Lithium Universe to list on ASX next week with ambitious plans to develop Apollo project
Led by one of the powerhouses of the Australian critical minerals sector, Lithium Universe (ASX: LU7) is preparing to launch itself on an exciting battery metals journey when it lists on the ASX next week.
Chairman Iggy Tan freely admits it was the excitement of the company’s exciting assets, located in one of the world’s most attractive lithium exploration plays – James Bay in Canada – that drew him back into heading up new junior miner.
Mr Tan brings more than 30 years of chemical and mining experience, including roles as an executive director for a number of ASX-listed lithium companies.
He is also currently managing director of the successful Altech Batteries (ASX: ATC).
He says that one of the reasons he was drawn back to the lithium industry was the tremendous potential of Lithium Universe’s Apollo project in James Bay in which the company holds an 80% interest.
Mt Tan has a close association and knowledge of the prospectivity of the James Bay region which is attracting a swarm of explorers from all over the globe due to its thick, high-grade spodumene mineralisation.
Strong dose of nearology
That spodumene richness of the Apollo project area has been highlighted recently by the success of near neighbours, Patriot Battery Metals (ASX: PMT) and Winsome Resources (ASX: WR1).
Patriot recently grabbed global attention when it declared the CV5 deposit at its Corvette project was the largest lithium pegmatite resource in the Northern Americas and the 8th largest globally. Corvette is located just 29km to the northwest of Apollo.
A maiden resource estimate for the CV5 spodumene at Corvette has identified 109.2 million tonnes at 1.42% lithium oxide (Li2O) and 160 parts per million (ppm) Tantalum pentoxide (Ta2O5) at the inferred level.
Winsome Resources has also had exciting success at its Adina Lithium Project locate just 28km to the east.
“Today we discover that the Apollo Lithium Project is strategically located between two other significant lithium projects,” Mr Tan told shareholders.
“There have been significant spodumene discoveries by both Patriot Battery Metals and Winsome Resources. As an international benchmark, an intercept of +30m at +1.3% Li2O is considered an excellent result for lithium exploration companies. Patriot reported their best drill result of 156m at 2.12% Li2O at CV5, while Winsome’s best drill result was 107m at 1.34% Li2O from 2.3m (AD-22-005).”
Significant acreage position in red hot location
There have already been 17 pegmatite outcrops visible at surface at the Apollo lithium project which covers an impressive 240 square kilometres.
“One significant advantage of the James Bay region is that spodumene-bearing pegmatites are often quite conspicuous as outcrops, which makes it easier to identify potential lithium deposits. It is an exciting opportunity for us to explore this promising area and discover new deposits that could contribute to our long-term success,” Mr Tan said.
Cashed up after a successful $4.5 million raise, Lithium Universe plans to hit the ground running at Apollo.
Ready to go
Tan’s vision is to promote collaborative growth among lithium junior exploration companies operating in the James Bay area and position Canada as a major supplier of lithium to the global market.
In pursuit of this goal, the company will also investigate the feasibility of establishing a vertically integrated lithium processing hub in Québec, Canada.
His vision is to assess the feasibility of constructing a multi-purpose independent concentrator that will supply a battery-grade lithium carbonate refinery capable of producing 16,000 tons per annum.
Tan says this processing facility should be ideally located along the Trans Taiga Highway in the James Bay district.
The company intends to conduct comprehensive drilling activities for resource development, and if successful, develop a mine at Apollo.