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  • Lepidico (LPD) delivers an exploration update on activities across its majority-owned Karibib project in Namibia
  • Drilling at the Helikon 4 pegmatite returned the broadest lithium intercepts to date of 40 metres at 1.08 per cent lithium and results will be used to design the next phase of drilling at Helikon 3 and Helikon 4
  • Additionally, the company identified a lepidolite-bearing pegmatite at the Homestead target which extends for at least 250 metres of strike and up to 31 metres in width
  • Lepidico’s exploration objective is to upgrade the Karibib Resource to the measured and indicated categories to extend the project’s operating life
  • LPD shares are up 7.69 per cent and are trading at 2.8 cents at 12:52 pm AEST

Lepidico (LPD) has announced some “encouraging” results from the Helikon 4 pegmatite within its 80 per cent-owned Karibib project in Namibia.

In January, the company began a 20-hole infill drilling program to provide further data on the geometry of the pegmatite and continuity of mineralisation to upgrade the Karibib Resource into the measured and indicated categories.

Drilling at Helikon 4 returned the broadest high-grade intercepts of lepidolite mineralisation to date which include 40 metres at 1.08 per cent lithium, 20 metres at 1.16 per cent lithium, and six metres at 2.15 per cent lithium.

All holes from the program intersected mineralised pegmatite and all but two holes intersected significant lepidolite mineralisation.

The company is now interpreting the geology and assays received so far to help design the next phase of drilling. The next phase will include step-out drilling eastwards towards the Helikon 3 pegmatite and westwards where Helikon 4 remains open.

Additionally, Lepidico identified a new lepidolite-bearing pegmatite at the Homestead target which is located roughly 1.6 kilometres from the Helikon 2 to 5 pegmatite lines.

The company began a maiden drilling program at Homestead in May which has confirmed the presence of a mineralised pegmatite at depth.

The pegmatite is interpreted to extend for at least 250 metres of strike and has a downhole width of up to 31 metres.

Lepidico said the pegmatite appears to plunge to the southwest, with drilling now targeting the mineralised zone. The drilling effort is continuing and expected to wrap up by mid-July.

Lastly, the company has completed trenching and sampling of the Rubicon stockpiles which is aimed at upgrading the current indicated mineral resource estimate (MRE) of 414,506 tonnes at 0.84 per cent lithium.

Assay results are pending and once they’re received, Lepidico will begin revising the MRE.

“The objective of these programs is to expand the mineral resource base, to both extend phase one operating life to over 20 years and provide a mineral inventory to support a phase two project of at least similar scale to phase one by December 2022,” Managing Director Joe Walsh said.

“Exploration is intended to continue through 2023, with the aim of expanding resources further to justify a significantly larger scale phase two.”

LPD shares were up 7.69 per cent to trade at 2.8 cents at 12:52 pm AEST.

LPD by the numbers
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