19th Aug 2024 11:40
(Alliance News) - Aterian PLC on Monday said it has completed a ground soil sampling programme at its joint venture in Rwanda, and expects to start drilling next month.
The London-based, Africa-focused mining company's lithium-focused earn-in investment and JV deal with Rio Tinto Mining and Exploration Ltd, over a licence area in southern Rwanda, came into effect in late October.
Aterian said 2,274 samples from the project area were collected and shipped for multi-element analysis, and that the results "have allowed for an interpretation of relevant geochemical ratios that determine the key pathfinder elements that vector into areas of potential sub-surface pegmatite occurrences".
Aterian explained that based on recent data, it believes the licence lies proximal to a major shear zone. The main lithological units observed are granitic intrusions and deformed metasediments hosting intruded pegmatites.
The company furthermore said that drill targeting is underway, and that it has received earthwork proposals and identified contractors. Aterian expects to start preparatory works before the end of this month, and to start drilling "possibly as early as late September".
"Completing the ground soil sampling program marks an exciting step forward in our partnership with Rio Tinto," commented Chair Charles Bray, who continued: "The survey has identified several anomalies consistent with the possible presence of lithium-bearing minerals. The initial indications of lithium potential are encouraging, and we are eager to continue our exploration activities to fully understand the project's potential.
"These preliminary results represent a crucial milestone in our ongoing exploration efforts and provide a strong basis and analytical framework for the next phase of exploration, the drill programme."
Going forward, Bray said: "We will now focus on conducting drilling to establish the presence, extent, and grade of any spodumene-bearing lithium mineralisation.
"Our goal is to maximise the project's potential and contribute to the global supply of this critical battery metal."
Shares in Aterian were untraded at 62.50 pence late on Monday morning. They last sold for 57.00p on Thursday afternoon.
By Emma Curzon, Alliance News reporter
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