Exploration Target Highlights Further Upside At McDermitt

Jindalee Resources Limited (to be renamed “Jindalee Lithium Limited”) (Jindalee, the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (US) (Figure 1)¹.

• Exploration Target confirms excellent potential for further resource growth
• The Exploration Target is in addition to the Mineral Resource Estimate announced February 2023¹
• Anomalous lithium assays from surface sampling highlight further potential at McDermitt

Jindalee is also pleased to announce an independently estimated Exploration Target Range (ETR) at McDermitt. The ETR of 300 – 700 Million tonnes at 1,100 – 1,400ppm Li (at 1,000ppm Li cut-off) is extrapolated from drilling completed at the Project (Table 1, Figure 1).

Table 1 – Summary of Exploration Target Range at cut-off of 1000ppm. LCE calculated using the midpoint of the range.

Recent relogging of McDermitt drilling, combined with regional mapping and sampling, has recognised up to 12 distinctive and laterally continuous stratigraphic units which can be tracked across the Project area. The Exploration Target surrounds and abuts the 2023 MRE and is extrapolated from 62 holes drilled at McDermitt from 2018 to 2022. Material for the MRE extends to a maximum distance of 1,200m from the nearest hole, with the ETR extending to a maximum of 1,500m from the nearest hole (Figure 1).

In August 2022 Jindalee submitted an Exploration Plan of Operations (EPO) to the Bureau of Land Management (BLM), with the EPO deemed complete by the BLM in May 2023². Once approved, the EPO will allow Jindalee to significantly increase on-site activity, including up to 160 holes designed to both infill the 2023 MRE and test areas currently covered by the Exploration Target. Jindalee expects the EPO to be approved 2H 2024, with drilling to commence soon after.

Furthermore, sampling of weathered sediments exposed in drainages west and south of the Mineral Resource and Exploration Target areas has returned strongly anomalous lithium values, indicating excellent potential to locate additional lithium mineralisation in these areas (Figure 1, Table 2).

Figure 1 – Plan view of the McDermitt Lithium Project with 2023 Mineral Resource1 (at 1523mRL), completed drilling, Exploration Target and Surface Sampling locations outside the Mineral Resource and Exploration Target areas.

Methodology

The methodology used for the ETR was identical to that used for the 2023 MRE¹. A total of 62 drillholes and 97 density measurements were used for the estimation of both the 2023 MRE and the ETR, with lithium estimated by Ordinary Kriging. The block size for estimation was 200mE by 200mN by 5mRL, with sub-celling permitted to 40mE by 40mN by 1mRL.

The ETR estimates were guided by stratigraphy, which is the major control on the continuity of both lithium grade and geology, with material for the ETR limited to within 1,500m of the nearest hole. The entire mineralisation inventory (2023 MRE and ETR) occurs within 215m of surface.

A summary of all drill data included in both the 2023 MRE and the ETR is included in Annexure A. All other details pertaining to the reporting of exploration results and the 2023 MRE and the ETR are detailed in Annexure B.

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