Geophysical Survey Results
April 28 2009 - 2:00AM
UK Regulatory
TIDMLMY
RNS Number : 2347R
Lithic Metals and Energy Limited
28 April 2009
Lithic Metals and Energy
("Lithic" or 'the Company")
Mavita Airborne VTEM Geophysical Survey Identifies High Priority Targets for
Massive Nickel Sulphide Deposits, Mozambique
Lithic Metals and Energy (AIM:LMY) today announces results from a geophysical
survey completed at the Mavita nickel sulphide prospect in Manica province,
Mozambique.
Highlights
* Final Report on Mavita VTEM nickel sulphide geophysical survey completed,
* 16 high priority, late-time conductors identified in association with favourable
geology and anomalous surface nickel geochemistry,
* Large, shallow, late-time conductor at Rupise North prospect coincides with
earlier trenching result of 47m @ 1.46% Ni,
* A total of 70 anomalies identified.
Mavita Prospect, Mozambique
Earlier exploration at Lithic's Mavita nickel sulphide prospect, which included
airborne magnetic and ground IP and EM geophysical surveys, regional geological
mapping and geochemical surveys, encountered encouraging signs of nickel
mineralisation associated with favourable host rocks.
Following up on this earlier work, a helicopter-borne VTEM geophysical survey
was completed over prospective ultramafic lithology. The 1043 line-kilometre
VTEM (Versatile Time Domain Electro-Magnetic system) survey was conducted by
contractors Geotech Airborne Limited in late 2008, covering approximately 160
square kilometres of the geological units most prospective for nickel sulphides
as defined by the earlier aeromagnetic survey and geological mapping. The VTEM
system is regarded as the best geophysical technique for identification of
concealed massive sulphide deposits. The survey was carried out at a line
spacing of 150 meters, station spacing of 2 to 4 metres, and nominal terrain
clearance of the 26 metre EM transmitter loop of 47 metres.
The extensive geophysical data collected during the survey has now been
processed and interpreted by Lithic's Perth-based geophysical consultants.
Of 70 VTEM anomalies defined, 16 are rated as high-priority targets based on
good late-time conductors associated with either mapped or interpreted
ultramafic rocks. Lithic's previous work at Mavita has confirmed the presence of
thick komatiite sequences comprising serpentinites and other magnesium-rich
meta-volcanic rocks in sequences up to 1500 metres thick. Komatiites of similar
age, composition, and thickness host world-class massive and disseminated nickel
sulphide deposits at Kambalda in Western Australia, and in southern Africa and
Canada.
The high-priority targets are mainly located at the Moussapa West, Rupise West,
Rupise North, and Mavita East prospects, where rock-chip and stream sediment
geochemical surveys have previously highlighted elevated nickel values.
At Rupise North shallow trenching over a small portion of a significantly larger
VTEM anomaly encountered 47m @ 1.46% Ni in manganiferous ultramafic lithology.
A further 18 VTEM anomalies are rated as medium-priority nickel sulphide targets
based on geophysical parameters and less-obvious association with known
ultramafic rock outcrop.
Commenting on these results, Lithic Managing Director Jim Kerr said "Our efforts
at Mavita have established a very solid exploration platform. We have identified
lithology specifically prospective for hosting nickel sulphide deposits,
confirmed the presence of nickel sulphide in outcrop at the Moussapa prospect,
identified numerous IP and VTEM conductors with associated elevated surface
nickel geochemistry and advanced the project to a drill ready status. Consistent
with corporate objectives, we are actively seeking a partner to assist us in the
development of this exciting nickel sulphide asset."
For more detailed information, please visit our website www.lithicme.com
Or contact
+-----------------------------------------------+-----------------------+
| Jim Kerr, Lithic Metals & Energy | Tel: +61 8 9322 5804 |
+-----------------------------------------------+-----------------------+
| Katy Mitchell, WH Ireland Limited | Tel: +44 (0)161 832 |
| | 2714 |
+-----------------------------------------------+-----------------------+
| Laurence Read / Beth Harris, Threadneedle | Tel: +44 (0)20 7653 |
| Communications | 9850 |
+-----------------------------------------------+-----------------------+
About Mavita Project
The Mavita project comprises two granted exploration licenses covering 354km² on
the eastern edge of the Achaean Zimbabwe craton, in the Manica province of
Mozambique. The project area was initially targeted by Western Mining
Corporation for its nickel prospectivity. Acquired by BHP Billiton through its
takeover of WMC in 2005, the Mavita project was farmed out to Lithic under a
Memorandum of Understanding in late 2006. Lithic acquired 100% of the project
from BHP Billiton in July 2008.
The information in this report that relates to Exploration Results is based on
information compiled by Managing Director Jim Kerr (BSc Geol, MSc Min Econ,
MSEG). Mr Kerr, a full-time employee of Lithic Metals and Energy is a Member of
the Australasian Institute of Mining and Metallurgy and is a Competent Person as
defined in the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr Kerr consents to the circulation and inclusion in
the report of the matters based on the information in the form and context in
which it appears.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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