Join our daily newsletter At The Bell to receive exclusive market insights
In its latest activities update, Lithium Plus Minerals (ASX:LPM) has revealed the company is preparing to get underway with feasibility works at the Lei deposit.
This will coincide with infill drill activities in the 2024 field season which the company adds may further boost growth potential for existing JORC estimates.
Two drill holes sunk with a diamond rig at Lei have caught geotechs’ eyes post-publishing of the initial JORC resource. Those two hits were:
- 50m @ 1.83% lithium oxide (Li2O), and,
- 31m @ 1.71% lithium oxide.
Both results came from significant depths but intersected spodumene mineralisation, according to LPM.
Lei, part of the Bynoe project, will not be the only asset focused on by LPM in Q2 onward.
Drillers will sniff around other target areas of interest with four drillholes already slated for the perseverance prospect. Further RC drilling across Bynoe, it’s hoped, will uncover more shallow pegmatites.
Meanwhile, the Arunta project – prospective for uranium and rare earths – continues to be of interest to the company.
Detailed geomapping and geochem activities on-site will kick off from April with the Moonlight prospect of particular interest.
“In planning for the current field season, we have elected to pursue an exploration program featuring RAB and RC drilling to target highly prospective drill-ready targets identified in previous geochemical programs,” LPM chief Dr Bin Guo said.
“This exploration strategy will support our dual aims of delivering multiple new shallow mineralised pegmatite discoveries in proven areas of prospectivity in Bynoe and potential new uranium and rare earth discovery in the Arunta area.”
LPM last traded at 15c.
