Jindalee Resources Ltd Increases McDermitt Lithium Project Indicated Resources by 170%

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Jindalee Resources Limited is trading higher after increasing the indicated resources of the McDermitt Lithium project in the United States by 170% to 616 million tonnes at 1,460 parts per million (ppm) of lithium for 4.8 million tonnes of lithium. lithium carbonate equivalent.

The results of the Company’s 2021 drilling program have resulted in an upgrade to the Mineral Resource Estimate (MRE), with Indicated Resources increasing by 165% in tonnage and 2% in grade.

Global indicated and inferred resources at McDermitt now stand at 1.82 billion tonnes at 1,370 ppm lithium for 13.3 million tonnes of lithium carbonate equivalent at a 1,000 ppm cut-off grade.

JRL shares rose 5.87% in early trading to A$3.07, while the market capitalization is around A$170.42 million.

Good drilling results

Jindalee’s 2021 drill program on the Oregon/Nevada border project intersected significant lithium mineralization at great thickness with excellent grade continuity.

A total of six reverse circulation holes and six diamond holes were drilled on the program and wide widths of lithium mineralization were intercepted in each hole, with highlights including:

  • 38.0 meters at 1,751 ppm lithium from 43.0 meters including 3.0 meters at 3,805 ppm;
  • 21.0 meters at 1,952 ppm lithium from 24.0 meters including 3.0 meters at 3,065 ppm;
  • 24.0 meters at 2,210 ppm lithium from 61.5 meters including 9.0 meters at 3,000 ppm
  • 40.5 meters at 1,714 ppm lithium from 33.0 meters including 12.0 meters at 2,732 ppm;
  • 60.0 meters at 1,880 ppm lithium from 48.0 meters including 15.0 meters at 2,707 ppm; and
  • 73.5 meters at 1,554 ppm lithium from 30.0 meters including 10.5 meters at 3,055 ppm.

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Recent significant interceptions under Project McDermitt

Next steps

An additional 28 drill holes have been fully authorized in 2022 with the aim of filling in and improving the resource and defining the full extent of lithium mineralization at the McDermitt project.

Jindalee said he was well funded to move the project forward, with drilling expected to begin in the current quarter.

The company is progressing baseline environmental studies before submitting an Exploration Operation Plan (EPO) application in the March 2023 quarter.

In addition, metallurgical studies at Nagrom are underway, focused on optimizing the flowsheet based on the recommendations identified in the scoping study.

H&S Consultants Pty Ltd have been commissioned to update the MRE following the completion of the 2021 drilling program.

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