Corcel reports positive findings from Canegrass lithium project

Battery metals explorer and producer Corcel updated the market on the findings of its initial exploration activities at the Canegrass lithium project in Western Australia on Monday.

The AIM-traded firm said the exploration effort, conducted at its wholly-owned project, encompassed three active tenements - E 59/2119, E 59/2697, and E 59/2698 - all holding lithium rights.

APEX Geoscience undertook a rock chip sampling and reconnaissance programme over multiple days in November, targeting various lithologies and conducting geological mapping.

The primary objective was to assess the potential of lithium-bearing pegmatite and magmatic nickel at the site, identified through satellite imagery interpretation.

A total of 37 rock chip samples were gathered during the fieldwork, representing different lithologies including pegmatite, gabbro-dunite, quartz vein, and calcrete.

Portable XRF analysis determined potassium/rubidium (K/Rb) ratios to ascertain lithium potential.

Subsequently, the samples underwent analysis at ALS Global in Perth, using sodium peroxide fusion digest with ICPMS finish to reveal lithium-cesium-tantalum (LCT) pegmatite and mafic-ultramafic intrusion-related elemental suites.

The board said the field programme confirmed the presence of a lithium-bearing mineral pegmatite system in the east-southeast area of the project, with two distinct prospects named PEG 1 and PEG 2.

Both prospects showed similar mineralogical and structural characteristics, with PEG 2 being the larger of the two.

Notably, lepidolite was identified as the primary lithium-bearing mineral, with varying abundances across the swarms, reaching a maximum grade of 1.34% Li2O.

Initial observations indicate the absence of spodumene mineralization.

Additionally, the company said the exploration revealed promising potential for nickel and vanadium within the Shepherds Discordant Zone (SDZ) along tenement E 59/2119.

The zone, associated with significant vanadium deposits at the Windimurra Vanadium Mine, offered favourable ground for magmatic vanadium and nickel mineralisation.

Assay results from samples CGRX001 and CGRX002 returned notable values, indicating the presence of nickel and vanadium within the upper zone of the Windimurra Igneous Complex.

“Intriguing initial results from the company's recent work at its 100%-owned Canegrass lithium project in Western Australia indicate broader potential for the project than originally anticipated, reflecting historic interest in the area for both nickel and vanadium,” said executive chairman Antoine Karam.

At 1216 GMT, shares in Corcel were down 6.42% at 0.77p.

Reporting by Josh White for Sharecast.com.