Grab sampling at Greenpower Energy’s (ASX: GPP) Turesi Ridge prospect, within the Morabisi project has returned up to 2.03% lithium, signalling the completion of its second exploration phase.
During the second exploration program at the South American project, more than 1,000 samples were taken from Turesi, Robello and Heavy Creek prospects.
Ten trenches were undertaken at Turesi and revealed about 1,500m of prospective strike, which was about 500m wide, with mineralisation remaining open along strike and about 50% of the returned Turesi Ridge samples grading over 1% lithium.
“The continuing receipt of positive assay results provides further encouragement to Greenpower that Morabisi may, in fact, be a world class lithium discovery, which is able to meet the demand currently seen locally,” Greenpower executive chairman Gerard King said.
Mr King added there was more than 1,000 assays were due in and the company anticipated a regular news flow of results over the near-term.
Once the results have been received, Greenpower will assess its next steps.
Earlier exploration at Turesi returned up to 2.63% lithium, with Greenpower claiming at the time rivalled the Pilgangoora lithium project in Western Australia which is scheduled for commissioning early next year.
Pilgangoora boasts proved and probable reserves of 80.3 million tonnes grading 1.27% lithium and 123 parts per million tantalite.
A definitive feasibility study into Pilgangoora estimated life A$9.23 billion in life of mine revenue, with project owner Pilbara Mineral’s market cap surging from A$140 million less than two years ago to more than A$1 billion.
Greenpower knocked back for Australian government grant
The assay news follows Greenpower’s announcement on Friday it had failed to receive an Australian Government federal funding grant for advancing its coal to chemicals technology.
Greenpower applied for the A$2 million grant during the September quarter and despite being unsuccessful in this attempt, the company anticipates in future funding rounds, its application will be successful.