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Jindalee Resources (ASX:JRL) on a roll at McDermitt with resource extension

  • March 05, 2021 07:03 PM AEDT
  • Sukriti
    Sukriti
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    Sukriti is a Senior Financial Analyst at Kalkine Media Pty Ltd. She has experience of over 3.8 years in the field of finance, research, reporting standardisation and process developments. She has interned with brands like PepsiCo, Vogue, JBL and Dell...

Jindalee Resources (ASX:JRL) on a roll at McDermitt with resource extension

Source: JRL Website

Summary

  • Jindalee Resources Limited (ASX:JRL) has received assay results from 11 holes of the 15-hole program at McDermitt.
  • Results from MDRC012 confirm substantial widths of lithium mineralisation from surface in the deposit’s SE portion.
  • Assay results from the remaining four holes are expected by mid-March 2021.

Mineral exploration company Jindalee Resources Limited (ASX:JRL) has received impressive assay results from 11 holes of the 15-hole program conducted at the McDermitt Lithium Project in the US. Notably, results from hole MDRC012 have confirmed the substantial thickness and continuity of lithium mineralisation from surface.

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ALSO READ: Jindalee Resources Cranks Up the Pace of Development at McDermitt in 1H FY21

Significant Results from MDRC012

MDRC012, which sits approximately 500m SE of the nearest hole MDRC011, has returned results that support significant intercepts recently announced by the Company. Drilling at hole MDRC012 has successfully confirmed and extended the geology and grade continuity of the lithium mineralisation at McDermitt.   

Latest results confirm substantial widths of lithium mineralisation from surface in the SE portion of the deposit including-

  • 57.0m @ 1611 ppm lithium from 1.5m including 12.2m @ 2617ppm lithium;
  • 27.4m @ 1477 ppm lithium from 88.9m.

INTERESTING READ: How Jindalee Resources (ASX:JRL) is Going from Strength to Strength in Lithium Space

Previous Assay Results

Jindalee completed drilling at 15 holes at McDermitt in mid-December 2020. In February 2021, the Company unveiled assay results for the first 10 holes finalised. Significant intercepts were reported at every drill hole.  

ALSO READ: Jindalee Resources (ASX:JRL) Shares Soar on Encouraging Assays from McDermitt Drill Program

McDermitt Lithium Project- Significant Statistics

In 2019, Jindalee unveiled that an Inferred Mineral Resource (IMR) of 150Mt @ 2,000ppm Li (0.43% Li2O) at 1,750ppm Li cut-off was estimated at the project. An ETR of 180-330Mt @ 1,800-2,200ppm Li (exclusive of the Inferred Resource) was also estimated.

Notably, the entire IMR sits within 100 metres of surface and is flat lying. These are encouraging factors for project economics in the future. Analysis of the grade tonnage distribution of the resource model highlights the potential for further material available at lower grades.

Also, metallurgical testwork at the project has been extremely encouraging. It indicates high recoveries of lithium from the leaching of conventional sulphuric acid at low temperature and atmospheric pressure.

RELATED READ: Jindalee Resources’ (ASX:JRL) Shares Fly Post Positive Metallurgical Results from McDermitt

Assay results from the remaining four holes are expected by mid-March 2021. On 5 March 2021, JRL quoted $1.55 on the ASX. The market capitalisation stood at $69.67 million.  

 


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