HIGHLIGHTS
The two projects are located within the northern part of the Yalgoo-Singleton greenstone belt (YSGB) in the Murchison province. Both sequences are typical greenstones consisting of submarine tholeiitic and high-Mg basalt lava flows, large intrusive gabbro bodies overlain by BIF and volcanic rocks with minor ultramafic and felsic rocks. The greenstone belt is intruded and bounded by granitoids, predominantly granodiorite and monzogranite to tonalite with minor syenogranite. Pegmatites associated with the granites are recognised throughout the project area and especially along the granite greenstone contacts.
Tectonically the greenstone is bounded by major faults and shear zones, with the major Mulloo and Wagga Wagga Shear Zones on the eastern contact covered by the Yalgoo project and the major Salt River Shear Zone covered by the Yalgoo West project. Premier1 (utilising SensOre ML technology) identified a large, predicted lithium target within a region not previously highlighted for its lithium exploration potential. During target analysis lithium mineralised LCT pegmatites were identified by a number of adjoining companies, including Firetail Resources and Zenith Minerals, validating the emerging potential of the area for LCT pegmatites.
At Yalgoo, the predicted target forms a large cluster of Li prospectivity that was previously unidentified and untested representing lithium potential over the northern portion of the greenstone belt. Additionally, the eastern portion of the project is prospective for VMS copper and zinc. At Yalgoo West another cluster of Li prospectivity predicted unidentified and untested lithium potential over the western portion of the greenstone belt.
The greater Yalgoo project area encompasses two joint ventures. In the eastern portion of the project area (Yalgoo), Premier1 has the rights to earn up to 70% of all commodities except Rare Earth Elements in a farm-in announced on 12 May 2023 with Venture Minerals (ASX:VMS). In the western portion of the project area (Yalgoo West), the Company is in a farm in with Firetail Resources (ASX:FTL) where Premier1 may earn 80% of lithium rights by spending announced 7 November 2023..
The next steps on the broader Yalgoo project involve extensive target delineation activities to generate drilling targets for the second half of 2024.
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