Join our daily newsletter At The Bell to receive exclusive market insights
First Lithium Ltd (ASX:FL1) – which is looking for the critical mineral in Mali – has found it grading up to 1.91% over 41 metres and 2.79% over 6.6 metres through Series Two drilling at its Blakala prospect.
The Series Two program included both RC (reverse circulation) precollars and diamond drillhole tails, with the latter building on strong analytical results yielded from First Series diamond drilling on the prospect’s main pegmatite.
In the most recent work around this pegmatite body, high-grade mineralisation was intersected in all 15 holes, covering 1,200 metres of strike.
Results included 41.0 metres at 1.91% lithium oxide (Li2O) from 81.0m; 20.0 metres at 2.03% Li2O from 69.0m; and 37.0 metres at1.79% Li2O from 88.0m.
Another assay revealed 29.7 metres at 1.66% Li2O from 115.2m, including 14.5 metres at 1.91% Li2O from 115.2m; and also including 6.6 metres at 2.79% Li2O from 138.3m.
Results from the RC precollar holes were also promising, with pegmatite bands measuring 10 metres being intersected between the western pegmatite and main pegmatite body.
This drilling also confirmed significant depth and strike continuity of the main pegmatite.
Managing Director Venkat Padala said First Lithium was looking ahead to announcing a mineral resource estimate (MRE).
“The initiation of the license renewal process in Mali is a positive sign for FL1 as we move to the release of the Company’s maiden MRE,” he said.
“The Series Two analytical results highlight further significant Li2O and with the MRE almost complete, the Company looks forward to releasing the JORC results to the market.”
First Lithium shares jumped up on the news, and at 13:01 AEST, they were trading at 13 cents, a rise of 36.83% since the market opened.
