- First Lithium (ASX:FL1) is reporting a 111-metre lithium drill hit
- The average grade was reported at 1.57 per cent, reflecting the mid-grade range
- One 10-metre pocket contained 3.39 per cent
- Shares are up 72.5 per cent, trading at 69 cents at 11:26 am AEDT
First Lithium (ASX:FL1) shares bolted out the gate this morning as the company announced a 111-metre lithium drill hit at its Blakala prospect in Mali.
Shares jumped 80 per cent to 72 cents at open from a previous close of 40 cents.
Just look at this TradingView chart to get an idea of the enthusiasm behind today’s news. Lithium’s still got it.
That prospect is part of the Gouna permit in the West African nation.
Assay results were received for the first three holes drilled on-site with a 111-metre intersection confirmed from 33 metres depth.
Grades and depths
That 111-metre intersection graded at 1.57 per cent lithium.
Contained within it was a 10-metre pocket at 3.39 per cent lithium.
The company also reported a different 60-metre intersection from 39 metres depth at 1.59 per cent lithium; including a 38 metre section at 1.76 per cent.
Visual spodumene had been earlier reported, assays now shore that up.
Spodumene mineralisation also boasts the benefits of outcropping at surface and remains open at depth and along strike.
Further test work results on ore samples are due in January while drills remain active on-site – two rigs are now at Blakala on the back of these results as First Lithium hopes to ink a JORC in 2024.
Management comment
“As the project advances towards completion of the initial 6000m program … the team is focused on speeding up drilling with the relocation of the Faraba diamond core drill rig to Blakala,” FL1 Managing Director Venkat Padala said.
“The grades and depth of the discovery in this region, provide further confidence the Blakala prospect could deliver a significant high-grade mineral resource in 2024.”
Whatever JORC the company posts in 2024, should it hit that milestone, the company will still be left looking at a commodity market where lithium is down 82 per cent YoY.
FL1 shares were up 72.5 per cent, trading at 69 cents at 11:26 am AEDT.