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- Metals Australia (MLS) strikes “excellent” results from the first seven holes of a 45-hole drilling program testing lithium-bearing pegmatites at its Manindi project in WA
- The initial results include thick, high-grade lithium and rubidium intersections from the Foundation LCT pegmatite discovery
- Metals Australia is now awaiting assay results from additional thick intersections of lithium-bearing pegmatite under the highest-grade part of the Foundation pegmatite
- Chairman Mike Scivolo says the company is well-funded to be able to drill out a “substantial” lithium resource at the project
- Metals Australia last traded at 14 cents per share
Metals Australia (MLS) has struck “excellent” results from the first seven holes of a 45-hole drilling program testing lithium-bearing pegmatites at its Manindi project in the Murchison District of WA.
The company has so far completed 33 holes for 2635 metres in the area. The latest results are from the first seven holes that tested the lower-grade western end of the 500-metre strike.
The results show thick, high-grade lithium and rubidium intersections from the Foundation LCT Pegmatite discovery.
These include a 16-metre hit at 1.12 per cent lithium oxide and 0.32 per cent rubidium from 19 metres and a 12-metre hit at 0.86 per cent lithium and 0.3 per cent rubidium.
Metals Australia said it was still awaiting assay results from additional thick intersections of lithium-bearing pegmatite under the highest-grade part of the Foundation Pegmatite, where rock chip results of up to 2.3 per cent lithium and 0.7 per cent rubidium were previously reported.
“The results of only the first seven holes in the Manindi lithium project reverse circulation drilling program have already produced thick and high-grade lithium intersections,” Chairman Mike Scivolo said.
“We look forward to seeing the results from under the highest-grade part of the Foundation pegmatite as well as from the thick intersections of lithium-bearing pegmatite at Mulgara.
“It’s early days but it looks like the company is onto a significant LCT pegmatite discovery at Manindi and we are well funded to be able to drill out a substantial lithium resource at the project,” he said
Metals Australia last traded at 14 cents per share on May 2.
