Lithium Universe (ASX:LU7) launch exploration at Apollo
September 4, 2023Swiftly after listing, Lithium Universe has begun exploration work over its Apollo Lithium Project in the heart of Canada’s James Bay province.
An exploration crew was flown in to begin the early campaign, with an extensive pre-work program, a high-resolution magnetic survey, litho-structural analysis, a ground-bases micro gravity survey, and a soil sampling program already completed.
LU7 has some high-profile partners to help explore its flagship asset, with highly accomplished Laurentia Exploration in as the turnkey exploration partner and KorrAI Technologies engaged to leverage AI techniques and satellite data to focus in on the areas of highest potential.
KorrAI’s predictive system was trained on James Bay, where lithium prospectivity is high and access difficult, and has already yielded 448 priority targets narrowed down to specific areas highlighted for next-level exploration.
Lithium Universe Chairman Iggy Tan was satisfied in getting the exploration team to Apollo so quickly after listing and looked forward to reporting its progress over the coming months.
“Our Head of Geology, Justin Rivers, and CEO Alex Hanly effectively managed the establishment of partnership connections, including with companies like Laurentia, during the project’s due diligence phase,” Mr Tan said.
“The initiation of the permitting process, strategically aligned with the relisting timeline, enabled the prompt mobilization of our exploration crew. Diligent foresight and anticipation played a pivotal role in achieving this rapid on-site exploration.”
Launch after listing
After opening trading with shares at 2 cents apiece, buyers quickly lifted the LU7 stock by 185 per cent to close at 5.7c on the first day and the company has largely continued to hold its gains.
There is plenty of hype around James Bay, but Market Open analyst Mansoor Jan has noted it is more than regional excitement, with a correct geological structure and proximity to world-class assets showing fundamentals that stack up extremely well to its famous peers.
“Apollo is 24,000 hectares of land across a Greenstone Belt with 17 known pegmatite occurrences and a medium-low gravity signature. If you compare Apollo with Winsome’s Adina, which had only two events with similar gravity-low signatures at the start of its exploration program, its unique value becomes apparent,” he said.
And with high-profile partners and its own lithium Dream Team on deck, Lithium Universe is ready to make its mark on James Bay.
Project location map
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