- Lithium Plus Minerals (ASX:LPM) declares a maiden MRE at its Bynoe lithium project in the Northern Territory
- The MRE comprises 4.1Mt at 1.43 per cent lithium oxide at its Lei deposit
- The MRE includes results from a recent drilling program that included 17 drillholes covering around 7332 metres
- The company’s drilling focus now shifts towards its Perseverance and Jenny’s prospect areas
- LPM shares last traded at 38 cents
Lithium Plus Minerals (ASX:LPM) has declared a maiden high-grade lithium resource at its Bynoe project in the Northern Territory.
The company announced an MRE of 4.1 million tonnes at 1.43 per cent lithium oxide at its Lei deposit.
The MRE includes results from a recently completed drilling program, encompassing 17 drillholes covering approximately 7332 metres.
Key intersections from the program included 50 metres at 1.83 per cent lithium oxide, 39 metres at 1.55 per cent and 33 metres at 1.65 per cent.
The primary Lei pegmatite solely contributes to the current MRE, with the open zone beneath the existing drilling offering potential for future exploration.
The secondary Lei pegmatite, while not currently factored into resource modelling, presents an opportunity for future drilling programs.
The company’s drilling focus now shifts towards its Perseverance and Jenny’s prospect areas, aligning with its multiple discovery strategy and anticipated hub-and-spoke development model.
Upcoming plans include up to five diamond tails and extension holes at Perseverance during the 2024 field season.
“We have delivered on our commitment to shareholders to delineate a high-grade mineral resource by year-end at Lei,” LPM Executive Chair Dr Bin Guo said.
The company aims to continue Lei deposit advancement in parallel with preliminary metallurgical test results expected in Q1 2024.
LPM shares last traded at 38 cents.