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Jindalee Resources Limited (Jindalee, the Company) is pleased to announce the updated Mineral Resource Estimate (MRE) at the Company’s 100% owned McDermitt Lithium Project (US) following the completion of drilling undertaken from August to October 20221,2,3.
- Mineral Resource Estimate updated following 2022 infill and extensional drill program1,2,3
- Combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340ppm Li for total of 21.5 Million tonnes Lithium Carbonate Equivalent (LCE) at 1,000 ppm cut-off grade
- At 21.5 Mt LCE McDermitt is now the largest Lithium deposit in the US by contained lithium in Mineral Resource
- McDermitt resource is of global significance and 100% owned and controlled by Jindalee
A total of 10 diamond and 11 Reverse Circulation (RC) holes were drilled with the aim of increasing 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 intercepted, with highlights from the 2022 program3 including:
- MDD025: 182.2m @ 1197ppm Li from 21.4m
- MDD028: 131.6m @ 1219ppm Li from 21.9m
- MDRC024: 68.6m @ 1669ppm Li from 0m (surface)
- MDRC025: 50.3m @ 1512ppm Li from 0m (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).
Table 1 – Comparison of 20224 and 2023 McDermitt Mineral Resource Estimates at the reporting cut-off of 1,000ppm. Note: totals may vary due to rounding
Table 2 – Summary of 2023 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppm. Note: totals may vary due to rounding
The material uplift in confidence of the Mineral Resource from the 21 holes drilled in 20224 (Table 1) is a result of the confirmation of the grade continuity that is characteristic of this style of lithium mineralisation.
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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
AM Resources Identifies 26 New Pegmatites for a Total of 187 Pegmatites on its 1,500 km² Land Package in Austria
First Group
The Company has identified 8 large pegmatites with lengths varying between 329 metres and 887 metres, with the most extensive pegmatite measuring an impressive 281 metres in width.
Second Group
An additional 18 pegmatites ranging from 102 metres to 560 metres in length were discovered, with the thickest pegmatite reaching 195 metres in width. This group's diversity in size and shape adds to the prospectivity of AM Resources’ holdings. Many of these pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources commented: “Since the acquisition, we've been compiling the data available to us in preparation for our upcoming exploration program scheduled for June. We are very pleased with the number and size of the pegmatites found so far. Once we finish compiling the data, we'll have a better picture of the work that needs to be done to fully evaluate the lithium potential of our properties.”
Location, Location, Location
As previously reported, the AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. AM Resources’ Austrian properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
Large New Lithium and Gold Anomalies Identified Over Highly - Prospective Cave Hill Greenstone Belts
- Highly-anomalous lithium and gold targets identified from soil sampling across the Company’s extensive 700 square kilometres (sq.km) Cave Hill Project tenements in WA’s world-class Eastern Goldfields gold, nickel and lithium province (see Figure 1).
- The largest new lithium anomaly, located in the southern part of E15/1844 (Figure 1), is over 5km x 5km and is associated with a northeast-trending fault corridor intersecting an extensive buried greenstone corridor identified from magnetic imagery (Figure 2). This is a similar setting to other high-grade lithium deposits in the region, including the Kangaroo Hills discovery which has produced lithium-spodumene intersections of up to 29m @ 1.36% Li2O1, and the Mt Marion Project which has a large Mineral Resource of 71.3Mt @ 1.37% Li2O2 (see Figure 1).
- Several highly-anomalous gold results also produced from this broad 400m x 400m sampling program, including values of up to 32ppb Au - more than 10 times background in this soil covered area (see Figure 3).
- This extensive and highly prospective >100km strike-length greenstone corridor remains virtually untested and is a continuation of the belt which hosts the Kangaroo Hills lithium discovery1, the 2.8Moz2 Coolgardie Goldfield and the Nepean Nickel Mine (1.1Mt at 3.0% Ni produced3) (Figure 1).
- Extensive infill and extension soil sampling is set to commence to better define targeting for an initial aircore drilling program, to be followed by RC and/or diamond drilling to test for lithium-bearing pegmatites in bedrock and/or greenstone-hosted gold deposits.
SABRE RESOURCES CEO JON DUGDALE COMMENTED:
“The large lithium and gold soil anomalies we have identified across our extensive Cave Hill tenements indicate that the large, untested, greenstone corridor discovered within the project is highly-prospective for lithium-bearing pegmatites, as well as gold deposits.
