Two Shields upbeat on drilling results from Xantus and Nashwan investments

Two Shields Investments updated the market on its lithium interests in southwestern Mali on Tuesday, which it owns through its 40% shareholding in Xantus and its 30% shareholding in Nashwan Holdings.

The AIM-traded firm’s update included assay results from the recent uger geochemical drill programme undertaken by Sahara Natural Resources - an independent mining consultancy - which it said confirmed the licences in Mali held by Xantus and Nashwan were prospective for lithium mineralisation, and warranted additional exploration.

It explained that the 5,000m auger geochemical drilling campaign across four permits tested for greater concentrations of lithium oxide (Li2O) below the “extensively weathered” surface.

Sahara's interpretation of the results of the drilling programme, which was carried out on a wide first pass 400m-by-400m sampling grid spacing with holes completed to an average depth of 9.6m, included confirmation of the project area as prospective for defining lithium-bearing pegmatites.

Two Shields reported that the geology was similar to Birimian’s and Kodal Minerals' “significant” lithium discoveries, with previous results from both sites, located close to its project area, having been indicative of a similar potential for high-grade Li2O mineralisation.

It said there was “clear identification” of anomalous lithium targets on all four permits of the project area, prospective for follow-up auger infill drilling.

The geology reportedly suggested that low-cost auger soil geochemistry could be used as an effective exploration too, to determine follow-up reverse circulation drilling targets.

Li2O values returned ranged between 2.15ppm and a maximum value of 293ppm.

Two Shields said a follow-up work programme was being determined, and could potentially include drilling to further delineate the anomalous lithium signatures.

“The board is encouraged by these results from the auger geochemical drill programme completed by Sahara in Mali on behalf of Xantus and Nashwan,” said Two Shields Investments chairman Charlie Wood.

“The prospectivity of the project area for lithium bearing pegmatites has been confirmed and the results from this recent programme will inform the next stage of development.

“We will await notification of Xantus' and Nashwan's development plan, regarding both the Mali and Niger lithium portfolios and will then update our shareholders accordingly.”

Wood noted that the company’s lithium interests were one of a number of investments within its portfolio.

“This includes a stake in the leading innovative, digital social e-commerce platform, WeShop; an 8.95% interest in BrandShield, a leading cyber security company; and an 11.26% interest in AIM-traded African Battery Metals which provides us with exposure to other key technology metals, such as cobalt.

“The common theme that links all the above is a notable focus on disruptive and fast-growing markets.

“With this in mind, I look forward to continuing to update shareholders as the portfolio continues to advance in the upcoming months.”