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Shaw River Resources (ASX:SRR) AJM: Option extends Pilgangoora Lithium target area

New Option Agreement extends the exploration target area at Pilgangoora Lithium project
 
Pilgangoora Lithium (Western Australia) 100% Altura Mining Limited
 
- Altura has entered into an Option Agreement with Atlas Iron Limited and Shaw River Resources over a tenement adjacent to the existing Pilgangoora Lithium discovery
- The Option Area is adjacent to Altura’s tenement – P45/2758 – where Altura is actively drilling lithium enriched pegmatites
- A number of pegmatite targets have been mapped and sampled within the Option Area and these will be progressively evaluated during the current Quarter
 
Altura Mining Limited (ASX: AJM) is pleased to announce that it has entered into an Option Agreement with Atlas Iron Limited (Atlas) and Shaw River Resources Limited (Shaw River) for an area presently covered by E45/2363 (held by Atlas). The Option Area adjoins Altura’s tenement – P45/2758 in Western Australia’s Pilbara region, where it is currently drilling shallow lithium enriched pegmatites.
 
The area covered by the Option Agreement allows Altura the rights to the lithium enriched pegmatites whilst preserving the retained rights of Atlas and Shaw River over iron ore and base / precious metals respectively. Altura is very pleased to have secured the lithium rights with the process streamlined through its established relationship with Atlas via the Mt Webber DSO Project.
 
Under the terms of the Option Agreement Altura has 2 years in which to exercise the option. The portion of the tenement covered by the Option Agreement adjoins Altura’s P45/2758 to the west and Talison Wodgina Pty Ltd’s M45/333 tenement to the east.

The Option Agreement greatly enhances Altura’s prospects for locating additional spodumene bearing pegmatites in the Pilgangoora Project area. The addition of further prospective adjacent exploration ground will raise the profile of the Pilgangoora project which has the potential to become one of the most prominent hardrock lithium projects in Australia.
 
During March 2011, with the consent of both Atlas and Shaw River, Altura undertook mapping and sampling of outcropping pegmatites whilst preparation of the Option Agreement was being finalised. An initial target area was identified and a limited RC (Reverse Circulation) drilling program was completed as part of Altura’s current adjacent exploration activity.
 
The sampling results from this drilling are expected to be available for release very soon in conjunction with other results from the current drill program at Pilgangoora.


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