Argonaut Resources NL secures lithium targets in South Australia
(MENAFN- ProactiveInvestors - Australia) Argonaut Resources NL secures lithium targets in South Australia
Argonaut Resources NL (ASX:ARE) has secured two exploration licences covering Lake Blanche a salt lake with the potential to host lithium brines and potash in the north of South Australia.
The lake is prospective for lithium brines due to its distinctive geological and hydrological qualities.
The lake is also prospective for potash mineralisation.
The licences cover an area of 2000 square kilometres and Lake Blanche itself has a surface area of 1700 square kilometres.
The size of the lake suggests it could represent an internationally important lithium source in the event economic concentrations of lithium are found in its brines.
Argonaut developing Canadian portfolio
Today's tenements are an addition to the company's growing portfolio with Argonaut recently dialling into the Crescent Lake Lithium Project in Ontario Canada.
The area is highly prospective with several internationally significant hard rock lithium deposits occurring in the region.
Historic highlights include: 8.1 metres at 1.48% LiO2 from 2.7 metres; 10.5 metres at 1.15% LiO2 from 34.5 metres; and 14 metres at 0.99% LiO2 from 69.3 metres
The project consists of two adjacent lithium deposits 250 kilometres NNW of Thunder Bay in Ontario.
Crescent Lake contains hard rock ‘complex-type/spodumene sub-type’ pegmatite deposits.
The lithium market is known to be in short supply due to the sharp increase in demand for lithium-ion batteries used in electric cars and domestic power storage systems.
Storage of renewable electricity is a major international issue and domestic self-sufficiency via solar panels and lithium-ion storage units has mass consumer appeal.
The sale of all-electric and hybrid vehicles more than quadrupled in China between 2013 and 2014 and Tesla’s ‘gigafactory’ in Nevada hopes to supply lithiumion batteries for over 500000 cars within five years.
Industry insiders note that long-term producers have been slow to react to the increased demand.
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