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April 28, 2023
Jindalee Resources Limited (ASX:JRL) (Jindalee, the Company) has released its Quarterly Cash Flow Report.
- McDermitt resource increases to 3.0 Bt @ 1340 ppm Li (21.5 Mt LCE) at 1000ppm cut‐off grade
- McDermitt is now the largest lithium deposit in North America by contained lithium, and a strategically important domestic source of lithium for the US battery industry
- Fluor review recommends Beneficiation and Acid Leaching as preferred processing route for McDermitt; further testwork underway
- MOU signed with POSCO; POSCO to undertake $2M of metallurgical testwork
- Spin out of Jindalee’s Australian assets via Dynamic Metals Limited (ASX: DYM) completed mid‐January 2023; Jindalee is now a pure play US lithium company
- Jindalee held $6.6M in cash and securities at 31 March 2023
US LITHIUM
McDermitt (Jindalee 100%)
Resource Update
On 27 February 2023 Jindalee Resources Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at the McDermitt Lithium Project (US) following a 21 hole drilling program completed in October 2022 (Figure 1)1,2,3.
The program was designed to increase confidence in the mineral resource to allow for conversion of Inferred Mineral Resource to Indicated, as well as extending the deposit to the west. Significant widths of lithium mineralisation were intersected, with highlights from the program3 including:
- MDD025: 182.2m @ 1197ppm Li from 21.4m
- MDD028: 131.6m @ 1219ppm Li from 21.9m
- MDRC024: 68.6m @ 1669ppm Li from surface
- MDRC025: 50.3m @ 1512ppm Li from surface
The 2023 combined Indicated and Inferred Mineral Resource update represents an overall increase (from 20224) in tonnage of 65%, with a 2% decrease in grade for a 62% increase in contained lithium. Importantly, the Indicated Mineral Resource increased (by tonnage) by 138% with an overall 131% increase in contained metal at this higher confidence classification (Table 1).
Click here for the full ASX Release
This article includes content from Jindalee Resources Limited, 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.
JRL:AU
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