There is no doubt the West Australian-based GreenTech Metals Ltd (ASX: GRE) will generate excitement amongst lithium investors at Vertical Events’ approaching 2024 RIU Explorers Conference in Fremantle.
This interest will not just come from the recent results of the diamond drilling the company conducted at its wholly-owned Ruth Well project, but also on the work it has carried out at its Osborne joint venture with Artemis Resources Ltd (ASX: ARV), both of which are located in the iron ore hub of WA’s Pilbara.
Late last year GRE announced the Northern LCT pegmatite (Kobe), which sits within both Ruth Well and the adjoining Osborne JV, boasted 7.5 kilometres of strike.
Furthermore, previously reported rock chip samples returned assays of up to 2.31 per cent lithium superoxide (Li2O).
Significant Li20 samples from this area also included grades of 2.31%, 1.72%, 1.37%, 1.24%, 1.23%, and 1.20%.
According to the company, the Southern LCT pegmatite zone ꟷ which sits in the Osborne JV project tenements ꟷ comprises a total combined four kilometres of pegmatite strike.
Furthermore, previous rock chip samples have returned assay results of up to 3.6 per cent Li2O.
Ruth Well, located within the same region as Azure Minerals Ltd’s (ASX:AZS) significant Andover lithium discovery near Port Hedland, is 60 per cent-owned by AZS.
This effectively, as at the end of 2023, valued the project at about $975 million.
Moreover, reconnaissance rock chip sampling at Ruth Well confirmed multiple high-grade lithium-bearing pegmatites.
In this regard, assays reported up to 1.65 per cent Li2O with the mineralisation confirmed as spodumene.
The pegmatite-bearing zone is at least 200 metres wide. It has been traced along a six kilometre strike and remains open in all directions.
Ruth Well, originally a nickel–copper deposit, was discovered in 1971 and currently has a JORC 2012 indicated resource of 265,000 tonnes at 0.4 per cent copper and 0.5 per cent nickel (using a 0.3 per cent nickel cut-off).
Established to discover and develop projects to supply the battery minerals required to support the electrification the climate crisis demands, GRE has a suite of projects, highlighted by its flagship Whundo project, which is also located within its Pilbara volcanic massive sulphide cluster.
Covering nine square kilometres, Whundo is situated 40 km south-southwest of Karratha. It was originally discovered in 1911 and was initially known as the Trouble copper mine.
There was a low level of production until 1920, with further exploration not undertaken until the 1960s and 1970s, when Westfield Minerals Ltd and Consolidated Goldfields Ltd established a resource at both Whundo East and Whundo West.
There was no further development of the project until 1976, when Whim Creek Consolidated NL started open pit mining and produced 6,700t at 27.4 per cent copper from the Whundo East Lobe during its one year of operation.
Straits Resources Ltd later acquired the project. Then, Fox Resources Ltd took it on and, in 2006 and 2007, focused on the West Whundo deposit with its 148,310t of ore processed at the Radio Hill processing plant – an undertaking that successfully produced 25,812t of copper concentrate at a grade of 20.86 per cent.
About 90 per cent of all historical drilling has focused on resource areas and at depths of typically less than 150m. Due to this; following its 2022 listing, GRE undertook a maiden 4,974m RC drill program at Whundo and Ayshia to test multiple drill-ready targets with the aim to expand the existing JORC 2012 resource.
This drilling included a hit of 32m at 2.43 per cent copper and 62m at 1.12 per cent copper.
Other notable assay results from GRE’s program at Whundo include 19m at 1.6 per cent copper, 2.27 per cent zinc and 0.51 grams/t gold from 21m; 12m at 9.17 per cent zinc, 2.34 per cent copper and 0.62 g/t gold from 52m as well as 8m at 2.65 per cent copper, 0.64 per cent zinc and 0.11 g/t gold from 141m.
According to broker MAC Equity Partners, the West Pilbara region of WA is one of the most exciting mining regions in the world.
Aside from boasting some of the world’s largest iron ore deposits (like Tom Price and Whaleback), it is now emerging as a major hub for the production of battery metals.
GRE, it said, held multiple tenements across the region, providing the potential for exposure to metals beyond the copper and zinc at Whundo.
The junior’s targeted suite of projects, the broker said, positioned it to be able to service the rapidly growing demand for the battery metals needed for the electrification of the world and, particularly, the automotive industry.
“Electric vehicles (EVs) are revolutionising the automotive industry, with more and more consumers opting for EVs over traditional internal combustion engine (ICE) vehicles,” MAC noted.
“This shift towards EVs has led to an increasing demand for battery metals, particularly copper and nickel.
“Copper is a critical component in EVs’ electric motors, batteries, and charging infrastructure. The average EV contains around 80 kilograms of copper, which is approximately four times the amount found in ICE vehicles.
“Copper is also used extensively in the production of charging stations, which require a significant amount of copper wiring to transfer power from the grid to the vehicle.
“Similarly, nickel is a vital component of EV batteries, specifically in the cathode.
Nickel helps increase the energy density of the battery, allowing for longer driving ranges and faster charging times. As EV adoption continues to increase, so too will the demand for nickel.”
No doubt the addition of lithium to GRE’s portfolio will generate further interest amongst ASX punters and financial types.
As it stands, the junior will be presenting on the first day of the RIU Explorers Conference, which is scheduled to run from February 13 to 15 at the Esplanade Hotel in Fremantle.
For more information, please visit: www.verticalevents.com.au.
