ioneer Ltd (ASX:INR) has revealed further encouraging drilling results from its Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
A 45-hole (9,000 metre) drilling program completed in late January was designed to increase the confidence of the ore reserve by infill drilling of the planned starter pit and to test for southern extensions of mineralisation outside of the current ore reserve.
Results received for the first 17 holes are highly encouraging with lithium and boron grades consistently higher than the ore reserve grades.
Lithium-boron drilling results
In the group of ten holes drilled during this program at the southern end of the deposit, grades are about 15% higher for lithium and 20% higher for boron when compared to the ore reserve grades used in the 2018 pre-feasibility study (PFS).
Further results from the 45-hole program are expected over the coming two months.
ioneer managing director Bernard Rowe said: “The recently completed drilling program at our Rhyolite Ridge Lithium-Boron Project has further extended lithium-boron mineralisation and confirmed high-grade shallow mineralisation around the southern end of the deposit.
“The strong lithium and boron grades within the proposed starter pit are expected to provide stronger cash flows in the early years of the project.
“The results from the drilling program are being incorporated into the updated mine plan and ore reserve estimate as part of the Rhyolite Ridge definitive feasibility study (DFS) schedule for completion in Q3 2019.”
Outline of the current resource and the location of the hole collars for the recently completed drilling program