Jindalee Resources Ltd (ASX:JRL) is in a trading halt pending the release of a mineral resource upgrade for the McDermitt Lithium Project straddling the Oregon-Nevada border in the US.
The halt will remain in place until the start of regular ASX trading on Friday, April 9, or when an announcement is made to market, whichever occurs first.
Increase in McDermitt footprint
Jindalee increased its footprint at the McDermitt Lithium Project during March by 67% to a total of 54.6 square kilometres.
Confirmation was received by the US Federal Bureau of Land Management (BLM) of the lodgement of 271 new claims contiguous with the 404 existing claims at McDermitt, which cover the interpreted strike continuation of lithium mineralised sediments identified from mapping and recent drilling.
The new claims have strong potential to enhance the project from which an updated mineral resource estimate is expected.
Jindalee recently completed a 15-hole drilling program at the project, with broad mineralised intersections returned from most holes including nine holes outside the current inferred mineral resource.