Jindalee reports strong assay results for McDermitt Project, shares tick up

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Jindalee reports strong assay results for McDermitt Project, shares tick up

Drilling plans for McDermitt project
Image source: Company Announcement (29 November 2021)

Highlights

  • Jindalee Resources Limited (ASX:JRL) has announced assay results from the first three drillholes finalised in late 2021 at the McDermitt Project.
  • The results confirm multiple significant intercepts of lithium mineralisation over broad widths.
  • The Company informed that planning for the next round of drilling in 2022 is well-advanced.

Australia-based Jindalee Resources Limited (ASX:JRL) has added another feather to its cap of achievements, receiving strong assays for the McDermitt Lithium Project. The Company has announced assay results from the first three drillholes finalised in late 2021 at its wholly owned McDermitt Project based in the US.

Related Read: Jindalee initiates drilling at McDermitt Lithium Project

The latest assay results confirm multiple significant intercepts of lithium mineralisation over broad widths. The results confirm mineral continuity to the north of the current Indicated Mineral Resource, with drillhole MDRC019 located outside of the existing Inferred Mineral Resource boundary.

Assay results received for McDermitt project

Following the release of a crucial update, Jindalee shares surged by over 7 per cent to A$3.16 during the early morning trading session.

Latest assay results

In November 2021, Jindalee declared that drill permits had been obtained, approving 39 drillholes designed to test for potential resource extensions and boost confidence in the Mineral Resource. The Company commenced drilling at the McDermitt Project during the same month, completing a total of 11 drillholes before stopping for the Christmas holiday break.

The drillhole MDRC019 intersected multiple broadly mineralised zones of lithium with the best outcome of 24.4m of 2,173pm Li. The result included a 3.1m wide zone grading over 3,400ppm Li. Jindalee informed that MDRC019 is located just outside the existing Inferred Mineral Resource boundary. Consequently, MDRC019 is anticipated to have a very positive impact on the resource estimate.

Due to unfavourable drilling conditions, the 12th hole MDRC018 was only drilled to 32m depth. The hole finished in a zone of substantial lithium mineralisation of 10.7m @ 2,354ppm Li. It is expected that this hole will be redrilled with the next phase of drilling.

Do Not Miss: ASX-listed Jindalee Resources tapping lucrative opportunities in lithium market

What to expect ahead?

Jindalee expects the remaining assays from the Reverse Circulation (RC) drillholes to be received by the end of January. Moreover, the diamond hole results are likely to be received later in the quarter. The Company notified that all drillhole results will be utilised to update the Mineral Resource estimate (MRE) early in the June 2022 quarter.

Planning for the next round of drilling in 2022 is well-advanced, with all drill permits in hand. The rest of the drilling is planned to be Reverse Circulation and will primarily focus on testing the untested mineral potential across the western tenure. The Company expects the drilling to commence in July 2022, in accordance with the permitting conditions.

Drilling plans ahead for McDermitt project

During the first half of the year, Jindalee will continue to advance the project, with key non-drilling activities taking place. Baseline environmental studies will start from February 2022, in line with the Company’s application for an Exploration Plan of Operations (EPO). These studies are being coordinated with the Oregon Department of Geology and Mineral Industries (DOGAMI) and the Bureau of Land Management (BLM).

Moreover,  a 200kg sample from the 2020 drilling program has arrived in Perth with metallurgical test work to start at Nagrom this week.

Must Read: Jindalee Resources makes giant strides on McDermitt project in FY21

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