Cullen Resources Ltd (ASX:CUL) has commenced a field review of target areas for exploration of lithium pegmatite mineralisation in the Pilbara and south-west regions of Western Australia.
The exploration work, including geological mapping and rock chip sampling, will commence within the two tenement applications located in the Pilbara.
The first tenement is located circa 30 kilometres north east of the Pilgangoora lithium deposits where the world’s second largest lithium spoduemene deposit has been defined.
The second tenement is west of the Wodgina Mine, renowned as one of the world’s largest hard rock tantalum resources.
Cullen has also refined lithium exploration targets at its two tenement applications located proximate to the Greenbushes Mine in south-west Western Australia. Greenbushes is one of the world’s premium lithium mines.
In addition to the above tenements, Cullen’s circa 110 square kilometre Ravensthorpe application is considered prospective for rare metal tin-tantalum-lithium pegmatite mineralisation. Its circa 62 square kilometre Yinnetharra exploration licence is also prospective for the same resource.
Recently, Cullen successfully completed the placement of 200 million shares at $0.003, raising $600,000. The proceeds will be used for exploration of key projects and working capital. The issue augments $281,000 cash in hand held as at March 31, 2016.
Cullen’s lithium initiatives come at an opportune time, with a supply shortfall looming in the face of increased demand from electric vehicle manufacturers, storage batteries and electronic devices such as cell phones.
According to an expert speaking at the recent Lithium Supply and Markets Conference in Las Vegas, the lithium market will only balance if one new project comes online with 100% capacity, every year, for the next five years.
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