Discovery Alaska Ltd (ASX:DAF) traded higher on demonstrating further evidence of the lithium potential of Coal Creek prospect at the Chultina Project in Alaska with confirmation from a handheld SciAps Z-901 laser-induced breakdown spectroscopy (LIBS) analyser.
The company is reviewing historical drill core at Coal Creek and re-analysing core samples with the intention of discovering a lithium resource and establishing a JORC-compliant resource.
Lithium mineralisation was detected by the handheld scanner in 12 historic holes, reinforcing Discovery’s decision to target said holes as initial priorities for lithium evaluation work.
This prompted a positive response from investors with the company's shares reaching a new 10-year high of $0.11, up 69.3% on the previous close.
Results indicate broad zones of lithium
“The company is excited to progress lithium exploration works at our Coal Creek prospect with positive scanning results indicating broad zones of lithium in all drill holes tested thus far,” Discovery Alaska director Jerko Zuvela said.
“Next stage works include laboratory analysis testing of the prospective core identified from the scanned priority drill holes.
“We look forward to realising the lithium potential at our Coal Creek prospect and advancing works toward delineating a maiden JORC resource.”
DAF cautions that LIBS analysers take readings from a small window without accounting for whole-rock concentrations within an interval. More accurate results will be received from laboratory analysis.
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Coal Creek historic drill hole location map (scanned drill holes highlighted in red).