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Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to announce assay results from the Company’s maiden drill program at the Company’s 100% owned Morrissey Hill Lithium project in the Gascoyne Mineral Field W.A.
HIGHLIGHTS
- Phase 1 drilling confirms the Bonzer Prospect to host an extensive package of multiple, thick, stacked highly fractionated and fertile pegmatites with the potential to host significant lithium mineralisation
- Detailed analysis of the results by consulting geochemist, Sugden Geoscience, confirms the Bonzer pegmatite system to be lithium bearing, highly fractionated and indicative of a spodumene pegmatite type based on specific geochemical ratios and fractionation trends
- Principal lithium minerals identified during geological logging of diamond drill core include spodumene, lepidolite, zinnwaldite, garnet, tourmaline (elbaite) supporting the potential of Bonzer to host significant lithium mineralisation 1
- The system remains open and untested along strike and at depth, down plunge
- Highly anomalous lithium - results are reported from most holes within a broad halo of elevated multi-element LCT pathfinder anomalism. Significant intercepts include:
- 23MHRC002: 14m @ 0.13% Li2O, (including 8m @ 0.2% Li2O) from surface
- 23MHRC014: 18m @ 0.14% Li2O (including 10m @ 0.18% and 2m @ 0.32% Li20) from 34m downhole depth
- 23MHD003: 3.9m @ 0.2% Li2O from 74.80m downhole depth
- 23MHRC012: 2m @ 0.21% Li2O from 124m downhole
- 23MHRC004: 44m @ 0.05% Li2O, (including 4m @ 0.10% Li2O) from 104m downhole depth
- Phase 1 drilling only tested a 500m central section of the greater than 2km strike length at Bonzer
- Assay results indicate the initial program has outlined lower grade mineralisation which could represent a halo to a higher-grade zone, within the Bonzer system
- More than 50 pegmatites have been mapped on surface at Morrissey Hill and numerous other targets within the project remain untested
- Phase 1 drilling campaign consisted of 4,500m. Following these encouraging results, the Phase 2 drilling campaign has been doubled and up to 9,000m will commence immediately
- Phase 2 drilling will follow the plunge of the mineralisation at the Bonzer Prospect and also test other pegmatite targets
Commenting on the results CEO Jeremy Bower said:
“RR1 commenced systematic exploration at Morrissey Hill just 9 months ago. In that short time, we have completed a series of technically disciplined, methodical work programs which continue to deliver a large number of priority drill targets. Our Phase 1, 4,500m drilling program at Bonzer was the first ever to have been undertaken at Morrissey Hill and we’re excited by the initial indications, and particularly with what the detailed geochemistry is telling us.
Assay results from the initial drill program should be viewed positively by those with a technical understanding of lithium mineralisation, despite not intersecting high grade results, yet. The results show that we have hit lithium mineralisation in a highly fractionated and fertile pegmatite system, but grade is lower in this area. We maintain our confidence that Bonzer has the potential to host higher grade mineralisation for a number of reasons; firstly Phase 1 only targeted a 500m section of the Bonzer pegmatite system, only 4,500m has been drilled to date, lower grade lithium has been achieved which indicates that higher grades are possible nearby, expert geochemist Steve Sugden has run the fractionation ratios and confirmed we are in a fertile, highly fractionated lithium bearing pegmatite system and importantly we have multiple targets that remain untested. We will back our analysis and confidence by doubling our drill metres for Phase 2, which will start immediately.”
We have found the smoke, next we find the fire. The Future is within Reach”.
Figure 1: Pegmatite drill core from the Morrissey Hill Lithium Project Phase 1 drill program Hole 23MHD003: 3.9m @ 0.2% Li2O from 74.8m downhole depth.
Figure 2: Morrissey Hill Lithium Project showing lithium rock chip results, soil sampling locations and targets for further drill programs (ASX Announcement 15 May 2023 for results).
The Phase 1 drill program comprised 15 RC holes for a total of approximately 2,600m (23MHRC001-15) and 6 diamond drillholes for a total of 1900m (23MHD001-006). Refer to Annexure 3 for drillhole orientation data.
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
RR1:AU
Odessa Minerals: Exploring for Lithium and Rare Earths in Western Australia's Resource-rich Gascoyne Region
Odessa Minerals (ASX:ODE) explores for lithium and rare earths in the Gascoyne Region with a total land package of over 3,000 square kilometres surrounded by some of the most promising projects and most significant lithium discoveries. The company is uniquely positioned to leverage a quickly emerging battery metals market to drive its fully funded lithium and rare earths exploration strategy.
Western Australia's Gascoyne region is currently in the midst of a proverbial gold rush and is now the target of several large mining and exploration companies including Delta Lithium (ASX:DLI), Voltair Strategic Resources (ASX:VSR), Minerals 260 (ASX:MI6) and Reach Resources (ASX:RR1).
Odessa Minerals’ projects in the Gascoyne Region of Western Australia totalling >3,000km2Odessa is still at the beginning of its journey but its value proposition is noteworthy making it an ideal investment alternative for consideration for anyone looking to get involved with lithium and the significant potential of the Gascoyne region.
Company Highlights
- Driven by lithium demand, Western Australia's Gascoyne region — previously under-explored — has become a hot zone of mining exploration and development.
- Some of the region's largest and most successful mining companies have already staked their claims there, including Delta Lithium and Dreadnought Resources.
- Odessa is an exploration company still at the beginning of its development journey, with a low market cap and strong leadership.
- Odessa's land package comprises one of the largest land holdings in the Gascoyne region, with some 3,000 square kilometres of claims divided into three distinct projects, all highly prospective and incredibly promising, located in close proximity and displaying similar geology to several recent lithium pegmatite discoveries in the region.
