How to buy shares in Desoto Resources
Desoto Resources seeks gold and lithium in the Northern Territory
The precious and battery-metal exploration company Desoto Resources raised over $10m in its recent ASX listing to fund further exploration of its six landholdings in the Northern Territory (NT).
The Fenix Lithium-Gold Project is located in the Pine Creek Pegmatite Field, an area with previous tin and tantalum mining. It has a similar geological setting to Core Lithium’s Finniss lithium mine, which is around 130 km northwest. Desoto isn’t far from the existing infrastructure either, at only 150 km from the city of Darwin.
Historical drilling has revealed small amounts of gold on the property and the team’s initial work indicated there’s lithium present in the rocks. Their next step is to generate targets that can be focused on for further studies. Limited details about the project are currently available, but the company plans to release additional information after the IPO.
Desoto’s land claims are close to some of the NT’s most prolific gold mines. An earlier owner found traces of gold and lithium at their Fenton Project. New studies and surveys are planned to identify sections to investigate ahead of the 2022/3 rainy season. This means there’s potential for a second project in the long term.
The company has made an arrangement with a private group established by board chairman Dr Barry Murphy and member Paul Roberts to identify more global opportunities. They hope to build on their success in gold exploration with Predictive Discovery in Guinea, West Africa. The team intends to use large datasets to find new mineral deposits and has started looking at some options for manganese.
Desoto Resources is available to trade on Stake under the ticker $DES.