Jindalee Resources Ltd (ASX:JRL)’s infill drilling at its 100%-owned McDermitt Lithium Project in the US continues to deliver multiple near-surface lithium intercepts.
Multiple significant lithium intercepts in every drill hole have been received to date.
Results from six reverse circulation (RC) drill hole results have been received, with assays from six diamond holes still pending.
These new results continue to support the mineral resource estimate (MRE) reported in April 2021 and have seen shares up by as much as 10.63% this morning to A$2.81 while the market cap is approximately A$146.62 million.
The upcoming 2022 drill program is fully permitted, with environmental studies and metallurgical test-work ongoing.
Results
Highlights of the assay results from the remaining three RC drill holes completed late in 2021 include:
MDRC017 -
- 21.4 metres at 1,546 ppm lithium from 45.8 metres;
- 7.6 metres at 1,424 ppm from 74.7 metres; and
- 12.2 metres at 1750 ppm from 102.2 including 3.1 metres at 2625 ppm (hole ended in mineralisation).
MDRC021 -
- 10.7 metres at 1,425 ppm lithium from 3.1 metres;
- 29.0 metres at 1,801 ppm from 24.4 metres including 12.2 metres at 2533 ppm;
- 10.7 metres at 1,021 ppm from 58.0 metres;
- 15.3 metres at 1,316 ppm from 73.2 metres;
- 19.8 metres at 1752 ppm from 103.7 metres including. 6.1 metres at 2,400 ppm; and
- 7.6 metres at 1,189 ppm from 128.1 metres.
MDRC022 -
- 21.4 metres at 1,590 ppm lithium from surface including 1.5 metres at 3,110 ppm;
- 15.3 metres at 1,156 ppm from 35.1 metres; and
- 9.2 metres at 1,775 ppm from 64.1 metres.
Jindalee expects the results from diamond drilling completed in December to follow later in the quarter. All drill hole results will be used to update the MRE early in the June quarter.
Next phase of drilling
Planning for the next phase of drilling in 2022 is well-advanced with all drill permits in hand.
The remainder of the drilling is planned to be RC and will primarily focus on investigating the untested mineral potential across the western tenure.
Jindalee will continue to advance the project during the first half of the year with key non-drilling activities taking place.
Exploration plan of operations
From February 2022, baseline environmental studies will begin in line with Jindalee’s application for an exploration plan of operations (EPO).
These studies are being coordinated with the Bureau of Land Management (BLM) and the Oregon Department of Geology and Mineral Industries (DOGAMI).