Accelerate Resources provides market update on Karratha Lithium Projects

Accelerate Resources Limited (ASX:AX8) is pleased to announce the significant progress made in the Karratha Lithium Projects in the West Pilbara lithium province of WA. The company has identified a significant Li-Cs-Ta zone within a 150m wide mafic hosted lithium-alteration halo at Prinsep near Karratha, WA. Additionally, new pegmatites have been discovered at Mt Sholl East, expanding the project footprint.

Executive Commentary

The first pass drill results support that significant lithium targets are untested at Prinsep, adjacent to major regional scale structures and near significant global scale developments like Andover. Next stage exploration will include a diamond drilling program specifically designed to target the newly identified central south-west plunging shoot within the northern Pegmatite as well as to follow the high-grade lithium intercepts in the southern zone between drill holes PRC025 and PRC026. Strategic partners will be sought to advance this program.

Summary

The Karratha Lithium Projects have shown promising results with the identification of a significant lithium zone and the expansion of the project footprint. The company's next steps include a diamond drilling program to target the newly identified central south-west plunging shoot within the northern Pegmatite and to follow the high-grade lithium intercepts in the southern zone. Accelerate Resources is optimistic about the potential of the lithium market and the continued development and expansion of lithium projects in the West Pilbara, indicating the importance of strategic assets through the cycle. The company aims to seek strategic partners to advance the exploration program and capitalize on the growing global demand for EV and Energy Storage, which continues to drive overall battery market growth to over 20% annually.