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  • Lithex Resources Applies For Fifth WA Graphite Exploration Licence 0 comments
    Apr 3, 2013 8:41 PM

    Lithex Resources (ASX: LTX) is moving to more than double the size of its flagship Munglinup Graphite Project in Western Australia with the submission of an application for a fifth tenement exploration licence.

    The Munglinup Project is located along strike and contiguous with the eastern and southern sides of Graphite Australia's Munglinup Deposit, which is anticipated to be Western Australia's first commercial graphite mine.

    Pending approval by the Western Australia Department of Mines and Petroleum, the new exploration licence will add 200 square kilometres to the project, taking the total holding to 406 square kilometres.

    Increasing the prospectivity of the new exploration licence under application, the area contains the Young River Graphite Deposit - an area comprising known historical graphite occurrences and reported to be of similar geological style and quality to the Munglinup Graphite Deposit.

    Currently there is no defined Resource for the Young River Graphite Deposit. The Young River area is also prospective for nickel and vermiculite mineralisation.

    Lithex is planning an initial near-term field visit to undertake geological mapping and sampling of the known historical graphite occurrences and to determine their potential significance.

    Elsewhere on the Munglinup Project, Lithex is pleased to report that an airborne electromagnetic survey over tenements E74/517 and E74/531 has recently been completed by UTS Geophysics.

    Preliminary field results indicate a number of graphite anomalies of interest within the two tenement areas.

    Processing and interpretation of the survey data is now underway, as well as subsequent target generation.

    Lithex has engaged drill contractors to undertake a diamond drilling program on E74/518 targeting the graphite anomalies identified in the earlier electromagnetic survey.

    Drilling is expected to begin during the quarter, subject to receipt of Government approvals.

    Munglinup is also located close to the 1.47 million tonne at 18.2% fixed carbon Halbert's Main Graphite Deposit in Western Australia.

    The Halbert's Main Graphite Deposit, which is not owned by Lithex, is located about 2 kilometres north of the company's Munglinup Central tenement, which exhibits a 3 kilometre strike length of electromagnetic anomaly.

    Lithex has identified several strong conductors interpreted to represent graphite rich horizons at the Munglinup Project from previous electromagnetic geophysical data.

    Initial rock chip sampling of graphitic schist has previously returned between 8.6% and 23.1% total graphitic carbon from four samples.

    Lithex held around A$2.5 million in cash at the end of December 2012.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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