Join our daily newsletter At The Bell to receive exclusive market insights
- Allkem (AKE) reports “outstanding” results from drilling at its James Bay lithium project in Quebec, Canada
- The company announced results continued to reveal thick intercepts of lithium mineralisation
- Intercepts include 114 metres of 1.73 per cent lithium oxide from 140.5 metres and 94 metres of 1.87 per cent lithium oxide from 107 metres
- The resource definition drilling campaign ran from December 2022 to April 2023, drilling a total of 130 holes for 29,124 metres
- AKE shares are down 0.88 per cent, trading at $14.67 at 11:21 am AEST
Allkem (AKE) has reported “outstanding” results from drilling at its James Bay lithium project in Quebec, Canada.
The company announced assays continued to demonstrate thick intercepts of lithium mineralisation.
Such intercepts included 114 metres at 1.73 per cent lithium oxide from 140.5 metres and 94 metres at 1.87 per cent lithium oxide from 107 metres.
The lithium mineralisation lies within spodumene-bearing pegmatites in the northwest (NW) sector.
The resource definition drilling campaign, which ran from December 2022 to April 2023, had the aim of delineating pegmatite dykes around the extremities of the NW deposit and potential extensions.
In total, 130 drill holes were completed for 29,124 metres, with a significant portion of this drilling designed to support a maiden inferred mineral resource estimate in the NW sector.
AKE Managing Director and CEO Martin Perez de Solay said the results confirmed a material extension of mineralisation at James Bay.
“Work is now focused on reviewing the mineral resource to include the additional results from the 2023 drilling program and an update is expected by the end of the month,” he said.
“James Bay is a tier-one lithium asset with the potential to grow even further as the boundaries of mineralisation are tested through an additional drilling program commencing later in the year.”
A mineral resource update is on track for completion in August 2023, meanwhile, the company is currently planning a diamond drilling campaign to start in November 2023.
The campaign will help to expand additional lithium-bearing pegmatites discovered last winter and will consist of infill drilling, and step-out exploration drilling to discover new pegmatites along strike to the NW zone.
AKE shares were down 0.88 per cent, trading at $14.67 at 11:21 am AEST.
