Jindalee Resources to enter 2022 on a strong footing

Highlights

• The shares of Jindalee Resources Limited (ASX:JRL) have delivered a return of over 160 per cent this year so far (21 December 2021).
• Promising market trends in the lithium space and Jindalee’s encouraging developments at its high-grade projects helped the Company deliver a great show in 2021.
• The Company’s project pipeline presents opportunities across different commodities for the years ahead.

While the Australian benchmark index observed heightened volatility in 2021, some shares managed to steal the limelight with their significant gains during the year.

One such striking example is Australian mineral explorer Jindalee Resources Limited (ASX:JRL), whose shares produced a return of over 160 per cent over the year (as of 21 December 2021). The Company’s stock fared well despite all COVID-driven challenges related to the contagious Delta variant, which brought several businesses to a standstill in 2021.  

The credit goes to some promising market trends in the lithium space and Jindalee’s encouraging developments at its high-grade projects based in Australia and the US. On the back of remarkable performance in 2021, the Company is all set to mark an entry into 2022 on a strong footing.

In this backdrop, let us shed some light on the Company’s key developments planned for 2022 and beyond:

McDermitt

Last month, Jindalee initiated drilling at its flagship McDermitt lithium project following the completion of a positive preliminary scoping study. The drilling commenced after the Oregon Department of Geology and Mineral Industries approved a total of 39 Reverse Circulation (RC) and diamond drill holes.

Related Article: Jindalee initiates drilling at McDermitt Lithium Project

The drill program has been designed to infill and extend the current Mineral Resource at McDermitt, announced in April 2021. The Company expects to receive first assay results for the drill program in the March 2022 quarter, with turnaround times likely to be about 12 weeks.

Meanwhile, the Company intends to progress with the following activities in the coming months:

• Metallurgical testing
• Environmental baseline studies
• Apply for Exploration Plan of Operation
• Engage with strategic partners/investors

Clayton North

Jindalee unveiled promising diamond drill program results from Clayton North in November this year, which confirmed lithium mineralisation at the project. The drilling returned the best result of 6.1m @ 1093ppm Li from 24.4m depth in the drill hole CNDD012, including 3.05m @ 1205ppm Li. Another important intercept from the CNDD012 drill hole included 11.2m @ 1006 ppm Li from 33.6m depth.

Following the receipt of encouraging results from the first drill program, the Company expanded the Clayton North project area by securing additional placer claims to the southwest.

Read More at Jindalee Resources reports encouraging drill results from Clayton North

Looking ahead, the Company intends to finalise compilation of the drilling results, field mapping and stratigraphic sections and source further data once additional assay results have been received. For 2022 and beyond, Jindalee has planned drill permitting and drill testing southern extents at Clayton North.

Prospect Ridge

Early this year, Jindalee declared the estimation of an ETR (Exploration Target Range) for the Lyons River deposit, which is a part of its wholly owned Prospect Ridge Project. An ETR of 40 to 60 Mt @ 40 – 44% MgO, 5.5 - 6.5% Fe2O₃, 1.0 - 1.2% SiO₂ and 2.5 – 3.5% CaO, was estimated at a 40% MgO cut-off. The Exploration Target Range was confined to 100 metres depth from surface.

Jindalee noted that the Lyons River ETR confirms the potential to bolster the current Mineral Resource base at its Prospect Ridge project. To Know More, Click Here!

In the coming years, Jindalee intends to perform infill drill testing at its Prospect Ridge project to increase Resource confidence and seek a strategic partner.

Widgiemooltha Project

Jindalee’s largest project in Australia, Widgiemooltha, is located in the Western Australian goldfields south of Kalgoorlie. A substantial ground position has been built over the past four years in this premier mining district, with the majority of tenements still in application.

Several Program of Works (PoWs) for drill testing of gold targets at the project have been approved, with drilling likely to start after completion of heritage surveys. In the coming years, the Company plans to undertake heritage surveys, Aircore and Reverse Circulation drill testing of gold, nickel and lithium targets at the project.

Do Not Miss: Jindalee Resources advancing large scale lithium projects in the US and Australia

In a nutshell, Jindalee delivered a great show this year, making fast-paced progress at its high-grade projects. The Company’s project pipeline presents opportunities across different commodities for the years ahead. Meanwhile, the promising developments in the US lithium space are likely to endorse the Company’s McDermitt project development over the coming years.

Jindalee shares closed the trading session at A$2.070 on 21 December 2021.