Lithium Energy Limited (ASX:LEL) has announced the re-assay results of historical rock chip samples taken by GBM Resources in 2017 at the Mt Usher prospect, part of the Capricorn Gold-Copper Belt Project in Queensland. Lithium Energy is focused on the exploration and development of energy minerals, including lithium and gold assets. The re-assaying program aimed to validate previous sampling and confirm the gold potential of the area.
The re-assay results, derived from 125 rock chip sample pulps, indicated significant high-grade gold potential at Mt Usher. Standout grades included 15.2 g/t Au, 18 g/t Ag and 0.11% Zn, and 24.1 g/t Au and 5.96 g/t Ag. The rock chip samples were collected across a 3.8km strike along historically mined shear zone-hosted quartz vein gold lodes, encompassing areas such as the Mt Usher, Caledonia – Anglo Saxon, and Victor mines, which saw approximately 100,000 ounces of gold produced from hard rock and alluvial operations between the 1890s and 1900s.
In addition to gold, the re-assays revealed elevated levels of molybdenum, gallium, and tellurium, with grades reaching 13.95 g/t Mo, 22.1 g/t Ga, and 28.4 g/t Te. This polymetallic mineralisation suggests that the Mt Usher gold mineralisation is a base metal, gold-telluride system likely formed at sub-epithermal depths, associated with a quartz-feldspar porphyry system. These findings designate the Mt Usher gold mineralisation as a high-priority exploration target for Lithium Energy.
With the recent granting of the Mt Usher Mineral Development License (MDL 2020), Lithium Energy is poised to commence on-ground exploration activities. Initial plans involve defining and expanding the known gold mineralisation through a comprehensive geochemical review, drone magnetic surveys, field mapping, and airborne electromagnetic surveying, followed by potential drilling programs to determine ore zone characteristics.