nearby high-quality Blue Spec deposit is made. Blue Spec has 415,000 tonnes at 16.3 grams per tonne gold with a Definitive Feasibility Analyze due in the June quarter of 2022.

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