Lepidico Ltd (ASX: LPD) announced that assay results from the late 2018 Mineral Resource drill program at the Alvarrões Lepidolite Mine, located near the city of Guarda in North East Portugal.
The diamond drill program comprised 25 holes for around 1,677 meters of the core (351 meters PQ and 1326 meters HQ). The holes were drilled on nominal 75 meters sections, and 50 meters center over the central zone of interest at Alvarrões within the Block 1-2 and Block 3 areas. All drill holes intersected lepidolite-bearing pegmatites, with lepidolite content averaging approximately 15% of the pegmatite sills.
Best results include 2.38 meters at 2.54% Lithium Oxide (Li2O), 2.64 meters at 1.76% Li2O, 2.45 meters at 1.95% Li2O, 3.80 meters at 1.35% Li2O and 4.44 meters at 0.90% Lithium Oxide. Significant intercepts with greater than 1.0 meters thickness and more than 0.5% Lithium Oxide are identified.
The program is aimed to increase data density through infill and step out drilling within the central area of interest to allow estimation of a predominately measured and Indicated Mineral Resource, from the current Inferred Resource of 1.5 Mt at 1.1% Lithium Oxide.
The new drill holes across the Block 1-2 and Block 3 areas confirm the predictable lateral continuity of individual sills along up to 1 km of strike. In addition to previously identified Sills M, N and O, the latest drilling has verified two further lepidolite-bearing pegmatite sills, Sill L above and Sill P below the main mine sill sequence. These new skills coupled with the step out holes are expected to add substantially to the Mineral Resource tonnes at Alvarrões. The mineralised system continues to open to the north, west and at depth.
An updated Mineral Resource for Alvarrões is expected to be estimated in late March 2019. This new Mineral Resource estimate will form the basis for an inaugural Ore Reserve estimate scheduled for the June 2019 quarter to support the integrated Phase 1 Plant Feasibility Study.
Lepidico announced in March 2017 about its agreement with owner of the Alvarrões lepidolite mine, Mota Ceramic Solutions (MCS). Under it, the company continues to hold a pre-emptive/exclusive right until March 7, 2020, to finalize a commercial relationship with Mota Ceramic with regards to ore supply from Alvarrões including sale of ore or concentrate by Mota Ceramic to Lepidico, and/or the right for Lepidico to develop and operate a Li mica concentration and mining project at Alvarrões.
In a previous update, Lepidico announced its H1 FY19 result report where its net revenue decreased by around 80% PCP to $40,565. Its loss from continuing operations was reported at $2,176,276.
On stock information, Lepidico’s share last traded at $0.028 up 7.692% (ASX: 4:00 PM, March 8, 2019) with the market capitalisation of ~$87.26 Mn. As per ASX, its loss per share was reported at 0.001 AUD. Its 52 weeks high has been noted at $0.052 and 52 weeks low at $0.015. Its absolute return for 3 months, 1 year and 5 years are 62.5%, -46.94%, and 38.95% respectively.
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