Reach Resources has acquired a new Mining Lease located in the prospective Gascoyne region of WA which it plans to incorporate as part of the company’s existing Morrissey Hill lithium project.
The acquisition of Mining Lease M09/101 appears to be well located both strategically and logistically with the company having already drawn up plans for exploration and trial bulk lithium ore sampling on site.
The addition of the irregular shaped Mining Lease to Reach’s portfolio appears to consolidate its tenure in the south of the Morrissey Hill tenement. The acquisition terms include payment of $100,000 cash in three tranches, broken down into a signing fee of $20,000, followed by a subsequent payment of $30,000 by the end of the year with the balance due by 31st March 2024.
Upon completion an additional $100,000 of Reach script will be payable to the vendor.
The company’s Morrissey Hill tenement is strategically located 5km south-east along strike from Delta Lithium’s recently discovered Jameson lithium prospect and 8km from the same company’s Malinda prospect – both of which form part of the company’s famed Yinnetharra Lithium Project.
Reach has managed to grow its footprint in what is highly contested ground and is now kicking up a duststorm in the Gascoyne region. The company has embarked on an aggressive exploration campaign hunting for a swag of critical minerals including lithium, niobium, rare earths and manganese.
Within the Morrissey Hill tenement the Reach has already identified numerous lithium-bearing pegmatite intrusions, hosted in mafic volcanic and sediments (greenstones) of the Leake Springs Metamorphic Group, with the main prospect at Bonzer. Initial rock chip reconnaissance over the tenement returned up to 2.3 per cent lithium oxide, 4295 parts per million caesium and 705ppm tantalum oxide. Additional zones of pegmatite have been mapped in the east at Swallowtail, Morning Light, and Malibu prospects and in the south at Morrissey Hill, Peggy Sue, Shorebreak, Sunset Boulevard and Martin’s Reach prospects.
At Bonzer, an extensive east-west pegmatite swarm field extends over 2km length and more than 500m width. Encouragingly, more than 60 per cent of the initial 833 soil samples taken produced results greater than 100ppm lithium oxide. A recent follow-up reverse circulation (RC) and diamond drilling program, concentrated in the 500m central area, intersected multiple stacked pegmatites up to 30m thick to a depth of 400m with assays pending.
The Morrissey Hill lithium project tenement area contains numerous (up to nine) strike-extensive lithium-bearing pegmatite intrusions outcropping over 25 square kilometres.
Not content with just jagging an address amongst some of the most sought-after and prospective lithium land in the country, the plucky $40 million market cap company has now broadened its footprint in the area - it now appears to be game-on in the Gascoyne for Reach Resources.
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