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Jindalee Resources’ exploration target confirms major lithium discovery at McDermitt

The material increase to the exploration target for McDermitt Lithium Project confirms it as one of the largest lithium deposits in the US.

Jindalee Resources Ltd - Jindalee Resources’ exploration target confirms major lithium discovery at McDermitt
Further work to define a maiden resource is currently underway

Jindalee Resources Ltd (ASX:JRL) has revealed an exploration target range (ETR) for its 100% owned McDermitt Lithium Project in the US.

The new ETR is based upon the results of Jindalee’s 2018 and 2019 drill programs, and was estimated by independent, external consultants H&S Consultants.

Summary of exploration target ranges at various cut off grades, with the contained lithium carbonate equivalent (LCE) for each range calculated using the mid-point of each range.

Notably, the updated ETR at the 1000 ppm lithium cut off is more than six times larger than the previous ETR released in 2018.

This significant increase in the size of the McDermitt deposit is due to the increase in the size of the project area and the outstanding success of the 2019 drill program, which encountered:

  • an increased thickness of the mineralised sediments;
  • lithium mineralisation over a much larger area, (intersected in all nine drill holes), and
  • additional mineralised zones compared with the 2018 drill program.

Plan view showing drill hole locations at McDermitt. The upper tonnage limit of the 1000 ppm cut off exploration target at McDermitt covers the entire claims area, consistent with the discovery of extensive lithium-bearing sediments outcropping continuously or under shallow cover over this area.

The scale potential represented by this updated ETR confirms McDermitt as a major new lithium discovery and one of the largest deposits in the US.

This is particularly significant given the identification by US Federal Government agencies of lithium as critical to the US future national security due to its current reliance on imported lithium-ion batteries and lithium battery chemicals to support a rapidly growing electric vehicle manufacturing industry.

Further work to potentially define a maiden mineral resource for the McDermitt Project is currently underway.

Quick facts: Jindalee Resources Ltd

Price: 0.345 AUD

Market: ASX
Market Cap: $13.41 m

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