- Jindalee Resources (JRL) strikes “huge” lithium intercepts through recent diamond drilling at its McDermitt project in Oregon, US
- The company says the results confirm significant near-surface mineralisation and include several zones of over 3000 parts per million lithium with the project’s mineral resource
- Jindalee is set to complete an updated mineral resource estimate (MRE) for McDermitt early in the June 2022 quarter, with the new drilling data to help inform the resource
- Looking ahead, Jindalee says planning for its next phase of drilling in 2022 is well-advanced, with all drill permits in hand
- Shares in Jindalee Resources are up 15.5 per cent to $3.05
Shares in Jindalee Resources (JRL) have skyrocketed today after the company unveiled “huge” lithium intercepts at its McDermitt project in the US state of Oregon.
The results come from a recent bout of diamond drilling completed in 2021 and include some of the thickest intersections of lithium mineralisation found at the project to date.
Some of the best results from the drilling include a 15-metre hit at 1889 parts per million (ppm) lithium from 10 metres and a nine-metre hit at 1241 ppm lithium from 29.5 metres in one hole.
Another hole returned a 21-metre intercept at 1952 ppm lithium from 24 metres and a 10.5-metre intercept at 1281 ppm lithium from 54 metres.
Jindalee said the results confirmed significant near-surface lithium mineralisation in the McDermitt area and, importantly, encountered several zones of over 3000 ppm lithium within the project’s mineral resource. According to the company, this reinforced the potential scalability of the project.
The company is on track to complete an updated mineral resource estimate (MRE) for the project early in the June 2022 quarter, with the new drilling data to help inform the resource.
The McDermitt MRE currently sits at 1.43 billion tonnes at 1320 ppm, or 0.28 per cent, lithium for a total of 10.1 million tonnes of contained lithium carbonate equivalent. This resource was last updated in April 2021.
Looking ahead, Jindalee said planning for its next phase of drilling in 2022 was well-advanced with all drill permits in hand.
The company said it planned to focus its drilling efforts on untested mineral potential across the western tenure in the McDermitt area as it looked for opportunities for higher-grade material.
Along with McDermitt, Jindalee also owns the Clayton North lithium project in Nevada. In Australia, the company has an interest in a string of iron ore, nickel, gold, and lithium assets in Western Australia, as well as the Prospect Ridge magnesite project in Tasmania.
Shares in Jindalee Resources were up 15.5 per cent to $3.05 each at 1:30 pm AEDT.