Six Sigma Metals (ASX: SI6) has begun a first pass drilling program at the Bonnyvale pegmatite within the Shamva project in Zimbabwe, as part of its due diligence to determine how deep the lithium mineralisation extends before committing to the asset.
The company will drill at least three holes for 300m across Bonnyvale to determine the thickness and predominant composition of the pegmatite mineralisation.
Drilling will target areas where more than 60 rock chips assayed above 2% lithium. Additionally, the pegmatite hosts numerous historic trenches and underground workings, which display coarse-grain host lithium minerals including spodumene, petalite and lepidolite.
Depending on initial results, Six Sigma has maintained flexibility to expand the drilling program.
The first pass program is scheduled to wind up by the end of the month, with results expected to be received in August.
Meanwhile, 75 surface samples were collected from the Loch Ness target and have been delivered to laboratories for analysis.
Zimbabwe asset earn-in terms
Earlier this month, Six Sigma extended the due diligence terms for its proposed Zimbabwe assets from 60 days to 116.
If Six Sigma elects to proceed with the acquisition after due diligence, funds invested in the current first pass drilling program will be incorporated into its stage one work program expenditure requirements.
Six Sigma has the option to earn up to 80% in Shamva and a nearby vanadium-titanium asset known as Chuatsa.
Under the acquisition terms, Six Sigma will issue the vendor Mirroplex 25 million ordinary shares and 35 million options with a A$0.025 exercise price and three-year expiry.
The acquisitions are part of Six Sigma’s dual strategy to develop a portfolio of battery metal projects and secure a first mover foothold in the new mining friendly Zimbabwe regime.
Although highly prospective for multiple minerals, Zimbabwe has been relatively underexplored in recent times due to the previous Robert Mugabe government’s stance on foreign investment.
According to Six Sigma executive director Steve Groves, Zimbabwe is the world’s fifth largest lithium producing country, with the Bikita Mine, which has been operating for 60 years, accounting for the majority of that output.