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Highlights
- Jindalee Resources has officially changed its name to Jindalee Lithium Limited.
- New ticker code for JRL is ‘JLL’, and the company has started trading under the new ASX ticker.
- The new name reflects the company’s focus on lithium development and exploration activities.
ASX-listed mineral exploration company Jindalee Resources has been renamed to Jindalee Lithium Limited (ASX: JLL). The company has also started trading on the ASX under the new ticker, JLL.
In the recently conducted 2023 annual general meeting (AGM), the company received approval from shareholders to change the company name.
The new name reflects the focus of the company towards lithium exploration and development. The flagship project of the company is located in the United States, the McDermitt Lithium Project.
Overview of McDermitt Project
The McDermitt Project is the largest lithium deposit by contained Li in the US, located in Malheur County, around 35km from the town of McDermitt, says the company.
The project entails 54.6km2 area, and the indicated and inferred mineral resource stands at 3.0 Bt at 1,340ppm Li (1,000ppm Li cut-ff) for 21.5 Mt LCE.
McDermitt will be a low-cost mining operation as the ore is soft, amenable to low-cost mining and crushing. Moreover, the project offers significant metallurgical recoveries and flat lying sediments with low strip ratio.
Progress at McDermitt
The company recently released impressive metallurgical results. Attrition scrubbing of metallurgical samples returned 92% recovery with 25.3% mass rejection and lithium grade to leach stood at 2,107ppm Li. This is 57% higher than the average resource grade.
With the assistance of Fluor Corporation, the company is advancing the pre-feasibility study on McDermitt. The study outcoms are expected by mid-2024.
The company is focused on building and strengthening management team, advancing studies on the project, and engaging with the US Government agencies, end users and strategics.
JLL shares traded at AU$0.960 apiece on 1 December 2023.