- Jindalee Resources’ (JRL) sees a 170 per cent increase in the indicated mineral resource at its McDermitt Lithium Project in the United States
- The indicated resource now sits at 616 million tonnes at 1460 parts per million (ppm) lithium for 4.8 million tonnes of lithium carbonate equivalent
- The overall resource at McDermitt now stands at 1.82 billion tonnes at 1370ppm lithium for 13.3 million tonnes lithium carbonate equivalent
- Jindalee is planning to undertake further drilling at the project in this current quarter
- JRL shares are up 1.72 per cent and trading at $2.95 each at 1:27 pm AEST
Jindalee Resources (JRL) has seen a 170 per cent increase in the indicated mineral resource at its McDermitt lithium project in the US.
The indicated resource now sits at 616 million tonnes at 1460 parts per million (ppm) lithium for 4.8 million tonnes of lithium carbonate equivalent.
This includes a 165 per cent increase by tonnage and a two per cent increase in grade.
The overall indicated and inferred resource at McDermitt stands at 1.82 billion tonnes at 1370ppm lithium for 13.3 million tonnes lithium carbonate equivalent.
Last year, the company drilled six reverse circulation and six diamond holes at the project with the aim of increasing its confidence in the mineral resource and allowing the project to convert from inferred to indicated.
The drilling along the border of Oregon and Nevada intersected significant lithium over large thickness with excellent grade continuity.
Jindalee is now gearing up drill an additional 28 holes this year, with all permits approved.
The drilling aims to infill and upgrade the resource and define the full extent of the lithium mineralisation at the project.
The company said it is well funded to advance the project with drilling expected to commence in the current quarter.
JRL shares were up 1.72 per cent and trading at $2.95 each at 1:27 pm AEST.