Shares of Jindalee Resources Limited (ASX:JRL) are trading 3.75 per cent higher at $0.83 following the release of an update on McDermitt drilling program. Jindalee has commenced a 21-hole drill program at its major McDermitt lithium project, which is targeted at:
- extending the present Inferred Mineral Resource and ETR (Exploration Target Range)
- converting current Inferred Mineral Resources to Indicated status before the planned Scoping Study
Currently, the Inferred Mineral Resource at McDermitt stands at 150Mt @ 2,000ppm Li (0.43 per cent Li2O) at a cut-off grade of 1,750ppm Li.
In October this year, Jindalee obtained the approval from the Bureau of Land Management to initiate this drill program. The Company anticipates the release of the first assay results from the drill program in late December.