Latest news with #Igrejinha
The Australian
5 days ago
- Business
- The Australian
PEC drilling unleashes lithium magic
Perpetual drilling intersects consistently broad zones of pegmatites at the SE Anomaly Preliminary logging of 12m interval in hole SEP006 uncovers presence of spodumene Follow-up drilling planned to test system extent and depth at SE Anomaly Special Report: Geological logging of maiden drilling at Perpetual Resources' Igrejinha project in Brazil's Lithium Valley has uncovered further evidence that a major pegmatite system is present. Five of the six holes drilled at the SE Anomaly intersected broad zones of pegmatites with hole SEP006 returning continuous pegmatite over 44m from near the surface. Preliminary logging of a 12m interval within this zone indicated the presence of spodumene – a mineral known to contain lithium. Notably, Perpetual Resources' (ASX:PEC) drilling confirmed 60m of strike continuity with consistent pegmatite intercept widths. While the extent of mineralisation within the SE anomaly has yet to be confirmed, the strong indication of spodumene in drill chips and mapping indicates that it might strike to more than 300m. This potential for a major pegmatite discovery is supported by high-grade soil geochemistry, hyperspectral analysis and trenching. At Target 1, drilling defined continuous, mineralised lithium-caesium-tantalum pegmatites over 200m of strike from surface to >50m depth. Multiple drill holes have targeted pegmatites beneath historical pollucite workings, highlighting strong mineralisation potential. Adding interest, visual observations indicate the presence of spodumene while portable XRF readings for pollucite have highlighted Igrejinha as a potential caesium-bearing system. Coarse spodumene visually interpreted in RC drillhole SEP006 at the SE Anomaly. Pic: Perpetual Resources 'The presence of visible spodumene within large pegmatite intersections from drilling at the SE Anomaly is significant, particularly given the rapid turnaround from initial target generation to discovery,' PEC executive chairman Julian Babarczy said. 'Importantly, the mineralisation remains open along strike and at depth, offering exciting exploration upside. 'Following receipt of assays, we will assess further potential, but these early signs underscore the scale potential of this emerging lithium target which sits within a prolific lithium jurisdiction." Igrejinha project Igrejinha is less than 10km from and in the same geological setting as globally significant lithium projects such as Sigma Lithium's low-cost Grota Do Cirilo complex. The Lithium Valley holds the lion's share of the nation's ~45 hard rock lithium deposits, similar to those mined in WA, and accounts for more than 80% of the country's known lithium reserves Further support comes from the substantial investment and strong government backing for critical minerals projects, including recent moves by major Chinese firms like BYD, which have secured exploration ground and established EV manufacturing facilities. PEC notes that with results indicating the potential for significant extension of the SE Anomaly mineralised system both along strike and at depth, it is now considered to be a primary target for follow-up drilling in subsequent drill programs. Further drilling is planned to test the extent of mineralisation and to refine its structural and mineralogical model. Beyond that, the company will focus on receipt and analysis of drill results, further exploration analysis and subsequent planning for future potential drill programs at Target 1, the SE Anomaly and other nearby project areas. This article was developed in collaboration with Perpetual Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
The Australian
05-08-2025
- Business
- The Australian
Investors snap up PEC's $1.6m placement
Perpetual Resources raises $1.6m in oversubscribed placement at premium to 15-day VWAP Proceeds will be used to carry out follow-up exploration at its Igrejinha lithium project Funds will also be used for drilling to support maiden JORC resource estimate at Raptor REE project Special Report: Investors have demonstrated their confidence in Perpetual Resources by firmly backing a $1.6m placement to accelerate exploration for lithium and caesium in Brazil. Such was the strong demand from sophisticated and institutional investors for the placement of 72.7m shares at 2.2c each that allocations were scaled-back. The price was a 10% premium to the 15-day volume weighted average price of 2c with Perpetual Resources (ASX:PEC) to issue one free attaching option exercisable at 3c and expiring on December 31, 2027, for every two shares subscribed for. Investor interest follows the company's recent update on maiden drilling at Igrejinha, which intersected a continuous lithium-caesium-tantalum pegmatite that stretches over 200m of strike and >50m depth that's open in all directions. Drilling below historical workings also confirmed the presence of spodumene and potential high-value pollucite – a caesium mineral – while drilling below high-grade rock chip samples that returned peak results of >5.3% Cs2O and 7.6% Li2O also intersected pegmatite. 'This capital raise was strongly supported by new and existing investors, reflecting growing confidence in our Brazilian exploration portfolio,' PEC executive chairman Julian Babarczy said. 'With early success already achieved at Igrejinha, including high-grade spodumene and pollucite, as well as advancement at our Raptor rare earth project, we are well positioned to escalate exploration across multiple high-impact project areas.' Listen to more from PEC: Perpetual pounces for counter-cyclical payoff Use of funds PEC will use the funds for ongoing exploration in Brazil. This includes follow-up exploration at the Igrejinha project, drilling at the Raptor REE project, and initial exploration across the company's broader portfolio of Lithium Valley assets in Minas Gerais. Planned deeper drilling at Raptor will assess mineralisation at depth and test its full extent in order to support a maiden JORC resource. 'These funds ensure that Perpetual can maintain momentum and unlock further value for shareholders as we progress toward our next major drilling milestones,' Babarczy added. This article was developed in collaboration with Perpetual Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
