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.