Lithium Australia NL expanded its Australian based Lithium holdings by acquiring the prospective Youanmi Lithium and vanadium project. Which is located about 450 kilometers North-East of Perth WA.
“Recently, Southern Geoscience (‘SGC’) completed high-resolution aeromagnetics and radiometrics at Youanmi.”
“Modelling of the data will be completed within the next two weeks. It will then be used, in conjunction with surface mapping, to define drill targets for both lithium and vanadium mineralisation.”
“In particular, the magnetics will indicate the positions of likely extensions of the vanadium Resource established by Venus Metals (ASX: VMC).”
“Venus Metals identified an Inferred Mineral Resource (JORC 2012) of 110.6 million tonnes @ 0.30% V205 (Venus Metals’ ASX announcement, 6 February 2015) over a strike length of about 3.5 kilometres. Existing open-file magnetics suggest a similar strike extent of favourable horizons within Lithium Australia’s ground.”