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Jindalee Resources further extends thick lithium mineralisation at McDermitt in US

Proactive Investors Wednesday, 6 November 2019 ()
Jindalee Resources Ltd (ASX:JRL) has received final assays from a recent drilling program at McDermitt Lithium Project in Nevada, USA, with intersections further extending lithium mineralisation. Holes MDD-011 and MDD-013 confirm lithium mineralisation extends more than a kilometre west of the previously known extent in hole MDD-002. Both the additional extent and thickness of the lithium mineralisation is positive for an increase in the existing exploration target range of 160-780 million tonnes at 1300-1600ppm lithium. Exploration target being revised These results complete the data required for the next stages of work with the estimation of an updated exploration target underway. Last month the company received assays from diamond drill hole MD-012 which returned 36 metres at 2141ppm lithium, including 20 metres at 2732 ppm lithium. This result demonstrated continuity across a large area and at depth in multiple stacked horizons, suggesting there is potential to increase the exploration target range. The high-grade intersections recorded from MD-012 also have the effect of expanding the areal extent of the near-surface zone of higher-grade material previously identified. At September 30, 2019, Jindalee held cash and marketable securities worth $3.2 million. When combined with the company’s tight capital structure of only 38.5 million shares on issue, this provides a strong base for leverage into new opportunities.
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