Wildcat Resources has announced promising drill results from its Tabba Tabba lithium project near Port Hedland in Western Australia.
The 100,000m drill program focused mainly on the project’s Leia deposit, delivering 119.2m at one per cent lithium with over 2.2km of mineralisation mapped.
Drilling is now underway at the project’s Hutt and Han pegmatites to follow up and expand the discovery.
Wildcat also completed a ground gravity and magnetic survey at the site, alongside a detailed geological map of the Tabba Tabba tenement package.
All pegmatite prospects at Tabba Tabba remain open in all directions as Wildcat continues its exploration program.
Looking ahead, Wildcat’s drilling will continue focusing on growing the Leia and Chewy pegmatite systems, with Leia being one of six significant prospects within Tabba Tabba’s reach.
While the drill results were largely positive, Wildcat shares dropped 19 per cent following the announcement.
Though the price dip may seem significant, the company’s overall share price is still around 2150 per cent higher than it was a year ago.
It has been a big year for Wildcat. Mineral Resources (MinRes) snapped up a 19.8 per cent stake in Wildcat during a lithium land-grab frenzy last November.
Amid enthusiasm over exploration results and interest piqued by MinRes’ intentions with the company, Wildcat’s market capitalisation soared from $19 million to $900 million since May 2023.
Tabba Tabba is located approximately 90km from the Wodinga lithium mine joint venture between MinRes and Albemarle, and just over 200km from Azure Minerals’ Andover project.
With such prospective land packages nearby, hopes are high for the future of the project.
“We look forward to the months ahead as we continue to define and explore Leia and other pegmatite targets, while progressing our permitting and evaluation studies,” newly elected Wildcat managing director AJ Saverimutto said as drilling began.
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