Lithium Plus Minerals wraps up Q1 with $7.3M in cash

Lithium Plus Minerals (ASX:LPM) has announced ints quarterly results for Q1 of CY2024, ending the quarter with $7.3M in cash.

At the Lei Deposit, the company completed two diamond drill holes in the quarter that turned up the following intersections:

• 50m @ 1.83% lithium oxide
• 31m @ 1.71% lithium oxide

Both drill hits came from significant depths starting at 400m.

However, the company reported on Tuesday that width and grade profiles exceeded expectations, which LPM geotechs see as evidence of a potential JORC update down the line.

Geotechs are now working on plans to boost drilling activities at Lei in the coming weeks and months.

As for the larger Bynoe project, of which the Lei Deposit is a part, LPM has set the agenda for its 2024 exploration campaign to locate other deposits on par with Lei.

Up to 4 diamond drill holes are planned for the Perseverance prospect, which is the company’s nextmost target of interest.

Further RC rigs are planned to hit the dirt across the broader Bynoe envelope throughout the year; other areas of interest include Kings Landing nearby Perseverance, as well as the ‘Cai’ and ‘Liana’s’ targets.

LPM also continues to analyse its Arunta Project Area for uranium potential – a pivot that many lithium microcap watchers may be familiar with in 2024.

The company has found high levels of uranium with grades up to 0.91% (implying 9,000ppm) along with REEs at the Moonlight prospect, according to LPM’s report on Tuesday.

Detailed mapping will kick off in the coming weeks and months to further investigate these leads.

LPM shares last traded at 12cps.