Australasian Metals : Survey reveals pegmatite-like structures at Mt Peake

DGPR survey reveals multiple pegmatite- like structures at Mt Peake Lithium project

Highlights

• ● Recently completed Deep Ground Penetrating Radar (DGPR) interpretation confirms a series of pegmatite swarms present at shallow depth undercover

• ● The DGRP survey covered 32.8-line kilometres over 14 profiles - including the JC001 sample - along the northwest-southeast strike in the northwest corner of ELA32830

• ● Soil geochemical sampling is well underway across priority targets at Mt Peake

• ● A detailed mapping program has been completed at the Barrow Creek Lithium project, with a follow-up sampling program being designed

Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to provide an update on Deep Ground Penetrating Radar (DGPR) survey work on EPA32830, in the prospective Northern Arunta pegmatite province, Northern Territory.

Ultramag Geophysics Pty Ltd was commissioned to undertake the DGPR trial survey to locate lithium bearing pegmatites at the Mt Peake lithium project (ELA 32830), approximately 200km north of Alice Springs. 32.8 km of line was acquired over 14 profiles with high resolution sub-meter short spacing capable of mapping very thin quartz veins and pegmatites. DGPR was 'calibrated' over outcropping tourmaline and mica bearing schists both hosting lithium rich pegmatites primarily in the south of the survey.

The following anomalies have been interpreted:

• • 37 'conventional' pegmatite like anomalies;

• • 18 tourmaline and/or mica schist anomalies (lithium pegmatite hosts) several of which outcrop;

• • 17 granite 'dissolution' anomalies possibly greisen and/or variations of the schist anomalies; and

• • A thick zone in the north was also identified as a possible analogue to Core Lithium Limited (discovery made by Todd River Resources) Bismark lithium project less than 4km to the northwest.

A8G Managing Director Dr Qingtao Zeng (currently on site at Mt Peake) commented:

"The DGPR survey interpretation revealed a series of pegmatite-like structures, most of which are consistent with our de facto mapping from the surface. Most importantly, this technique helps us to see through the shallow sediment cover to identify potentially buried pegmatite systems to the northwest where close to spodumene mineralisation identified at surface by Core Lithium Limited. The survey results have provided valuable information regarding the potential continuity of the buried lithium mineralisation, which may be linking to our Sample JC001 location. The Company is excited to see the soil sampling program and rock chips assay results in this area, which will be incorporated into our final targeted drilling plans".

Figure 1: Location of the DGPR survey lines and the soil sample program coverage in the northwest corner of the Mt Peake lithium project. The base map was the de facto geological map produced by the Company.

ELA 32830 is located in the Mt Peake area of the Anningie Tin-Tantalum-Pegmatite fields in the north Arunta Region of the Northern Territory. The area is considered highly prospective for hard rock lithium mineralisation. ELA32830 covers over 640km2 and shares a boundary with Core Lithium Limited's (ASX:CXO) Anningie lithium project. The DGPR survey work wasconducted in the northwest corner of Mr Peake over the defined exploration corridor covering the northwest and southeast side of the high grade surface sample JC001 (refer to A8G ASX announcement 16 November 2021).

With quality data acquired, DGPR can detect:

• • Some but not all mica schists (hosting potential lithium pegmatites)

• • All tourmaline schists (hosting potential lithium pegmatites)

• • Granite under cover not mapped by geologists

• • Two types of folding - inferring at least two types of metasediments

• • Shear zones and/or areas of intense (probably quartz) veining under cover not mapped by geologists

• • Isolated quartz veins

• • Faults - major and minor

• • Some contacts

• • Pegmatite like anomalies that differ from those hosted in mica and tourmaline schists

Figure 2 presents the potential pegmatite swam beneath the shallow covers interpreted by the DGPR specialist and our in-house geologist. It is consistent with our current geological understanding of the Mt Peake lithium project in terms of stratigraphic layout and geometry of pegmatite and granite emplacement. The Company is also conducting a soil geochemical sampling program aiming at investigating any lithium related element hot areas. The current sampling program was projected into Figure 1 as blue spots at the northwest corner overlapping with some of the DGPR survey lines.

Figure 2: Potential pegmatite swam in shallow depth interpretated from the combination of DGPR profile interpretation and de facto mapping work A8G has completed to date.

DGPR is a contemporary geophysical tool for imaging the subsurface that has gained traction due to its rapid acquisition. It works in a comparative manner to the seismic velocity-depth method, but at the speed of light, utilising radar pulses which experience refractions, reflections and diffractions at a range of wavelengths, imaging geological boundaries where the dielectric constant changes. There are recorded and processed to produce very high-resolution profiles of the subsurface.

Figure 3: A8G team on site at Mt Peake.

Figure 4: Pegmatite outcrop.