Capital Mining Ltd (ASX:CMY) has expanded its lithium project portfolio with the pegging of three prospective projects in the Gascoyne minerals district in Western Australia.
The projects are spread over a total area of 501 square kilometres and includes the Reynolds Project, the Caroline Creek Project and the Yinnietharra Project.
Capital said they are all considered prospective for lithium-rich spodumene bearing pegmatites and are located near known mineral occurrences associated with lithium-caesium-tantalum (LCT) pegmatites.
The Reynolds Project has abundant occurrences of minerals associated with rare earth-metal pegmatites and anomalous concentration of niobium and tantalum.
The Yinnietharra Project is located 3 kilometres from an active LCT pegmatite field, which hosts tenement holdings of Lithium Australia NL (ASX:LIT) and Segue Resources Ltd (ASX:SEG) among others.
The new projects are consistent with Capital’s exploration strategy to acquire, explore and develop quality lithium assets and other demand-focused mineral resources.
The company had a cash balance of $2 million as at 30 June 2016.
Capital is also planning for the next phase of exploration at its Chakola Project, located near Heron Resources Ltd’s (ASX:HRR) Woodlawn Zinc-Copper Project, in southern New South Wales.
Chakola is viewed as a potentially significant gold and base metal asset.
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