Sponsored

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

Follow us on Google News:
 Jindalee (ASX:JRL) shares welcome outstanding lithium intercepts from McDermitt
Image source: JRL ppt, November 2022

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.  

 

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK