Premier1 Lithium Ltd made exploration progress at its Yalgoo Project in the December quarter, where a high-resolution magnetic survey identified key gold prospects.
The company also completed a first-pass mapping and sampling program, which returned high-grade assay results at multiple locations.
Highlights
Some of the highlights of the exploration included completing a 700-line-kilometre high-resolution magnetic survey across key targets: Crescent, Olive Queen, and Cumberland.
Notable gold assay results include 128.5 g/t gold at Crescent East and 106.6 g/t gold at Bourkes United.
Drill testing of priority gold targets is scheduled for Q1 2025, pending heritage clearance.
Survey and sampling results
The airborne magnetic survey, covering some 700 line kilometres, targeted key prospects including Crescent, Olive Queen and Cumberland.
The survey also extended into the untested Mulloo shear zone, an area identified for potential new discoveries.
Premier1’s collaboration with Spartan Resources enabled broader data collection, leading to a comprehensive structural analysis.
The reprocessed magnetic data provided enhanced insights into mineralisation controls, supporting refined drill targeting.
Following the survey, a first-pass mapping and sampling program at Yalgoo delivered promising results.
A total of 168 rock chip samples were collected, with standout assays from key prospects:
- Crescent East: 128.5 g/t gold, 78.9 g/t gold, 5.5 g/t gold;
- Olive Queen (South): 54.8 g/t gold, 12.7 g/t gold, 3.1 g/t gold;
- Bourkes United: 106.6 g/t gold;
- Broken Mount: 13.1 g/t gold, 3.6 g/t gold; and
- Mulloo Hill: 18.1 g/t gold.
The Crescent East prospect, covering over 500 metres of strike, revealed extensive surface anomalies associated with brecciated quartz veining in mafic and ultramafic lithologies.
The Mulloo Hill target, 15 kilometres south of Crescent, emerged as a new high-grade gold prospect.
Upcoming exploration plans
Premier1 has secured approval for a Program of Work (PoW) at the Wadgingarra area, with heritage clearance surveys scheduled for February 3, 2025.
The company is set to commence a 3,000-metre reverse circulation (RC) drilling program in Q1 2025, targeting Crescent, Olive Queen and Cumberland.
The Yalgoo Project, situated within the highly prospective Yalgoo-Singleton Greenstone Belt, covers 220 square kilometres and includes over 25 kilometres of untested shear zones.
Historical drilling focused on near-surface oxide zones, leaving deeper high-grade extensions largely unexplored.
Premier1’s current exploration aims to unlock the full potential of these underexplored gold-bearing structures.
Corporate Developments
Premier1 strengthened its financial position with a capital raise of around A$1.5 million through a placement and entitlement offer.
Additionally, the company received A$889,546 from the R&D Tax Incentive program, which further supports its exploration activities.