Jindalee Resources Limited (ASX:JRL) managing director has demonstrated his faith in the company’s US-based lithium strategy by acquiring shares on-market.
Pip Darvill has acquired a total of 54,500 shares in two recent transactions with a value of more than $15,000.
These acquisitions purchased in an indirect interest represent the first Jindalee fully paid ordinary shares in his portfolio.
Jindalee is focused on the McDermitt project on the Nevada-Oregon border which has potential to become one of the USA’s largest sediment-hosted lithium deposits.
An exploration target was recently estimated and the lower end of the exploration target range (ETR) is 160-780 million tonnes at 1300-1600 ppm lithium.
This includes a high-grade ETR of 20-80 million tonnes at 2100-2600 ppm within one discrete horizon, representing an ideal target for follow-up work.
ETRs independently estimated
The ETRs were independently estimated after four vertical diamond drill holes to an average depth of 90 metres were completed in September 2018.
Drilling confirmed the results from initial surface sampling with widespread lithium mineralisation in several zones within flat-lying, lithium-bearing sediments.
Broad-scale mapping of the project area has confirmed the flat-lying nature and identified the excellent exposure that allows individual marker beds to be traced over large distances, both on the ground during mapping and in aerial photography.
Based on these encouraging results, the company is proceeding with further work, including:
- Initial metallurgical test work focusing on beneficiation opportunities, characterisation of the mineralogy of the lithium hosts, and leaching tests;
- Permitting for further drilling in the 2019 field season to locate higher grade zones, support resource estimation work, extend existing mineralised zones at depth, and test for further mineralised zones below the limit of current drilling; and
- Additional confirmatory SG determinations via the wax immersion method.