Premier1 Lithium Unveils High-Grade Gold Hits and Raises $1.5M for Yalgoo Drilling
Premier1 Lithium's latest quarterly report reveals multiple high-grade gold assay results at its Yalgoo Project and a successful $1.5 million capital raise, setting the stage for imminent drilling activities.
- Completed 700 line km high-resolution magnetic survey at Yalgoo
- Confirmed multiple high-grade gold assays, including 128.5 g/t Au at Crescent East
- Secured approximately $1.5 million through placement and entitlement offer
- Received $0.89 million from R&D Tax Incentive program
- Drill testing planned for Q1 2025 pending heritage clearance
Exploration Advances at Yalgoo
Premier1 Lithium Limited (ASX:PLC) has delivered a robust quarterly update for the period ending December 31, 2024, underscoring significant progress at its flagship Yalgoo Project in Western Australia. The company completed a comprehensive high-resolution airborne magnetic survey spanning approximately 700 line kilometres. This survey targeted key prospects such as Crescent, Olive Queen, and Cumberland, while also extending into the previously untested Mulloo shear zone, a promising new frontier for mineral discovery.
The magnetic survey was co-funded by Spartan Resources, enabling expanded coverage into adjacent tenements and enhancing the geological understanding of the region. Reprocessing of historical magnetic data revealed complex structural features associated with mineralisation, which, combined with recent geological mapping and geochemical sampling, is expected to sharpen drill targeting strategies.
High-Grade Gold Assays Confirm Potential
Following the survey, Premier1 completed a first-pass geological mapping and sampling program in January 2025. The results confirmed multiple high-grade gold occurrences, notably a standout 128.5 grams per tonne (g/t) gold at Crescent East and 106.6 g/t at Bourkes United. These findings validate the project's prospectivity within the Yalgoo-Singleton Greenstone Belt, a region known for hosting significant copper-gold deposits.
Sampling identified a surface gold anomaly extending over 500 metres at Crescent East, characterized by brecciated quartz veining within mafic and ultramafic rocks. Additionally, a new greenfield target at Mulloo Hill emerged, returning high-grade gold assays and representing a previously untested mineralised trend approximately 15 kilometres south of Crescent.
Financial Strengthening and Corporate Developments
Premier1 bolstered its financial position by raising approximately $1.5 million through a combination of a placement and a fully underwritten entitlement offer priced at $0.008 per share. The capital raise included free attaching options exercisable at $0.016, providing shareholders with additional upside potential. Canaccord Genuity acted as Lead Manager and underwriter, ensuring strong market support.
Further strengthening cash reserves, the company received $889,546 from the Australian Government’s Research & Development Tax Incentive program. This funding reflects Premier1’s innovative use of artificial intelligence and machine learning in mineral exploration, underscoring its commitment to leveraging advanced technologies.
Looking Ahead: Drilling and Development Plans
With heritage clearance surveys scheduled for early February 2025, Premier1 is poised to commence a ~3,000-metre reverse circulation drilling program in the first quarter. The drilling will focus on priority targets within the Wadgingarra area, aiming to test the depth and strike continuity of the high-grade gold mineralisation identified at surface.
The Yalgoo Project’s proximity to existing infrastructure and processing facilities enhances its development potential, positioning Premier1 to rapidly advance from exploration to resource delineation and, ultimately, production if drilling results prove successful.
Bottom Line?
Premier1’s strong assay results and fresh capital injection set the stage for a pivotal drilling campaign that could redefine its Yalgoo Project’s value.
Questions in the middle?
- Will the upcoming drilling confirm the depth extension of the high-grade gold zones identified at surface?
- How will Premier1 leverage its R&D tax incentive-funded AI capabilities to accelerate exploration success?
- What are the potential timelines and hurdles for advancing Yalgoo from exploration to development?