Investors flocked to Marindi Metals today on the discovery of multiple pegmatite anomalies at its Forrestanina lithium project in Western Australia.
The ASX-listed explorer is carrying out a major soil sampling program at Forrestania, where assay results have now been received and interpreted from a further 833 samples.
Multiple pegmatite anomalies were defined at Mt Hope Area, including 5km by 500m anomaly less than 10km from Earl Grey and open to the north and south.
Shares in Marindi climbed as much as 21 per cent to an intraday high of 1.7c before closing at 1.6c.
At the south-eastern edge of the South Ironcap area, a new soil anomaly indicative of pegmatite material approximately 6km by 1km has been delineated. The anomaly trends out of Marindi’s granted applications but has been covered by recent tenement applications.
A further 435 assay results expected this month with on-ground activities re-commencing this week.
Marindi first began applying for ground in the Forrestania region of Western Australia at the beginning of 2016 prior to it becoming one of the premier addresses for Lithium in the world.
The project is located near Kidman Resources’ Earl Grey deposit which has a mineral resource 144mt and 1.44% lithium oxide.