Delays in Native Title Access Could Stall Lithium Energy’s Bajool Exploration
Lithium Energy Limited has won $189,200 in Queensland Government funding to advance exploration at its Bajool Prospect, targeting a significant porphyry copper-molybdenum system within the Capricorn Gold-Copper Belt Project.
- Queensland Government awards $189,200 for advanced 3D geophysical surveys
- Bajool Prospect targeted as a major porphyry copper-molybdenum system
- Historical drill core re-assays confirm up to 3.22% copper and 252 ppm molybdenum
- Acquisition of Capricorn Project tenements progressing, pending native title agreements
- Modern geophysical techniques to guide extensive future drilling programs
Government Backing Boosts Bajool Exploration
Lithium Energy Limited (ASX, LEL) has secured a significant boost to its exploration efforts with the Queensland Government approving $189,200 in funding under the Collaborative Exploration Initiative (CEI). This grant will support advanced 3D geophysical surveys at the Bajool Prospect, a key target within the Capricorn Gold-Copper Belt Project in Central Queensland.
The CEI funding is a competitive award, reflecting confidence in Lithium Energy’s technical approach and the prospectivity of the Bajool area. The funds will contribute to a Direct Current Induced Polarisation (DCIP) and Magnetotelluric (MT) survey program designed to model the subsurface geology with greater precision than previous efforts.
Reassessing Historic Data Reveals Strong Mineralisation
Re-examination and re-assaying of historical drill core from the 1970s have confirmed promising mineralisation at Bajool. Notably, drill hole D28-DDH4 returned an intercept of 16 meters averaging 0.57% copper and 441 ppm molybdenum, including a high-grade 2-meter section with 3.22% copper and 252 ppm molybdenum. These results underscore the potential for a substantial porphyry copper-molybdenum system, which has not been fully tested at depth or laterally.
The Bajool Intrusive Complex, hosting the prospect, is characterised by quartz diorite intrusions with magnetic lows indicative of magnetite destruction; a hallmark of porphyry systems. Historical exploration was largely shallow and limited, leaving significant upside for modern, deeper investigations.
Strategic Acquisition and Future Exploration Plans
Lithium Energy is in the process of acquiring a 51% interest in the Capricorn Project tenements, a move pending native title access agreements with the Gaangalu Nation People and the Darumbal People. This acquisition consolidates a district-scale gold-copper belt surrounding the historic Mt Morgan gold mine, which produced substantial gold and copper over nearly a century.
The company plans to leverage modern geophysical techniques, including high-resolution 3D surveys and advanced data analytics, to refine drill targets across multiple mineralised systems within the Capricorn Project. The immediate focus will be on the Bajool Prospect, where the upcoming DCIP and MT surveys will guide a targeted drilling campaign aimed at delineating deeper and larger mineralised zones.
A Promising Chapter in Queensland’s Mineral Exploration
The Capricorn Gold-Copper Belt Project represents a compelling opportunity to uncover new mineral resources in a historically productive region. Lithium Energy’s methodical approach; combining government-backed geophysical surveys, historical data reassessment, and strategic tenement consolidation; positions it well to unlock value for shareholders and contribute to Queensland’s mining future.
Bottom Line?
As Lithium Energy advances its Bajool exploration with government support and modern technology, the next drill results will be pivotal in defining the project’s true potential.
Questions in the middle?
- How soon will native title access agreements be finalized to enable full exploration?
- What will the 3D geophysical surveys reveal about the depth and extent of mineralisation?
- Could the Capricorn Project host multiple large-scale deposits beyond Bajool?
