- Jindalee Resources has received assay results from a further two holes drilled at its McDermitt lithium project in Oregon
- Results from three holes have now been received with the remaining six currently being processed in Nevada
- Jindalee is now planning further drilling for 2020
- Jindalee has ended the day steadily with shares trading for 22 cents apiece
Jindalee Resources has received assay results from a recently completed drill program at the McDermitt lithium project in Oregon.
Results have now been received from three of the nine holes drilled with the latest intercepts including 8 metres at 2416 parts per million (ppm) lithium, and 24 metres at 2176ppm lithium.
The remaining six holes are currently being processed by the assay laboratory in Nevada with results expected in the upcoming weeks.
The results received from MDD-009 and MDD-010 once again paint a consistent picture of multiple zones of lithium mineralisation within the overall McDermitt Project.
Geological logging shows a broadly consistent package of rock units that can correspond across large areas of the project.
This correlation is ongoing but initial work indicates that it is consistent with what was determined by limited drilling undertaken in 2018.
While the four holes drilled in 2018 terminated the sediments, the majority of the holes drilled in 2019 penetrated the entire sedimentary section and intersected the volcanic basement at varying depths.
The depth to the basement typically increases to the south and south-east with the deepest hole drilled to date piercing over 176 metres of sediments.
Once the remaining results have been received, a complete database will be used for resource estimation and to update the existing exploration target range (ETR) of 160-780 million tonnes at 1300-1600ppm lithium.
This step is estimated to take approximately four weeks from the receipt of final assays with the release of a maiden resource estimate and updated ETR expected in late November 2019.
Proposed follow-up activities include additional metallurgical test work, planning of further drilling in 2020, and the start of early stage permitting for the McDermitt Project.
Jindalee closed the day steady with shares priced at 22 cents apiece in a $8.468 million market cap.