New Project Located Along Strike From Mt Cattlin Mine
Bulletin Resources Limited (ASX:BNR) has been granted the Bulletin Lithium Project in Western Australia.
The 57 sq. km tenement is located 12km southwest and along strike of Galaxy Resources Limited’s Mt Cattlin Lithium Mine and contains known lithium bearing pegmatites and also has potential for gold.
Lithium mineralisation on E74/655 is hosted by the Cocanarup pegmatite swarm which is the same geological sequence as Galaxy Resource’s Mt Cattlin lithium mine. Previous work has identified a series of outcropping pegmatites and costean sampling of one of the outcropping lepidolite-spodumene mineralised pegmatites returned a result of 10m @ 1.1 %Li2O including 1m @ 2.91 %Li2O.
A preliminary drill programme of this single pegmatite did not show adequate encouragement and the area was subsequently relinquished.
Chairman, Paul Poli, said Bulletin considers the decision to relinquish was made too early and believes strong opportunity exists to discovery economic quantities of mineralisation. Other known outcropping pegmatites remain to be tested and the potential under shallow cover is considered high.
He said that importantly, the Ravensthorpe district is also well known for gold mineralisation, which is commonly associated with thrust faulting in this area. Thrust faults have been mapped by government geologists but the potential for gold in the tenement has not been a focus of previous explorers.
The bulk of the activity focusing on gold in the area has been further east towards Ravensthorpe with little gold focused activity actually undertaken on the tenement. A stream sediment and soil sampling program is planned to initially test this potential.
Bulletin is continuing to assess other opportunities that it can add to its project pipeline in addition to its flagship Lake Rebecca Gold Project.
