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Dakota Minerals brings forward second stage drilling at Sepeda Lithium Project

Published: 11:30 10 Oct 2016 AEDT

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Sepeda Lithium Project in Portugal

Assay results from the first two drill holes indicate broad widths of mineralized pegmatite including 40 metres at 1.11% lithium from 93 metres and 16 metres at 1.39% lithium from 60 metres.

The recently completed drill program totalled 18 reconnaissance reverse circulation drill holes for 2,090 metres.

Visual logging of the other holes indicate very thick intercepts of petalite and spodumene-bearing pegmatite of up to 87 metres down-hole, for which assays are pending.

Following the highly positive start to the campaign, Dakota has decided that phase two drilling will now be brought forward to commence early November, with the aim of defining a maiden resource.

In a significant move earlier this month, Dakota entered into a binding agreement with Pilbara Minerals Ltd (ASX:PLS) to sell its Lynas Find lithium project.

The total consideration for the transaction is $8 million and puts Dakota in a strong financial position to advance its lithium projects in Portugal.

Many countries in Europe are leading the world in the uptake of electric vehicles and lithium-ion batteries are being produced in Europe to meet this increasing demand.

Portugal, as the leading lithium producer in Europe, is a high priority jurisdiction as battery producers will need lithium supply from safe, nearby jurisdictions.

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