Brisbane, Queensland – June 3, 2024 – AustChina Holdings Limited (ASX) (“AustChina” or the “Company”) is excited to announce that it has successfully mobilized for the maiden drilling program at the Chenene Lithium Project located in Tanzania. This initial campaign is set to explore four high-priority targets, identified by pegmatite rock chip assays showing lithium oxide (Li2O) concentrations as high as 1.08%.
Chief Executive Officer, Andrew Fogg, commented: “We are thrilled to have mobilised for the maiden drilling program, targeting four defined sites with promising rock chip samples assaying up to 1.08% Li2O. We eagerly anticipate drilling these targets to confirm the presence of lithium mineralization. Furthermore, we are pleased to collaborate with highly reputable local geological companies, ensuring the highest standards of expertise and oversight in our operations"
Key Highlights of the Maiden Drilling Program:
- Onsite Mobilization: A drill rig has been successfully mobilized to the Chenene site, marking a significant step forward in AustChina’s lithium exploration efforts.
- Targeted Exploration: Four prime targets have been identified for the drill program, with initial efforts focusing on eight drill holes. Potential expansions of the drilling program are anticipated based on visual inspections of the drill cores and assay results.
- Partnerships and Approvals: AustChina has partnered with The MSA Group, a renowned geological firm based in Johannesburg, to oversee the drilling operations. Additionally, SGS South Africa has been appointed for laboratory analysis. The project has secured all necessary government and regulatory approvals through Cassius Mining (T) Limited.
- Strategic Acquisition Plans: In alignment with the drilling initiative, AustChina has entered into an Exclusive Binding Heads of Agreement with Cassius Mining Limited (ASX) and its subsidiary, Cassius Mining (T) Limited. This agreement grants AustChina an option to acquire 100% of the issued capital in Cassius Mining (T) Limited, subject to due diligence and exploration outcomes.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
