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Jindalee Resources reveals shallow maiden lithium resource at McDermitt

Using a 1,750 ppm lithium cut-off the maiden resource measures 155 million tonnes grading 2,000 ppm for 1.6 million tonnes of LCE.

Jindalee Resources Ltd - Jindalee Resources reveals shallow maiden lithium resource at McDermitt
The resource lies within 100 metres of the surface

Jindalee Resources Ltd (ASX:JRL) has delivered a maiden inferred JORC resource estimate for its McDermitt Lithium Project in the US state of Oregon.

The resource is the result of a recently completed drill program and has been defined in less than 18 months since staking the project claims.

The resource measures 155 million tonnes grading 2,000 ppm lithium (0.43% lithium oxide) for 1.6 million tonnes of contained lithium carbonate equivalent (LCE).

Exploration Target Range upgraded

The maiden resource followed the recent Exploration Target Range (ETR) upgrade.

A new ETR has also been estimated which excludes the resource now in the JORC Inferred category.

Shallow resource positive for development prospects

Importantly the entire Inferred JORC resource sits within 100 metres of surface and is flat-lying, both positive factors for any future project economics.

McDermitt has the potential to be a strategic producer of lithium products to the US, which considers the element critical for future national security.

Notably, 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.

Proposed follow-up activities may include additional metallurgical test work, planning of further drilling in 2020 and commencement of early-stage permitting for the project.

Quick facts: Jindalee Resources Ltd

Price: 0.345 AUD

Market: ASX
Market Cap: $13.41 m

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