- Jindalee Resources’ (JRL) share price has soared following an upgrade to its mineral resource, which classifies its lithium deposit as one of the U.S.’s largest
- The McDermott Lithium Project now has a combined indicated and inferred mineral resource of 1.43 billion tonnes at 1320 part per million lithium
- That gives the project a total of 10.1 million tonnes of lithium carbonate equivalent (LCE) making it the largest deposit by contained lithium
- JRL’s deposit in northern Nevada also remains open with an Exploration Target Range of between 1.3 billion tonnes to 2.3 billion tonnes
- Following the upgrade, shares on Jindalee Resources are up 27.2 per cent at $2.34 per share
Jindalee Resources (JRL) has recorded a spike in its share price following an upgrade to its mineral resource which classifies its lithium deposit as one of the U.S.’s largest.
The company’s McDermott Lithium Project now has a combined indicated and inferred mineral resource of 1.43 billion tonnes at 1320 part per million (ppm) lithium.
That gives Jindalee’s flagship lithium project a total of 10.1 million tonnes of lithium carbonate equivalent (LCE) — which the company said makes it the largest deposit in the U.S. in terms of contained lithium.
Additionally, JRL’s deposit in northern Nevada remains open with an Exploration Target Range of between 1.3 billion tonnes to 2.3 billion tonnes at 1100 to 1500 ppm lithium.
“The results from the 2021 Mineral Resource update and the material uplift in contained lithium reinforces the significance of the McDermitt project as a potential source of future supply to the rapidly growing U.S. battery manufacturing industry,” the company stated.
“Jindalee intends to continue de-risking the project through further metallurgical studies aimed at the downstream processing flowsheet ahead of a potential scoping study in the June quarter of 2021,” JRL said in today’s update.
The materials stock is also finalising its 2021 drill program, with further drilling planned to define the full extent of the lithium mineralisation at McDermitt.
Following the mineral resource upgrade, shares in Jindalee Resources have shot up to trade at $2.37 per share, 28.8 per cent in the green at 1:39 pm AEST.