As reported in the Company's news release on
The SRK report concludes: 'The primary focus of this report was to investigate the potential for REE mineralisation hosted in ionic clays of the Murray Basin Bookpurnong Beds. These clays have been identified as the primary host of REE mineralisation in
From this review, continuity of the clays is interpreted to extend into EL 6968-either as laterally continuous clay beds or spatially discrete zones beneath the Parilla Sands and north of the Kanowinka Fault. It remains uncertain if the REE mineralisation is continuous throughout the clay sequences or localised in discrete zones'.
As part of the review, LBI has received recommendations from SRK for the next stage of testing, which includes shallow drilling and geochemical / assay testing of material held in Government core sheds. A budget for this testing program was also provided with SRK's recommendations.
SRK has been authorized to proceed with this work as quickly as possible, which will assist LBI's directors on deciding whether to proceed with the Joint Venture.
As previously reported, if it elects to proceed LBI has the right to earn a 50 per cent interest in the Savic ground by spending AUD
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Email: jbyrne@lionsbaycapital.com
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This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as 'may', 'should', 'intend', 'expect', 'plan', 'anticipate', 'believe', 'estimate', 'project', 'predict', 'potential', or 'continue' or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information ('FOFI') within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.
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