Sponsored

Jindalee Resources eyes MRE Upgrade post Stellar Assay Results at McDermitt

Summary

  • Jindalee Resources Limited (ASX:JRL) has announced assays for the remaining four drillholes from the 2020 program.
  • All the four drillholes contained mineralised intervals of over 1000ppm lithium.
  • The Company is planning to drill the remaining six holes, initially proposed as part of its 21-hole 2020 program this year.

Mineral explorer Jindalee Resources Limited (ASX:JRL) has received assay results from the remaining four drillholes from the 2020 program completed at US-based McDermitt Lithium Project. The latest assays continue to exhibit the strategic scale of the McDermitt project that holds significant potential to make the US self-sufficient in lithium.

Jindalee embarked on the proposed 21-hole drilling program at McDermitt in November last year, completing 15 holes by mid-December 2020. Of late, the Company unveiled the assay results for the first 11 holes out of 15, with significant intercepts noted in every drill hole.

Now, the Company has received assay results from all the 15 drill holes completed under the 2020 drilling program.

Do Not Miss: Jindalee Resources (ASX:JRL) on a roll at McDermitt with resource extension

Robust Assay Results

The recent assays continue to validate sizeable extensions to mineralisation at the McDermitt project, with three of the four drillholes reporting substantial lithium intercepts outside of the existing Inferred Mineral Resource.

These holes are located to the south and west of the current Inferred Mineral Resource. Given their location, these holes are anticipated to materially benefit the impending Mineral Resource update.

The table below summarises the assay results from the last four drillholes completed under the 2020 program:

As demonstrated in the table above, drillholes MDRC014 and MDRC016 intersected broad mineralised zones with widths surpassing 55 metres true thickness. The intersections in drillhole MDRC015 were not as broad. However, they are substantial as the hole is situated 1.6km from the closest drillhole (MDD012) incorporated in 2019 Inferred Mineral Resource estimate. Moreover, all four drillholes contained mineralised intervals of over 1000ppm Li.

Interestingly, all drillholes completed by the Company to date have reported substantial zones of lithium mineralisation. The infill drilling under the 2020 drill program has validated the grade and continuity of the deposit.

Jindalee has further emphasised on the potential scale of the McDermitt project, as reflected by the success of large step-outs from the existing Mineral Resource, especially in drillholes MDRC004 and MDRC015.

Next Course of Action

The mineral explorer will now engage an independent consultant to upgrade the Mineral Resource Estimate. The improved drill density across the deposit is likely to be sufficient to:

  • Extend the current Exploration Target Range and Inferred Mineral Resource
  • Convert current Inferred Mineral Resources to Indicated category to feed into a potential Scoping Study for the McDermitt project in the June 2021 quarter.

Jindalee is also planning the next phase of drilling for this year in order to define the full extent of the lithium (Li) mineralisation at the McDermitt project. Further drilling will focus on the remaining six holes initially proposed as a part of the 2020 drill program that was suspended due to coronavirus complications.

Below are the key details of the next phase of drilling:

  • The drilling will be a combination of Diamond Core and Reverse Circulation.
  • The focus of the drilling will be on extensions to the west of the existing deposit and continued infill drilling of the impending Mineral Resource.
  • The Company will submit the applications for drill permitting in April 2021.

Jindalee shares are trading at A$1.70 mid-day with a rise of ~12%.

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

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK