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Jindalee Resources (ASX:JRL) - Non Executive Chairman, Justin Mannolini
Non Executive Chairman, Justin Mannolini
Source: Business News
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  • Jindalee Resources (JRL) has received assay results for the four remaining drill holes from the 2020 program at its McDermitt Lithium Project in Oregon, U.S.
  • The company’s 2020 drilling program was delayed due to COVID-19
  • All four holes contained mineralised intervals over 1000 parts per million lithium, with three holes reporting significant intercepts outside the current inferred mineral resource
  • Results highlighted MDRC014, which returned intercepts of 70.2 metres at 1221 parts per million lithium (ppm) from 12.2 metres and 24.2 metres at 1887 ppm lithium from 131.2 metres, including 6.1 metres at 2953 ppm lithium
  • Results from MDRC015 expanded the known extents of the deposit 1.6 kilometres north and west of previous drilling limits
  • The explorer is planning the next phase of its 2021 program to determine the full extent of lithium mineralisation at McDermitt
  • Jindalee shares are in the grey, trading at $1.52 each

Jindalee Resources (JRL) has received assay results for the four remaining drill holes from its 2020 drilling program at the McDermitt Lithium Project in Oregon, North America.

The company’s drilling activities at the site were delayed last year due to COVID-19.

The latest results confirm considerable extensions to mineralisation at McDermitt, with three of the holes located north and west of the existing inferred mineral resource.

Results highlighted MDRC014, which returned intersections of 70.2 metres at 1221 parts per million lithium (ppm) from 12.2 metres, and 24.2 metres at 1887 ppm lithium from 131.2 metres, including 6.1 metres at 2953 ppm lithium.

Both MDRC014 and MDRC016 intersected broad mineralised zones with widths exceeding 55 metres in true thickness.

While intercepts reported at MDRC015 were not as broad, they proved significant considering the hole’s distance at 1.6 kilometres from the nearest hole included in the project’s 2019 inferred mineral resource estimate (MRE).

The success of these large step-outs from the current MRE indicate the potential scale of the McDermitt Project.

In fact, all drill holes completed by Jindalee at the project to-date have reported significant zones of lithium mineralisation, with the 2020 program’s infill drilling confirming the grade and continuity of the deposit.

As part of its next steps, Jindalee will look to engage an independent consultant to update McDermitt’s MRE.

The company is also planning the next phase of drilling for 2021, which will include completing six remaining holes as part of the 2020 program, to define the full extent of lithium mineralisation at the project.

Jindalee shares are flat on Friday, trading at $1.52 each at 2:00 pm AEDT.

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