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- Lithium Plus Minerals (LPM) reports fresh high-grade lithium hits at its Lei prospect in the Northern Territory
- The discovery confirms an extension of the pegmatite system at Lei which has now been proven to run deeper than thought
- The company is set to produce its maiden resource before the start of 2024 and drill planning is currently in place
- A drill rig will be brought to the highly prospective Kings Landing prospect in the coming weeks
- LPM shares last traded at 30 cents
Lithium Plus Minerals (LPM) shares have risen this morning after reporting further thick high-grade lithium hits through drilling at its Lei prospect in the Northern Territory.
Four diamond drill holes were sunk in phase three drilling at the prospect, with successful discoveries logged.
One 40-metre-wide intersection was discovered at a grade of 1.64 per cent lithium oxide, and a second 39-metre-wide hit was made at a grade of 1.39 per cent.
The discovery extends the mineral system at the Lei prospect which is known to contain an underground pegmatite system.
That system has also now been proven to run some 200 metres deeper than previously thought where mineralisation remains open.
LPM announced its moving ahead with the planning of resource definition drilling to post a maiden high-grade lithium resource before the start of 2024.
A rig will be brought on-site to the Kings Landing prospect in the coming weeks, which company geotechs are confident has all the right elements for high-grade lithium mineralisation.
“These assay results significantly extend the primary Lei pegmatite a further 200m at depth, with consistent, high-grade spodumene mineralisation confirmed throughout,” LPM Executive Chair Dr Bin Guo said.
“Given these strong results, we have commenced planning for resource definition drilling at the Lei Prospect and remain confident in the strong potential to delineate a maiden high-grade lithium resource during 2023.”
LPM shares last traded at 30 cents.
