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Jindalee Resources Ltd

Jindalee Resources reveals multiple lithium hits in first hole at McDermitt

Drilling at McDermitt is ultimately working towards estimating a maiden resource for the project.

Jindalee Resources Ltd - Jindalee Resources reveals lithium hits in first hole at McDermitt
Lithium at the McDermitt Project is hosted in sediments as opposed to hard-rock or brine

Jindalee Resources Ltd (ASX:JRL) has received the assay results from the first hole MDD-005 drilled at the McDermitt Lithium Project in the US state of Oregon.

There were three zones of lithium intersected in the hole with the most notable being 14 metres at 1,651 ppm lithium from 66 metres including 8 metres at 2,073 ppm lithium.

The hole also intersected 46.5 metres grading 1,027 ppm lithium from only 5.5 metres depth and the hole ended in lithium with 3.57 metres grading 2,598 ppm lithium from 90 metres.

This was the first of eight holes completed to date in the 2019 phase I drill program and one further hole is set to be drilled shortly.

Benefits of this type of lithium deposit

The lithium-bearing sediments at the McDermitt Project have several positive characteristics.

These include the mineralisation being near-surface hosted by soft rocks which support low-cost mining.

Initial metallurgy test work has also indicated high lithium recoveries from conventional sulphuric acid leaching at low temperature and atmospheric pressure.

The economics of advanced sediment projects demonstrate the costs to produce lithium compounds used in battery manufacture are highly competitive.

Drilling funded by recent capital raising

Proactive caught up with Jindalee last month follow their successful capital raising.

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Price: $0.32

Market: ASX
Market Cap: $12.32 m
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