Xantippe Resources Ltd (ASX:XTC, OTC:XTCPF) is trading higher on intersecting additional two thick intervals of lithium pegmatites from reverse circulation (RC) drilling at Blanche Prospect within its Southern Cross Project in Western Australia.
The company fielded these encouraging intervals in hole 3 (SXRC0019} and hole 4 (SXRC0020), with hole 4 being a step-out about 500 metres due north of SXRC0017, expanding the target area at the prospect.
Last week, Xantippe intersected thick intervals of lithium-caesium-tantalum (LCT) pegmatites in hole 1 and hole 2 at Blanche, along with mineralogy indicative of fractionation prospective for lithium mineralisation.
These encouraging results have prompted the addition of four infill holes to the program, which has already kicked off at the project.
The markets welcomed the news, with shares trading as high as A$0.006, up 20% from the previous close.
“Thick intercepts”
Xantippe executive chairman John Featherby said: “Given the thick intercepts in the first four holes and the positive geophysics, the company has expedited the sample collection and assaying.
“We look forward to the completion of the infill drilling program and assays.“
Drill summary
The first hole, SRXC0017, returned pegmatite from 140 metres to 216 metres downhole while SXRC0018 intersected pegmatite from 120 metres to 228 metres downhole.
Hole SXRC0019 returned pegmatite from 144-192 metres in depth and the fourth hole, SRXC0020, returned pegmatite from 154-234 metres.
The line spacing between the first, second and third holes was around 150 metres. SRXC0020 was a significant 500-metre step out north of the first hole
Prospective neighbours
The Blanche pegmatite occupies a distinct magnetic low within the host stratigraphy and is interpreted to represent the northern extension of the system intersected by Black Dragon/Zenith to the south.
Importantly, the pegmatite intervals present are very similar to those encountered by Zenith/Black Dragon.
Blanche is in close proximity to some of Australia’s most significant deposits, with several pegmatites in the Western Australian Goldfields delivering profitable mining operations.
Blanche's location with respect to significant Lithium Deposits in WA.
Forward plan
Samples from these four encouraging drill holes have been submitted to the laboratory for expedited analysis and XTC expects results to be available within two weeks.
Drilling is underway on the four additional infill holes.
Assay confirmation of grade and tenor of lithium-bearing pegmatites within Xantippe’s lease boundaries will pave the way for subsequent drill programs and additional groundwork to test the regional extent of mineralisation and whether additional areas of prospectivity exist within the lease.