Wildcat Resources has announced promising drill results from its Tabba Tabba lithium project near Port Hedland in Western Australia.
A 100,000m drill program has focused mainly on the project’s Leia deposit, with one drill hole delivering 119.2m at one per cent lithium oxide (Li2O), including 31m at 1.7 per cent Li2O and 34.5m at 1.2 per cent Li2O.
Drilling is now underway at the project’s Hutt and Han pegmatites to follow up and expand the discovery.
Wildcat also completed a ground gravity and magnetic survey at the site, alongside a detailed geological map of the Tabba Tabba tenement package.
All pegmatite prospects at Tabba Tabba remain open in all directions as Wildcat continues its exploration program.
Looking ahead, Wildcat’s drilling will continue focusing on growing the Leia and Chewy pegmatite systems, with Leia being one of six significant prospects within Tabba Tabba’s reach.
While the drill results were largely positive, Wildcat shares dropped 19 per cent following the announcement.
Though this drop might seem significant, the company is still trading more than 2000 per cent higher than it was a year ago.
It’s been a big year for Wildcat. Mineral Resources (MinRes) snapped up a 19.8 per cent stake in the company during a lithium land-grab frenzy last November.
Amid enthusiasm over exploration results and MinRes’ interest in the company, Wildcat’s market capitalisation has soared from $19 million to around $780 million.
Tabba Tabba is located approximately 90km from the Wodgina lithium mine joint venture between MinRes and Albemarle, and just over 200km from Azure Minerals’ Andover project.
With prospective land packages nearby, hopes are high for the future of the project.
“We look forward to the months ahead as we continue to define and explore Leia and other pegmatite targets, while progressing our permitting and evaluation studies,” newly elected Wildcat managing director AJ Saverimutto said as drilling began.
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