- Lithium Plus Minerals (LPM) has kicked off phase three drilling at its Perseverance target in the Northern Territory
- Perseverance is within the Kings Landing area of LPM’s Bynoe lithium project
- Both an RC rig and diamond drill rig are being used as the company seeks to mint a maiden resource before 2024
- At least three more targets are to be drilled for the first time nearby where spodumene was found in 2022
- Lithium Plus is up 1.82 per cent, trading at 28 cents at 11:24 am AEST
Lithium Plus Minerals (LPM) has commenced drilling – with multiple rigs – at its Perseverance target in the Kings Landing area of its Bynoe lithium project in the Northern Territory.
Spodumene pegmatite was proven at Perseverance in a 2022 drill run, and the company is now officially kicking off phase three drilling.
The dual rig use will allow for greater flexibility in the drill run, reacting to conditions as they are encountered. All in all, the run will collect an equivalent of five kilometres worth of material.
The Kings Landing drill run was flagged back in mid-late July.
Four major pegmatite targets are being hunted out: Perseverance is joined by Jeweller’s, Jeweller’s Ext, and Jenny’s. All targets are set to be drill tested.
The latter three targets have not yet been subject to drill testing.
“There is still a lot of drilling to come in our phase three exploration campaign with multiple large, drill-ready pegmatites scheduled for testing during the season,” LPM Executive Chair Dr Bin Guo said.
“There is still a lot of drilling to come in our Phase 3 exploration campaign with multiple large, drill-ready pegmatites scheduled for testing during the season.”
The company will continue drilling at Perseverance and run shallow drill tests over geochemical targets in the hopes of shoring up more promising drill prospects. The company plans to run soil sampling campaigns, with assay results to be eventually returned back to the company.
Lithium Plus Minerals had a busy Q4 FY23 with the company ending June cashed up to the tune of $8.3 million.
The company continues to plan its resource definition drill run to produce a maiden lithium resource before the start of 2024.
Lithium Plus was up 1.82 per cent, trading at 28 cents at 11:24 am AEST.