Dynamic Metals Ltd (ASX:DYM) has broken first ground at the Lake Percy Project in the Goldfields region of Western Australia, using a combination of aircore (AC) and reverse circulation (RC) drilling to explore for nickel and lithium on the tenure.
The battery and precious metals explorer completed 102 drill holes for some 6,372 metres of drilling, with all samples dispatched to the laboratory for analysis and assay.
Dynamic says it’s fully funded to continue exploration across its critical minerals portfolio, with $5.62 million in the bank as of the March quarter’s end.
Lake Percy Project
The Lake Percy Project is centred over the Lake Johnston greenstone belt, which hosts the Emily Ann and Maggie Hays nickel mines and the more recent Medcalf spodumene (hard rock lithium) discovery by Charger Metals.
The project is 20 kilometres to the northwest of the Mt Day LCT pegmatite field, and 60 kilometres east of the Earl Grey Lithium Project, which in 2018 held a mineral resource estimate of 189 million tonnes at 1.50% lithium for 7.03 million tonnes of Lithium Carbonate Equivalent.
The purpose of this initial drilling campaign at Lake Percy was to obtain fresh rock samples for geochemical analysis, which will feed into Dynamic’s targeting model for nickel mineralisation.
The results of the phase one drill program will be used to refine targets for a deeper RC drilling program planned for phase two, where several RC targets have already been generated based on existing historical data.
Dynamic believes these drill programs will also provide information on the nature and extent of pegmatite formations in the region, as part of the company’s assessment for lithium-caesium-tantalum (LCT) pegmatite potential for the project.
Plan view of Lake Percy Project tenement E63/1981 with maximum nickel in historic drilling against planned first phase AC program (white). Target areas are identified by prefix “LP”.
Dynamic expects the results from this drilling campaign by the end of the quarter.
In the meantime, the company will mobilise a team to complete the Dordie Far West follow-up drill program at the Widgiemooltha Project in mid-May and another three AC programs in the region by the end of quarter.