Strong lithium hits see Calidus target Pirra IPO spin out

Robust lithium grades up to 2.35 per cent and an extension of the Spear Hill lithium pegmatites to over 4.3km strike length have persuaded the house owners of Pirra Lithium to spin the company out into an IPO by the stop of this calendar year.

Calidus Assets owns 50 for each cent of Pirra Lithium, a joint enterprise that now controls tenements and lithium rights covering around 1000 square kms that have been earlier part of the Calidus and Haoma Mining portfolios.

Assays from a 30 rock-chip sampling campaign at Speak Hill gave lithium grades up to 2.35 for every cent lithium oxide and 808 elements for every million Tantalum. The rock chip samples arrived from a newly uncovered pegmatite swarm positioned 1.7km south-west of the discovery outcrop. Pegmatites and places of muscovite and lepidolite alteration were being examined more than 1.8km of strike length. In good information for the venture latest effects have practically doubled the recognized strike of lithium mineralised zones.

Spear Hill is a person of several pegmatites mapped in the space, with many associated with acknowledged tin-tantalum fields that are favourable indicators of probable lithium enrichment. Spear Hill is around 50km south-west of Marble Bar in the Pilbara region of WA and types aspect of the historic Shaw River tin field.

The growth of the mineralised program at Spear Hill reinforces the substantial prospectivity throughout the huge tenement deal and legal rights owned by Pirra Lithium. As a outcome, the shareholders of Pirra Lithium have made a decision to start a demerger process and IPO of Pirra Lithium later on this year.

The widths of lithium bearing pegmatites all around Spear Hill are not still recognized, whilst it is assumed to be considerably considerably less than the 10-30m width exposed at area thanks to the dip angle. The recently discovered pegmatites are intermittently exposed for approximately 1.8km and are noted as remaining gently dipping building precise width estimates tough. The scattered alteration signifies probable for further pegmatites in spots of inadequate publicity. The firm believe the most important lithium bearing mineral is present in lepidolite and green muscovite.

Pirra Lithium is at present drilling in an location close by and intend to commence exploration at nearby Spear Hill at the time approvals have been gained. Area mapping and sampling is ongoing and current details, such as geophysics, is becoming reviewed to recognize precedence targets.

Provided the area’s possible Pirra Lithium, together with the Spear Hill lithium job, has been earmarked by the owners for demerging into a different ASX listed entity by the conclude of 2022.

Calidus claims the Pirra Lithium demerger will create a pure lithium targeted firm with better obtain to cash and other methods to speedy keep track of the evolving Spear Hill discovery and other potential customers in the portfolio.

Right after the lithium spin-out Calidus will remain centered on its recently commissioned Warrawoona gold mine in the Pilbara. Manufacturing up to 105,000 ounces of gold for every annum is forecast with the prospective for an boost to 139,000 ounces when the close by high-grade Blue Spec deposit is developed. Blue Spec includes 415,000 tonnes at 16.3 grams per tonne gold with a Definitive Feasibility Review because of in the June quarter of 2022.

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