Jindalee Resources Limited (ASX:JRL) executive director Lindsay Dudfield has demonstrated his support for the company’s lithium strategy through a series of on-market share purchases this month.
From March 3 to 9 Dudfield has made five on-market purchases for a total of 200,000 shares with a value of $63,857.
On March 3 he acquired 28,600 shares, on March 4 33,450, March 5 28,927, March 6 25,000 and on March 9 84,023.
Dudfield now holds more than 13.072 million shares in an indirect interest.
Flagship US lithium project
The exploration company is focused on its flagship McDermitt Lithium Project on the border of the US states of Nevada and Oregon and also has exposure to gold and nickel.
In just 18 months from the acquisition as a greenfield exploration site, Jindalee has established a maiden inferred JORC-compliant resource at McDermitt of 1.55 million tonnes of lithium carbonate equivalent (LCE).
Granted additional claims
The company last month received confirmation of expansion of the project with 65 claims granted adding to the initial 355 existing claims and expanding the project by 18% to 34 square kilometres.
This additional land covers the interpreted strike continuation of lithium mineralised sediments identified from mapping and drilling.
In November 2019, Jindalee delivered an inferred resource estimate measuring 155 million tonnes grading 2,000 ppm lithium (0.43% lithium oxide) for 1.55 million tonnes of contained LCE.
The entire inferred resource is within 100 metres of surface and is flat-lying, which are positive factors for any future project economics.
Following the maiden resource, a new Exploration Target Range (ETR) was estimated which excludes the inferred resource.
At a cut-off of 1,750ppm lithium, the target is 180-330 million tonnes in a grade range of 1,800-2,200ppm.
The new claims may support an updated ETR, which could flow through to potential future resource upgrades.
Independent Investment Research (IIR) has recently initiated coverage on Jindalee and expects its share price to re-rate based on anticipated catalysts such as a scoping study, a pre-feasibility study or a maiden reserve.