Pinnacle Minerals Ltd (ASX: PIM), an ASX listed technology minerals company, is thrilled to announce its recent strategic move to secure an exclusive option agreement for the acquisition of the Manna West Lithium Project (the “Project”), marking a significant milestone in its quest to tap into the burgeoning lithium market. This Project, nestled in the heart of the Eastern Goldfields, is a mere 3.5km west of the renowned Manna Lithium Project owned by Global Lithium (GL1:ASX), known for its substantial lithium reserves (36.0Mt at 1.13% Li2O).
Strategically positioned, the Project not only boasts proximity to the high-grade Manna Lithium Deposit but is also ideally situated near the Cardunia granitoid body, a geological feature believed to be instrumental in the lithium mineralisation of the region. This proximity to the Cardunia granitoid enhances the Project's potential for hosting significant lithium and gold mineralisation, offering Pinnacle a golden opportunity to explore these valuable resources.
The Manna West Lithium Project spans an area rich in granites and greenstones, laying the groundwork for a comprehensive exploration program aimed at uncovering lithium and gold anomalies. Pinnacle has already initiated an ultrafine soil sampling program, a critical first step in delineating the project's mineral potential. The results from this program will guide the company's decision-making process regarding the exercise of its acquisition option and the planning of subsequent sampling and drilling activities.
Pinnacle's strategic approach to this acquisition underscores its commitment to securing highly prospective projects through cost-effective means. By entering into this exclusive option agreement, Pinnacle ensures a low-cost entry point into one of Western Australia's proven lithium districts, aligning perfectly with its strategy to enhance shareholder value while minimizing capital outlay and dilution.
The Manna West Lithium Project is not only accessible via all-weather roads but also benefits from its proximity to existing and future transportation infrastructure, including road and rail, approximately 90km east of Kalgoorlie. This logistical advantage is poised to facilitate the efficient exploration and potential future development of the Project.
The exploration activities at the Manna West Lithium Project are set to continue until the exclusivity period concludes on 30th April 2024, with Pinnacle poised to make significant strides in establishing its presence in the lithium and gold sectors.
Pinnacle Minerals Managing Director, Nic Matich, commented:
“The Pinnacle team is excited about this project as it provides the Company a flexible and inexpensive opportunity to obtain a foothold in a highly prospective lithium region. Initial exploration will provide the company with an understanding of the prospectivity of the project, allowing Pinnacle to make an informed decision on the acquisition. Given market conditions the board is maintaining a strong balance sheet with which to leverage opportunities complementary to its battery mineral thematic”.
About us:
Pinnacle Minerals Ltd (ASX:PIM) is an ASX listed technology minerals company focused on delivering shareholder value via the systematic exploration and development of its portfolio of battery and technology metals projects in Canada, Western Australia and South Australia. Pinnacle aims to deliver exploration success via systematic and geologically rigorous techniques. The Company’s focus is the “Adina East Project” in James Bay, Quebec which is proximal to the world class Adina Lithium Project (Winsome Resources: ASX:WR1) and adjacent to the Trieste Lithium Project (Loyal Lithium: ASX:LLI) and the Tilly Lithium Project (ASX:WR1). The Company’s Australian exploration assets are prospective for Uranium, Rare Earth Elements, Mineral Sands and Kaolin.
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Jane Morgan