Cougar Metals uncovers lepidolite lithium grading 9.33% at Solonopole
Cougar Metals (ASX: CGM) has uncovered lepidolite lithium grading up to 9.33% at its Solonopole project in Brazil.
More than 70 grab samples were taken from the project area with the top 20 samples revealing between 0.12% and 9.33% lithium.
“We are further encouraged [by] the [prospectivity] of the Solonopole lithium project by the return of additional high-grade results in the last round of sampling,” Cougar executive chairman Randal Swick said.
He added management will attend the site next week to review all work undertaken and accelerate exploration activities.
During its first pass exploration program, Cougar uncovered 10 small historical lithium mines and two 10km strike targets.
Grab sampling during the initial exploration program also returned lithium grading between 1.5% and 9.29%.
“It’s clear we are dealing with a big system and we must be sure that we refine our drill targets as best as possible,” Mr Swick said.
Cougar has planned follow-up exploration during the next three months to find hidden pegmatites and begin trenching along identified pegmatites.
Once trenching results have been achieved, drill targets will be developed with a program scheduled to begin in the June quarter.
In addition to its early stage lithium exploration project, Cougar owns a graphite project in Madagascar, a gold project in Canada, and a cobalt and nickel project in WA.
Cougar is seeking to divest or establish a joint venture for the WA project named Pyke Hill which has a 2008 resource of 14.7 million tonnes grading 0.9% nickel and 0.06% cobalt. Situated near Glencore’s Murrin Murrin nickel operations, Pyke Hill’s resource has been closed off in all directions.
In early December, Cougar reported it was heading to arbitration regarding its Toamasina graphite project in Madagascar, claiming the other party DNI Metals had breached an existing earn-in agreement.
On the back of this morning’s lithium news, Cougar’s share price was up 27.27% in early afternoon trade to A$0.014.