Lithium Power International (LPI) is planning to recommence exploration activity at its 100% owned Greenbushes lithium project in West Australia.
The Greenbushes project consists of two tenements, the northern tenement (Balingup) and southern tenement (Brockman).
The Balingup covers 315km2 directly adjacent to the Greenbushes mine block owned by Albemarle and Tanqui.
Covering 83km2, the Brockman is located further south along a continuation of the Greenbushes mine stratigraphy.
Lithium Power stated: “We are now seeing substantial improvement in current and forecast demand for lithium, with prices forecast to increase during 2021 and beyond. LPI is, therefore, recommencing exploration in Western Australia with the primary focus on the Greenbushes project in the State’s south-west.”
Lithium Power said that the northern tenement has been its focus of most exploration activity in late 2019 and early 2020.
Upon completion of exploration defined at Balingup East Target as a continuation of the large arsenic lithium halo around the nearby Greenbushes lithium mine, the company collected 201 surface samples over 60km2.
The firm plans for further sampling to define drill targets.
Additionally, the company identified further drill targets in the East Kirup area to the north of Balingup.
Lithium Power International CEO Cristobal Garcia-Huidobro said: “With the increased market interest in lithium, we feel it is opportune to re-start our WA exploration activities.
“The recent move by IGO Limited to acquire a portion of the Greenbushes mine adjacent to our project reiterates the significant value of high-grade lithium pegmatites and the Greenbushes project in particular, in a secure global jurisdiction.”
In December 2020, Australian miner IGO agreed to pay $1.4bn to acquire a minority interest in the Greenbushes lithium mine.
The deal will give IGO a 49% stake in Tianqi Lithium Australia, a subsidiary of China’s Tianqi Lithium, which owns 51% of the Greenbushes venture.
