Accelerate Resources Ltd (ASX:AX8) has soared on identifying numerous outcropping pegmatites in maiden reconnaissance work at East Pilbara Lithium Project in Western Australia, highlighting the potential for lithium mineralisation.
Notably, the company has discovered four large pegmatite bodies within the potential 'Goldilocks Zone', each striking at least 300 metres and 20 to 40 metres wide.
Moving forward, Accelerate is planning a mapping and sampling program for prioritised targets in early 2023, with drilling to follow.
The markets have welcomed the news, with shares trading as high as $0.050, up almost 72.5% on the previous close.
Project potential
Accelerate’s projects are in an area of active lithium exploration and discovery, which includes Global Lithium Resources’ Archer deposit and SunMirror AG subsidiary Lithium 1 Pty Ltd’s Moolyella Project.
Based on the lithium pegmatite model successfully employed by other explorers in the immediate region, the company’s Mount Creek tenement block lies within the 6-8.5-kilometre zone considered the prospective ‘Goldilocks Zone’ surrounding the Moolyella Monzogranite.
Desktop studies identified numerous potential pegmatite intrusion targets within multiple vein/dyke filled cross-cutting structures in the granitic pluton.
Notably, Bishop Creek Monzogranite and Joorina Grandiorite are both meta-granites with younger felsic intrusions with pegmatite, aplite and granophyre veins.
Furthermore, they also contain numerous xenoliths of mafic material as well as numerous mafic dykes.
East Pilbara Lithium Project locations.