Highlights

• Jindalee Resources has seen a major boost to mineral resource estimate for its flagship lithium project in the United States.
• McDermitt is the largest lithium deposit in the US with an Indicated + Inferred MRE of 3.0 Bt @ 1,340ppm Li (1,000ppm Li cut -off) for 21.5 Mt LCE, says JRL.
• The company has engaged an engineering group to review metallurgical study data and recommend the optimal processing route.
• JRL has planned infill drilling and bulk sampling at McDermitt, subject to BLM approval.

Jindalee Resources Limited (ASX:JRL, OTC:JNDAF) is focused on progressing its 100% owned, world-class McDermitt lithium project in the United States.

The recently released half-year report for the period ended 31 December 2022 highlights major developments advancing the company’s flagship project. The period saw drilling designed to infill and extend the current resource, as well as metallurgical testwork and environmental baseline studies and cultural surveys to further derisk the project.

Recently, the company reported that McDermitt is now the largest lithium deposit in the US, backed by the upgraded mineral resource estimate (MRE).

Here are the key highlights from H1 and the subsequent period:

McDermitt MRE, metallurgical testwork

Early in July 2022, the company announced an updated Mineral Resource Estimate at McDermitt.

Image source: JRL update

Later in the year, the company announced final assays from a 21-hole drill campaign at McDermitt. As a result of multiple wide lithium intercepts in most holes, the mineral resource estimate at McDermitt saw a significant boost.

Image source: JRL update

Besides drilling, the company also advanced metallurgical studies, environmental baseline and cultural surveys during the second half of the calendar year 2022. 

Jindalee has engaged an engineering group to undertake the testwork review and recommend the optimal processing route. The engineering group holds extensive experience with US sediment hosted lithium deposits. 

Data source: JRL update

EPO submission to fast-track McDermitt developments

Early this year, the company lodged an application for an Exploration Plan of Operation (EPO) to the Bureau of Land Management (BLM). If approved, the company intends to significantly boost on-site activity, including infill drilling and bulk sampling across the project.

Joint research arrangement with POSCO

The company has joined hands with major Korean conglomerate POSCO Holdings Inc. to undertake joint research regarding McDermitt. The research work will be aimed at optimising lithium extraction at the project. The campaign, expected to take nearly six months, will investigate three separate metallurgical processes using McDermitt ore.

Read more about this development here. 

Share price performance

JRL shares traded at AU$2.700 on 10 March 2023 (10/03/2023, 05:58:57 PM AEDT). The shares have gained over 43% in the year-to-date period and more than 8% in the last six months, as on 9 March closing.