“The Company will immediately commence infill sampling, and new sampling programs on other recently granted tenements, to define aircore drilling targets for lithium and gold deposits in the underlying greenstone lithologies.
“The Company has over 100km of strike of granted tenements over this newly identified greenstone corridor. The corridor is along strike and parallel to other greenstone belts which host major lithium, gold and nickel deposits in the region, such as the Mt Marion lithium deposit, the 2.8Moz Coolgardie Goldfield and the Nepean nickel mine. The only difference appears to be that the Cave Hill greenstone corridor is under shallow cover, which is why it has remained largely un-explored.
“We look forward to further defining these highly-anomalous lithium and gold zones and testing the bedrock potential for new lithium, gold and nickel sulphide discoveries”.
Figure 1: Cave Hill Project tenements on aeromagnetics with new lithium anomalies and other lithium deposits
The results have been received from a further 876 auger soil samples collected on a 400m x 400m grid, mostly from the largest and most prospective tenement, E15/1844 (see Figure 1). An extensive greenstone belt has been identified from magnetics within this tenement and a series of northeast-trending faults are interpreted to intersect the soil-covered greenstone lithologies, which could host lithium-bearing pegmatites (see Figure 2 below).
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This article includes content from Sabre Resources Ltd, 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.
Closing the Lithium Conversion Gap in North America
Highlights
- Lithium Universe to play pivotal role in closing the lithium conversion gap
- Lithium Universe to convert supply in North America.
- Target conversion contracts with OEMs who have spodumene off take
- Target "take or pay" agreements with OEMs to reduce market/price risks
- Geopolitical shift to onshore the battery supply chain in North America
- Canada emerges as next key global lithium supply chain
- LFP batteries expected to capture 87% of the ESS market share by 2033
- Strong Federal and Provincial government financing support within the industry
- Lithium Universe committed to building through the lithium cycle
What is the ‘Lithium Gap’?
North America anticipates a surge in battery manufacturing, with over 20 major manufacturers planning to deploy an estimated 1,000GW of battery capacity. Canada has ascended to the top spot in BloombergNEF's Global Lithium-Ion Battery Supply Chain Ranking, signalling its emergence as a significant global supplier of battery materials. However, bridging the gap between the growing supply of lithium ore and the increasing demand for highly processed lithium carbonate remains a challenge and opportunity.
Lithium Universe is advancing a mine-to-battery-grade lithium carbonate strategy in Canada through the Québec Lithium Processing Hub (QLPH). The QLPH includes a multi-purpose independent 1 Mtpa concentrator and an independent 16,000 tpa battery-grade lithium carbonate refinery.
Over the past decade, numerous lithium conversion plants worldwide have encountered technical and startup challenges. Even established lithium producers have found lithium conversion to be a challenging task. Lithium Universe presents a solution to mitigate these risks. The company has formed a team, dubbed the Lithium Dream Team, comprising experts in hard rock lithium extraction and downstream conversion operations. Additionally, strategic partnerships with engineering consultants Hatch Ltd and Primero Group have been forged. By leveraging proven technology in spodumene concentration and lithium conversion design, the company aims to minimize execution risk. Notably, the Dream Team previously spearheaded the successful construction of the Jiangsu Lithium Carbonate facility, surpassing design expectations to produce the world's premier battery-grade carbonate. This project was built by Hatch Ltd. Lithium Universe intends to replicate the design and operational methodologies implemented at Jiangsu, viewing this, coupled with the expertise of the Dream Team, as pivotal in establishing conversion capacity in North America.
Figure 1: ‘The Lithium Gap’ emerging between North America’s planned conversion facilities estimated to have 100,000t LCE per annum capacityandthedownstreamdemandestimatedtototalanestimated850,000tLCEperannum.
The Emerging James Bay Supply
The Company has engaged with numerous exploration entities operating within the region of James Bay, Québec and estimate there are over 40 companies dedicated to lithium exploration in the area. Our assessments indicate a cumulative lithium resource exceeding 500Mt at +1% Li2O across eight distinct projects, which has increased over 100% within the last 12 months. This significant increase is due to the upgraded resource of 110.2Mt at 1.3% Li2O by Arcadium Lithium at the James Bay Project, the maiden resource of Patriot Battery Metals at Corvette of 109Mt at 1.42% Li2O and most recently the announcement of Winsome Resource’s 59Mt at 1.12% Li2O resource at their Adina Project.
This article includes content from Lithium Universe 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.