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Infinity Lithium acquires high-grade gold assets in Victoria’s prolific Lachlan Fold Belt

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By Imelda Cotton - 
Infinity Lithium ASX INF Acquisition four high-grade gold assets Lachlan Fold Belt Victoria
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Infinity Lithium (ASX: INF) has confirmed it will acquire four advanced, high-grade gold assets in Victoria from Highland Resources, a subsidiary of private company Jubilee Metals.

The acquisition offers Infinity immediate exploration opportunities while it awaits approval of a mining licence application for its flagship San José lithium project in Spain.

Infinity expects it to offset a continued downturn in the broader lithium market and provide a focus for the company while Spain’s administrative delays slow the approval process.

Drill-ready targets

The tenure comprises drill-ready targets at the Bindi, Goodhope-Union, Mitta and Cobungra projects located across historical goldfields in the prolific Lachlan Fold Belt.

Infinity will make an intial payment of $50,000 and issue 10 million Infinity shares to Highland for the assets.

The two will base any subsequent performance rights on shared success in drilling and resource discovery work.

Minimal consideration

Infinity executive chair Adrian Byass said the company had acquired the gold assets for minimal upfront consideration, allowing Jubilee to focus on the financing and development of its proposed Croydon gold project in Queensland.

“We are very pleased to have acquired these assets, which have been underexplored over the past several years and are now set against a backdrop of strengthening gold prices and increased regional activity,” he said.

“We intend to rapidly and cost-effectively test these assets alongside the progress of our mining licence application at San José.”

Undrilled prospect

The Cobungra project features structurally controlled, intrusive-related gold mineralisation hosted in brecciated, silica–sulphide-rich alteration.

The undrilled Comstock gold-silver prospect within Cobungra comprises walk-up drill targets that have sampled up to 4.4 grams per tonne gold and 303g/t silver.

Bindi, Goodhope-Union and Mitta have been subject to less modern exploration than Cobungra but Infinity believes them to be equally prospective.

Drill permits have been approved, environmental bonding is in place and landholder access agreements have been secured for a near-term exploration program, with  Mr Byass saying the company would fast-track activities at the “extremely compelling” target.