Most Undervalued WA-Pilgangoora Lithium Player, page-47

Lithium
The two tenements MPJ have are only a total of 29sq km and yet they have partially worked-over gold mines and prospective gold mines... like Iron Stirrup (Trafford Resources 2004-JORC, in 2008 published a 49koz gold resource here).

To find these gold deposits, one presumes quite a bit of historic surface and exploratory drilling etc has taken place.

Now according to PLS, pegmatite gives the RC drill-bit a hard time as it is a very abrasive mineral. So tough in fact that their rock-chip sample analysis was proved to be contaminated with iron from both the drill bit in the field and the steel container in which the chip sample was ground up! So if any past drilling in MPJ's tenements hit it, the RC drillers might have used a few expletives audible in Port Hedland. So.. did they hit any? Geo's at TYX would likely know.

Pegmatite is identified by outcropping and surface shows.

This is reinforced by PLS showing the multiple pegmatite sills in their cross sections. My personal theory is that this is because the stuff is so HARD that it is relatively tougher to weather than its surrounding dolerites, and thus it persists and is well defined at the surface.

The Beer and Co. Report on PLS states that "the (PLS) mineralisation occurs in pegmatites that either outcrop or have significant surface expression"
http://www.pilbaraminerals.com.au/sites/pilbaraminerals.com.au/files/files/PilbaraMinerals_2015Oct06.pdf

So what is Pegmatite...?

http://geology.com/rocks/pegmatite.shtml

"Pegmatites are extreme igneous rocks that form during the final stage of a magma’s crystallization. They are extreme because they contain exceptionally large crystals and they sometimes contain minerals that are rarely found in other types of rocks.
To be called a "pegmatite," a rock should be composed almost entirely of crystals that are at least one centimeter in diameter. The name "pegmatite" has nothing to do with the mineral composition of the rock.
Pegmatites are sometimes sources of valuable minerals such as spodumene (an ore of lithium) that are rarely found in economic amounts in other types of rocks. "

OK. One would think that the immediate past owners would be very aware of outcropping and surface shows of this obvious rock, and its contained spodumene.
To say that the tenement has not been (formally) explored for Lithium may be true. "Oh that is just spodumene-rich pegmatites, so forget it George. We are here to look for gold... not lithium"....

.. but at least informally the people at TYX must have a very good idea of where to look!! Unsurprisingly the ground has been described by Mr. Wellisch as "extensively explored". I mean light-coloured rocks with large 1cm spodumene crystals can hardly be missed.
In fact Mr. Wellisch said (Jan 28th, page 1)... "The lithium bearing pegmatite sills which have been identified.. "
..so they have found some at least...(!?)

My reasoning is...

1. They know where (some of) the spodumene-enriched pegmatites are... just the extent and depth definition of the (sill) deposits are not yet determined. I feel this is not fully appreciated by the market.

2. If the sills occur in groupings like PLS's, then it is possible confirmation of the continuation of the Pilgangoora syncline (folded sandwich). Mr Wellisch says (Feb 4) "Pegmatitic (spodumene) trends confirmed." So what does he mean by "confirmed"?

3. They have collected rock samples (as they imply) and would not send the samples off if they did not contain lithium. At 1cm, the spodumene crystals should be very obvious. The announcement of lithium content, essentially coupled with an idea of the potential size of the deposit through geo interpretation rather than drilling for now, is what will excite the market.
Then on to drill a few real and (luckily) shallow holes to really get the SP up, and fast... before 30th June deadline.

.. after this neat little SP rise today, I will be like Beer and Co.. and have one or two to celebrate.