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Jindalee Resources substantial holder Kale Capital Corporation increases stake to 10.41%

Additional metallurgical optimisation work at the McDermitt Lithium Project continues with an updated resource targeted for March.

Jindalee Resources Ltd -
A scoping study is underway and set for completion in March-April with plans to submit a 2021 drilling program for permitting by April.

Jindalee Resources Ltd (ASX:JRL) substantial holder Kale Capital Corporation Ltd has increased its stake in the company to 10.41% from 9.05%.

Kale Capital now holds more than 4.66 million fully paid ordinary shares in Jindalee.

The investor, along with associated entities, has increased the holding through a series of transactions, including placement participation, from September 2020 to February 2021.

Strong lithium results

The company received the first assay results from 10 of 15 drill holes completed in December 2020, which have intersected substantial thickness of the flat-lying sediments hosting lithium mineralisation at the McDermitt Project in Oregon, US on February 1.

Most of the holes were mineralised over the entire sedimentary package encountered, returning 126.5 metres at 1,397 ppm lithium and 120.4 metres at 1,440 ppm lithium. 

Other notable results include 9.2 metres at 2,243 ppm lithium, including 15.3 metres at 2,459 ppm, 18.3 metres at 1,192 from 58 metres and 30.5 metres at 1,939 from 397 metres, including 29 metres at 2164 from 97.6 metres.

The inauguration of President-elect Biden has focused investor attention on his election commitment for the United States to achieve net-zero carbon emissions by 2050 and the development of large, strategic lithium projects are a core element of this strategy.

Several battery factory developments have been announced or proposed in the US and McDermitt is well-placed to emerge as a future source of lithium for those projects.

Quick facts: Jindalee Resources Ltd

Price: 1.555 AUD

ASX:JRL
Market: ASX
Market Cap: $69.67 m
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