Lithium Plus Minerals (ASX:LPM) hits wide pegmatite interval at Lei prospect, NT

• Lithium Plus Minerals (LPM) strikes a wide pegmatite interval in its initial diamond hole of phase three drilling at its Lei prospect in the Northern Territory
• In its maiden hole, LPM struck a 43-metre pegmatite interval intersected downhole from 443 metres to 486 metres
• The results provide a strong indication of an extension to the Lei pegmatite system at depth beneath the 2022 intersection that included 21.2 metres at 1.74 per cent lithium oxide from 398.8 metres in one hole
• The second phase three diamond hole is underway to target a deeper zone beneath the intersection of the first hole
• Shares in LPM are up 2.42 per cent and trading at 31.8 cents at 11:35 am AEST

Lithium Plus Minerals (LPM) has struck a wide pegmatite interval in the initial diamond hole of phase three drilling at its Lei prospect in the Northern Territory.

The company announced the immediate success to its phase three diamond drilling program at the prospect, located within its Bynoe project.

In the maiden hole, LPM reported a 43-metre pegmatite interval intersected downhole from 443 metres to 486 metres.

LPM said the results provided a strong indication of the extension of the Lei pegmatite system at depth beneath the 2022 intersection, which included 21.2 metres at 1.74 per cent lithium oxide from 398.8 metres.

LPM Executive Chair Dr Bin Guo said the first hole has given the company confidence as it continues drilling at the project.

“This rapid success at the start of our 2023 program gives us confidence that we may be on the cusp of a highly significant lithium discovery at the Bynoe project,” he said.

The second phase three diamond drill hole is underway to target a deeper zone, beneath the intersection of the first hole.

The company’s core sample was transferred to the Lithium Plus facility in Darwin for detailed logging and sampling.

Shares in LPM were up 2.42 per cent and trading at 31.8 cents at 11:35 am AEST.