- Odessa's leadership team are all highly invested in the company. All planned exploration and development work is well-funded for the year.
- Over 56,000 metres strike-length of pegmatites have now been mapped by geology crews on Odessa’s Yinnetharra Lockier Range tenement
- Pegmatites at over 30 metres in width are already mapped
This Odessa Minerals profile is part of a paid investor education campaign.*
Click here to connect with Odessa Minerals (ASX:ODE) to receive an Investor Presentation
Outcropping Copper Gossan Delivers 33% Cu Assays At Morrissey Hill Project, Yinnetharra
HIGHLIGHTS
- High grade copper‐oxide mineralisation (malachite) confirmed at the Company’s Morrissey Hill Project, Yinnetharra with rock chip samples reporting highly encouraging assays of up to 33.2% Cu; 0.2 g/t Au and 141.8g/t Ag. (Figure 1).
- Results follow Morrissey Hill assays of up to 2.3% Li2O (ASX Announcement 15 May 2023).
- Mineralisation at the Swallowtail Copper Prospect was mapped over a strike length of at least 150m and remains open in all directions.
- Significant results include:
- 33.2% Cu, 0.2g/t Au and 141.8g/t Ag (23RRRK0039).
- 14.7% Cu, 0.02g/t Au and 55.6g/t Ag (23RRRK0042).
- 4.2% Cu, 0.3g/t Au and 5.7g/t Ag (23RRRK0041).
- 2.3% Cu, 0. 2g/t Au and 5.0g/t Ag (23RRRK0043).
- Historical sampling 3.0km’s west of Swallowtail could potentially extend the strike with historical results returned:
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- 18.5% Cu, 1.1g/t Au and 6.8g/t Ag
- The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation.
- Morrissey has never been drilled & geochemical surveys planned to commence next week.
Commenting on the results CEO Jeremy Bower said:
“The Morrissey Hill tenement at our Yinnetharra Project continues to deliver. These are outstanding copper results and in conjunction with the 2.3% Li20 announced earlier this week, it is clear how prospective the ground is. We’re focused on sourcing the critical and battery minerals of the future and copper is an important part of our strategy. Despite several world class copper‐gold and polymetallic base metal deposits in the East Capricorn Orogen, the West Capricorn and Gascoyne has been massively under‐ explored. We see this as a huge opportunity.
Importantly, we are fully funded to complete our field programs and drilling campaigns earmarked for this year. Our focus remains on thorough geochemical assessment of each target and getting drill rigs out to Morrissey Hill as soon as possible. This will mean consistent news flow for our shareholders over the coming months.”
FIGURE 3: Morrissey Hill showing location of the Swallowtail Prospect along Stringer Fault line
FIGURE 4: Regional location of Reach Yinnetharra projects
The rock chip results confirm the Company’s targeting methodology and the potential of the area to host significant mineralisation. Systematic surface geochemical surveys including soils, stream sediment and rock chip sampling are planned to commence immediately. Results from this work will guide follow up programs which if warranted may include electromagnetic geophysical surveys and drill testing of priority targets.
The results were reported from an outcropping quartz‐veined gossan, the Swallowtail Prospect, showing visible malachite (copper‐oxide) over a strike length of approximately 150m. The gossan strikes east‐ west, appears to dip steeply towards the south and remains open in both directions. A single historical sample located some 3.0km’s west of Swallowtail, and within the same structural corridor, also reported high grade copper, gold and silver assays indicating a potential strike length of the target zone in excess of 3km’s (Refer to Figure 3).
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Multiple New Lithium (LCT) Pegmatite Targets Confirmed
HIGHLIGHTS
- Independent geological experts RSC consultants have identified four priority target areas for Lithium-Caesium-Tantalum (“LCT”) Pegmatites within the Company’s Critical Elements Projects, located in the centre of the rapidly developing Gascoyne “Battery Metals” Province, WA
- Each of the target areas are associated with confirmed fertile parental granites of the Thirty Three and Durlacher Supersuites and contain the same metasedimentary sequences which host Red Dirt Metals (ASX: RDT) Yinnetharra Lithium Project, less than 10 km’s to the NE of Reach Resources’ tenure
- All of the targets are defined by favourable geology, multi-element pathfinder geochemistry and the presence of mapped Geological Society of Western Australia (GSWA) Tin, Tantalum and Lithium pegmatites
- A helicopter supported field reconnaissance program has been initiated to assess the priority areas in more detail
- Drilling of priority targets is scheduled to commence in CY Q3/4 2023 once all regulatory approvals are received
CEO Jeremy Bower commented:
“RSC’s independent expert analysis confirms our belief that our landholding in the Gascoyne has the potential to host significant battery metal deposits.
Phase 1 of the assessment focused on the lithium potential at our Critical Elements Projects and has not only cemented Morrissey Hill as our primary lithium target but importantly has identified three new lithium target areas. Each of the areas are defined by the presence of a highly fertile parent granite and supported by key multi-element geochemistry including lithium, caesium, tantalum, tin and rubidium which are all well documented associations of lithium bearing “rare metal” LCT pegmatite mineral systems.
This is an exciting time for the Company and our shareholders, and we look forward to delivering updates to the market over the coming months. The Future is within Reach”.
Phase 1 of the assessment focused on the lithium potential of the Company’s Critical Elements Projects which includes the newly acquired Morrissey Hill and Camel Hill projects as well as the Wabli Creek project (Figure 1).
Figure 1: Critical Elements Projects
The assessment included a review of relevant deposit models and mineralisation styles of interest, regional and local geology, local mineral systems, academic papers, open file company and government reports and all available geochemical, geophysical and remote-sensed data sets.
Click here for the full ASX Release
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.