Proactive Investor's  Instablog

Lithex Resources' (ASX: LTX) managing director Robert Mandanici and executive director Steven Crabbe have increased their respective shareholdings in the company.

Mandanici has increased his substantial shareholding to 6.88%, while Crabbe has become a new substantial shareholder with a 6.38% stake.

Lithex Resources' strategy to prove up known deposits of rare metals in the mineral rich Pilbara region of Western Australia is coming to fruition with the delivery of high grade assays from maiden drilling at its Moolyella Project.

A recent successful maiden drilling campaign at the project returned high grades of up to up to 9,100 parts per million molybdenum, 128 parts per million tantalum, 1,510 parts per million tungsten, 1,040 parts per million cobalt and over 2,000 parts per million copper.

The next step for Lithex is follow up exploration programs at Moolyella, as well as its Shaw River and Pilgangoora projects in the Pilbara.

Lithex has established a JORC Inferred Resource for Moolyella of 1.9 million tonnes at 160 parts per million tin, and 20 parts per million tantalum over eight historical tailings and waste piles that are remnants of earlier mining efforts.

The exclusion of D&H tailings dump reduces the Inferred Resource to 1.2 million tonnes but increases the grade to 190 parts per million tin, and 22 parts per million tantalum.

Preliminary metallurgical test work indicates recoveries of up to 84.7% for tin and 66.3% for tantalum.

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