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It was a good morning to be a shareholder of lithium stocks Wildcat Resources (ASX:WC8), Bubalus Resources (ASX:BUS) and Venus Metals (ASX:VMS). All 3 of these companies surged this morning, 2 due to exploration results and 1 due to a project acquisition.
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Bubalus Resources purchases a new WA project
A year on from listing, Bubalus Resources bought tenements prospective for lithium mineralisation in the Gascoyne Region of WA. The project, named Yinnietharra, lies just 2km east of the Malinda Prospect owned by Delta Lithium. The company intends to commence a surface sampling program in late September to identify drilling targets. Bubalus’ projects lie in the NT but are impacted by the wet seasons. So this gives shareholders something to look forward to.
Wildcat and Venus report solid exploration results
Wildcat Resources has existing ground in WA which it has recently begun drilling at. Initial assay results from its Tabba Tabba project included 85m at 1.1% lithium including 59m @ 1.5% lithium. This company told shareholders it expected continuing assay results in the coming month and it intended to deploy a diamond drill rig in early October to accelerate the evaluation of a new discovery.
As for Venus Metals, it recorded field sampling results at its Youammi project (also lying in WA). Rock sampling results were solid, up to 4.6% lithium. A drilling program is being planned to test the anomalies that the company has identified, although exploration is at an early stage here.
But even though project purchases and field sampling are at earlier stages than drilling, finding a major deposit has to start somewhere. And if BUS and VMS do find a major deposit, this will have been the start of a major journey for shareholders.
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