Jindalee (ASX:JRL) shares welcome outstanding lithium intercepts from McDermitt - Kalkine Media

Highlights

• Jindalee Resources (ASX:JRL) has received significant lithium intercepts from six holes, part of its recently completed 21-hole drilling at McDermitt.
• The drilling campaign is designed to infill and extend the Mineral Resource Estimate of the project.
• Based on the mineralised intercepts in hole ID: MDD025 (182.2m @ 1197 ppm Li from 21.4m), the company sees excellent potential for substantial tonnage increases on the western side of the deposit.
• Jindalee anticipates assays from the remaining six holes by mid-December.

ASX-listed exploration player Jindalee Resources Limited (ASX:JRL) continues to put up a good show at its 100%-owned McDermitt Lithium Project in SE Oregon, US.

As highlighted in the latest set of assay results from six holes, the company has received significant lithium intercepts, further boosting its confidence in the project.  

These six holes are part of a recently completed 21-hole drilling campaign designed to infill and extend the Mineral Resource Estimate (MRE) announced in July this year. The MRE stood at 1.82 Bt @ 1,370 ppm Li for 13.3 Mt Lithium Carbonate Equivalent (LCE) at 1,000ppm Li cut-off. 

Along with extending MRE, the program is also aimed at determining the extent of lithium mineralisation across the project.

(Image source: JRL ppt, November 2022)

Assay results highlight significant lithium intercepts

The assay results from the six holes (four Reverse Circulation (RC) holes - MDRC026, 29, 30 and 32) and two diamond holes - MDD025 and 26) have highlighted significant lithium intercepts (all true width).  

The company expects the latest campaign to further increase confidence in the Inferred Mineral Resource and convert to Indicated status based on the location of these six drill holes.

It is to be noted that five of the six holes are located within the current Inferred Mineral Resource but outside the current Indicated Mineral Resource.

The assay results include the following lithium intercepts:

(Source: © 2022 Kalkine Media®, data source: company update, 24 November 2022) 

Jindalee also believes that the above results hold excellent potential for adding substantial tonnages on the western side of the McDermitt deposit. The company justifies this claim because of the significant mineralised sediment thicknesses intersected in all six holes.

(Source: JRL update, 24 November 2022)

What’s next?

Jindalee received assays from four diamond holes in September and October, while results were received from the first five RC holes in early November.

The company anticipates assays from the remaining six holes by mid-December, with an updated MRE for the project expected to be announced in early 2023.

Shares gain more than 7%

JRL shares were trading at AU$2.270 apiece midday on 24 November 2022, 7.075% higher from the previous closing price.