At the Youanmi Lepidolite Project in Western Australia, the company is happy to report assay results from the reverse circulation drilling program completed late in 2018. With indications of stronger concentrations of lithium mineralization than suggested by the geological logging, a preliminary review of the assay results confirms multiple lepidolite-bearing pegmatites at Youanmi, as reported on 20 December 2018. Ranging from 1 m to 7 m in width and averaging around 2m in true thickness, specifically, the Central Zone contains a complex cluster of over ten pegmatites. Average grades over mineralized intercepts range from around 0.4% Li2O to 0.7% Li2O and often exceed 1.0% Li2O.
The results show the main Target 1 pegmatite continues as a 3 m to 5 m thick body to at least 50 m depth in places at the Northern Zone. At the Youanmi Lepidolite Project in November 2018, a follow-up RC drilling program comprising 38 holes (YVC039 – YVC076) for 811 m was implemented to gain a better understanding and definition of the extent and geometry of the lithium pegmatites. The company’s initial drilling campaign confirmed this program at the project in August 2018.
For a broad suite of elements, a total of 181 1m-samples were assayed. Confirmed to carry 10%-25% lepidolite over a 3 m to 5 m thickness with average grades of 0.7% Li2O, five holes were drilled at the Northern Zone into the main Target 1 lepidolite pegmatite. Hosting a complex set of pegmatites spread over a 300 m x 200 m area, most of the program was directed at the Central Zone. A total of 33 holes were drilled to gain an insight into the orientation and controls on mineralization of the pegmatites, mostly shallow. With most of the holes intersecting significant lithium grades associated with lepidolite, the results show abundant lepidolite mineralization.
Indicating the true thickness, most of the holes were drilled perpendicular to the pegmatites. However, at least some might have been drilled down-dip, at least partly, sub-parallel with the pegmatite, specifically hole YVC058. With a specific focus on the orientation of the individual pegmatites in the Central Zone, a full review and interpretation of the results are now underway. Early indications suggest the presence of several strongly lepidolite-mineralized individual pegmatites that might collectively represent an economic opportunity, although the Youanmi pegmatites are relatively thin.
Venus Metals Corporation Limited (ASX: VMC) which has an agreement with Lepidico (ASX: LPD). The stock is trading at a market price of $0.170 which is up by 6.25%. At the current market price, the market cap of the stock is $13.95 million.
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