Six Sigma Metals (ASX: SI6) has derisked its Shamva lithium acquisition further after a five-hole due diligence drilling program pulled up lithium minerals at the Bonnyvale pegmatite.
The reverse circulation drilling program was part of Six Sigma’s extended due diligence program to determine the extent and depth of the Zimbabwe-based project’s lithium pegmatites.
Six Sigma executive director Steve Groves told Small Caps that every hole in the campaign hit pegmatite containing visible spodumene and lepidolite.
Additionally, the shallow drilling program intersected pegmatite from surface to 60m depths, with deeper drilling required to determine the mineralisation’s true depth.
“That was very important as one of the things we wanted to prove was that the pegmatites extended to a decent depth,” Mr Groves explained.
“We’ve hit pegmatites in all the holes. We’ve hit them at depth, and we’ve hit them at decent thicknesses.”
He added the most recognisable mineral was spodumene, which was preserved in the reverse circulation samples “quite well”.
“It is very pleasing to see the spodumene there.”
What’s next for Shamva?
Mr Groves pointed out that only 50m of strike had been tested in the initial drilling program, with the company identifying kilometres of strike for evaluation across the entire project including an additional four prospects hosting outcropping pegmatites.
“We’re getting a feel for what the pegmatites look like and getting confidence they extend to depth and they contain lithium minerals.”
Assays from the campaign are anticipated next month, as well as results from 75 rock chips collected from the Loch Ness pegmatites at the project.
Zimbabwe’s gates open for miners
Zimbabwe is known for its plentiful minerals. However, for the last decade, they have been locked up under former dictator Robert Mugabe’s harsh foreign investment legislation, which dictated the government was to own a 51% stake in any foreign company.
As a result of the lack of foreign investment, resource exploration and development in the country has been scarce.
But since coming to power in late 2017, President Emmerson Mnangagwa repealed the 51%-ownership legislation across the board, with the exception of platinum and diamond companies.
President Mnangagwa also launched a national policy to facilitate foreign and local investment in the country so that foreign investors can safely unlock Zimbabwe’s largely untapped mineral resources and boost the flailing economy.
The Shamva and Chuatsa acquisitions are part of Six Sigma’s “first mover” strategy into Zimbabwe, to take advantage of the new politically stable, mining friendly regime in a country with substantial mineral wealth.