Lithium alliance acquires lithium rights in WA

Company News

by Jessica Ellerm

Lithium Australia NL (ASX:LIT) has announced it has acquired the rights to Pegmatite Minerals in the Widgiemooltha pegmatite field in WA in conjunction with its Goldfields Lithium Alliance partner Cazaly Resources. 
Pegmatites are a primary source of lithium, and the two companies will undertake initial field work to test the potential of several mapped pegmatite occurrences at the project. 
To date the area is relatively unexplored, however Lithium Australia has noted a nearby confirmed finding of lithium bearing pegmatites by Maximus Resources on the 15 June 2016.
The two companies will undertake rock chip sampling to help determine the extent of the pegmatites with a view towards drilling as soon as possible. 
Lithium Australia NL reported a net loss of $1.76 million at 31 December 2015.

Jessica Ellerm

Finance News Network
Jessica joined FNN in April 2016 and presents the Australian Share Market Outlook, and reports on the morning's leading business stories. Alongside FNN Jessica is a fintech industry commentator, writing for her own blog and a number of international online publications.