Bass Metals (ASX: BSM) continues to report steady progress during its phase 1 field assessment program across eight exploration targets within the highly-prospective Millie’s Reward lithium project in central Madagascar.
Four of those exploration targets have already been earmarked as highly-prospective for lithium-bearing pegmatites and may be subject to a drilling program in the second half of 2018.
Acquired from Ruby-Red Madagascar in December 2017, the Millie’s Reward project is considered a potentially high-grade, pegmatite-hosted lithium tenement, consisting of two contiguous permits and a mineral rights agreement for a third permit covering the exploration and mining of lithium and associated economic minerals.
Early stage fieldwork conducted by Bass Metals correlated with historical data regarding grade and location. The company was able to confirm outcropping pegmatites with significant spodumene mineralisation, showing grades up to 7.08% lithium oxide and additional samples returning 6.93% lithium oxide and 6.91% lithium oxide.
Since then, exploration news has continued to remain positive for the junior.
The phase 1 field assessment and target generation, which kicked off upon acquisition, has focused on regional exploration utilising geological mapping and sampling, as well as geophysical and geochemical surveys.
The combined data has resulted in the identification of four high-priority targets – Ampatsikahitra, Ilapa, Manjaka and Vietnam – all, of which, show significant potential for lithium-bearing pegmatites at surface and the possibility of additional pegmatites occurring beneath the regolith cover.
These targets may be subject to drilling activities in late 2018 to further appraise their potential to host a near-surface, high-grade lithium deposit.
Bass Metals chief executive officer Tim McManus said Millie’s Reward has been a valuable addition to the company’s presence in Madagascar.
“The acquisition [has allowed us to] leverage our in-country producer status and appraise further opportunities within this highly-prospective and stable jurisdiction,” he said.
“We are pleased with the prospects we have identified to date and we look forward to focusing in on high-priority targets with the aim of developing a long-term project.
“We are continually encouraged by the ongoing work at Millie’s Reward and value the team that is quietly working very hard for our shareholders’ benefit.”
Bass Metals also owns and operates the Graphmada large flake graphite mine in Madagascar, which was refurbished and recommissioned earlier this year.
The mine is slated to churn out 6,000 tonnes per annum of graphite concentrate as part of stage 1 production, with all 2018 concentrate pre-sold to offtake parties.
By late afternoon trade, Bass Metals’ share price was up more than 3% to A$0.03.