Dynamic Metals ramps up lithium focus with new licences at Widgiemooltha Project
Proactive Investors
Published May 31, 2023 10:15
Updated May 31, 2023 10:30
Dynamic Metals ramps up lithium focus with new licences at Widgiemooltha Project
Dynamic Metals Ltd (ASX:DYM) has secured three key exploration licences (EL) prospective for lithium, nickel and gold at its Widgiemooltha Project in Western Australia's Goldfields Region.
The acquisition of these licences offers the ASX-debutant an additional 220 square kilometres in a region richly endowed with numerous operating nickel, lithium and gold operations.
Among the newly granted tenements, Chalice South (E15/1721) holds particular interest as it is adjacent to Essential Metals' Dome North Lithium Project, which hosts a mineral resource of 11.2 million tonnes at 1.2% lithium.
The Widgiemooltha area has recently emerged as a significant lithium belt, with the Mt Marion, Bald Hill and Buldania projects all within 25 kilometres of Dynamic's tenure.
While previous exploration activities in the area have centred on gold and nickel, Dynamic is shifting the focus towards lithium's potential, given the limited historical geochemical data related to lithium in this tenement.
Plan view of Widgiemooltha tenement package with nearby lithium prospects.
Systematic approach
Over the ensuing six months, Dynamic has committed to adopting a systematic approach to exploration.
The strategy includes initial surface reconnaissance mapping and sampling, followed by regional soil and auger programs to generate geochemical data for target identification.
The company will evaluate and prioritise the generated targets for drill testing scheduled for later this year.
Forward plan
Dynamic has completed a follow-up drill program at Dordie Far West, with assays under analysis in a Kalgoorlie laboratory.
Subsequently, the company expects to obtain results within the next eight weeks.
Preparations are well underway for the next phase of aircore drilling at Widgiemooltha, with drilling kicking off by mid-June at the Mandilla, Higginsville and Sunday Soak prospects.
Fully funded with $5.62 million in cash reserves, Dynamic is set for the planned exploration initiatives across its critical minerals portfolio.
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