“Exercising our option on EPL 5751 and moving to a full joint venture (JV) expresses the confidence Auroch Minerals’ management has in the Karibib lithium project to deliver substantial exploration success over time,” says Auroch Minerals CEO Dr Andrew Tunks.
[quote]“The new JV is an important step in the growth of the Karibib lithium project as we continue to grow the company’s Namibian portfolio. Although exploration is still at an early stage we have identified substantial lithium mineralised pegmatites across the licence and will continue to focus our field efforts in this area,” he continues.
EPL 5751 contains four historical pegmatite occurrences; the Tsaobis, Nordenburg, Dorstriver and Villa Rosa pegmatites. Field visits to date by Auroch Minerals geologists have revealed lithium mineralisation is present at Tsaobis.
At this stage mineralisation is confined to sporadic occurrences of lithiophilite – an iron‐manganese‐lithium phosphate mineral. However, the presence of lithiophilite confirms that the pegmatite is a lithium-cesium-tantalum pegmatite and increases the potential to find lithium enriched mineralisation on the licence.
Initial field work on EPL 5751 has provided Auroch Minerals management with enough encouragement to justify the exercise of the option agreement and acquire 90% of the licence.
Namibia has been experiencing a strong wet season and this has hampered efforts to visit all of this large and remote licence. Field work will be able to recommence in April 2017.
Feature image credit: Auroch Minerals