St George’s wholly owned subsidiary, Destiny Lithium Pty Ltd entered into an option agreement with Belres Pty Ltd and WA Mining Partners Pty Ltd (together, the Vendor) on 1 February 2023 to acquire a package of tenements in the Eastern Goldfields (Option Agreement).
Pursuant to the Option Agreement, Destiny Lithium has been granted an option to acquire tenements, applications for tenements and project information owned by the Vendor – referred to as the Woolgangie Project, which must be exercised no later than 2 February 2025.
The tenements comprise nine exploration licences – two have been granted and seven are in application – covering a total area of approximately 1,200 km2. The tenements cover two strategic areas.
One area, the western tenements, encompasses approximately 70km of strike along the highly prospective Ida Fault – a major crustal boundary that controls multiple major minerals deposits within WA. The other area, the eastern tenements, is proximal to an established lithium region that hosts several significant lithium deposits and operating mines.
The tenements along the Ida Fault are considered prospective for lithium as well as ionic clay-hosted rare earths and nickel-copper sulphides.
Numerous pegmatites have been mapped for many kilometres within the western tenements along the Ida Fault and also within the eastern tenements along the margin of the known lithium province. No previous systematic exploration for lithium appears to have been conducted within the project area.
The geological setting of the western tenements has analogies to the Mt Ida district that includes Delta Lithium’s Mt Ida Project (MRE: 12.7 Mt @ 1.2% Li2O) and St George Mining’s Jailbreak Lithium Prospect. Liontown Resources’s Kathleen Valley (MRE: 156Mt at 1.4% Li2O and 130ppm Ta2O5) is also located along the Ida Fault, to the north of Mt Alexander
Historical drilling in 2010 by Mincor Resources (see ASX December Quarterly Report 2010 and GSWA open file report A90100) identified several wide zones of rare earth anomalism while exploring for nickel sulphides. The preliminary interpretation is that the REE anomalism is more likely to relate to ionic clay-hosted rare earth mineralisation rather than carbonatite hosted mineralisation.