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Highlights
- Jindalee Resources (ASX:JRL) has kicked off drilling at the McDermitt project to infill and extend the recently announced MRE.
- The ASX-listed company is advancing diamond drilling at McDermitt and expects a reverse circulation rig to arrive on-site in September.
- JRL anticipates receiving the first assay results in October.
In a significant development, Jindalee Resources Limited (ASX:JRL) has set the drill in motion at its McDermitt lithium project.
The world-class Tier-1 lithium deposit sits within a mining friendly jurisdiction of Oregon, USA. The project is believed to hold the potential to materially change the US lithium supply dynamics.
JRL believes that there exists an opportunity to quickly advance the 100%-owned lithium project through the exploration stage to deliver significant value.
McDermitt drilling program to infill and extend MRE
The drilling program initiated at the McDermitt project is designed to infill and extend the recently announced Mineral Resource Estimate (MRE) of 1.82 Bt @ 1,370 ppm lithium for 13.3 Mt LCE at 1,000ppm Li cut-off.
Drilling has commenced through a diamond rig, and the company anticipates a reverse circulation (RC) rig to arrive on-site in September.
Source: JRL Announcement 25/05/2022
JRL looks to drill a total of 28 holes as part of the drilling program with the planned holes expected to further increase confidence in the Inferred Mineral Resource and convert it to Indicated Resource.
The company also expects to determine the extent of lithium mineralisation throughout the project.
Previous drilling at McDermitt
In October last year, JRL secured approval for a total of 39 RC and diamond drill holes from the Oregon Department of Geology and Mineral Industries (DOGAMI).
In December 2021, the company drilled 12 holes that were designed to boost confidence in the 2021 MRE and convert Inferred Mineral Resource to the Indicated category.
The company intersected substantial widths of lithium mineralisation, resulting in a 28% jump in contained lithium from 10.1 Mt LCE to 13.3 Mt LCE.
Notably, there was a 170% increase (from 1.8 Mt LCE to 4.8 Mt LCE) in contained lithium in the Indicated Mineral Resource.
Source: JRL Announcement 25/05/2022
The company expects the assay turnaround time for the ongoing drilling program at around 12 weeks. Results are anticipated in the December 2022 quarter.
JRL shares were trading at AU$2.660 in the early hours of 26 July 2022.
