First Lithium on track to declare maiden lithium resource at Blakala, Mali

• First Lithium (ASX:FL1) receives the second and third batch of assay results from a 12-hole diamond drill program at its Blakala lithium prospect within its Gouna permit in Mali
• Results include a 63.5-metre intersection at 1.45 per cent lithium oxide from 23.5 metres, including a 27.5-metre intersection at 2.07 per cent from 32.5 metres
• Other hits included a 39.6-metre intersection at 1.86 per cent from 24.1 metres, including a 12-metre intersection at 2.08 per cent from 29 metres
• The company is engaging in step-out drilling to the east and west of the central pegmatite area to grow its lithium resource
• FL1 shares are up 3.17 per cent, trading at 32.5 cents at 11:22 am AEDT

First Lithium (ASX:FL1) has received the second and third batch of assay results from a 12-hole diamond drill program at its Blakala lithium prospect within its Gouna permit in Mali.

In what the company labelled “exceptional assay results,” these included a 63.5-metre intersection at 1.45 per cent lithium oxide from 23.5 metres, including a 27.5-metre intersection at 2.07 per cent from 32.5 metres.

Other hits included a 39.6-metre intersection at 1.86 per cent from 24.1 metres, including a 12-metre intersection at 2.08 per cent from 29 metres and another 13-metre intersection at 2.08 per cent from 50 metres.

Two holes, in particular, in the main pegmatite body, have struck high-grade mineralisation which extends 1.2 kilometres and remains open to the north and south with assays pending.

Management comment

“The assay results provided support to the visual estimates indicated at the time of drilling, the mineralised intersections are really starting to create a picture of the potential of this project and the scope of the discovery,” FL1 Managing Director Venkat Padala said.

“Drilling continues and is almost 70 per cent complete with the program expected to be finalised in February.

“This will provide FL1 a very clear runway to its maiden resource being available sometime in the first half of 2024.”

The company has engaged in step-out drilling to the east and west of the central pegmatite area, which has intersected multiple new lithium pegmatites.

Further drilling is expected to continue in these areas while First Lithium awaits more drill results from its laboratory in South Africa. The company said it was determined to grow its lithium reserves to declare a maiden resource in the first half of 2024.

FL1 shares were up 3.17 per cent, trading at 32.5 cents at 11:22 am AEDT.