Jindalee Resources Limited (ASX:JRL) is continuing to focus on its 100% owned McDermitt Lithium Project in the US after confirming excellent results from the 2019 drill program.
The high-grade lithium results have resulted in a significant increase in the exploration target range (ETR) at McDermitt and the estimation of a maiden inferred resource.
Jindalee also lodged an Exploration Licence application at Gruyere North, immediately along strike from the 5.78 million ounce Gruyere gold deposit being mined by Gold Fields Limited (NYSE:GFI) and Gold Road Resources Ltd (ASX:GOR).
McDermitt Lithium Project
On 13 November, Jindalee confirmed that the ETR at McDermitt has increased to 2.2-4 billion tonnes at 1,200- 1,600ppm lithium (at 1,000ppm lithium cut-off), more than six times larger than the 2018 ETR at the same cut-off.
On 19 November Jindalee announced a maiden inferred resource of 150 million tonnes at 2,000 ppm lithium (0.43% lithium oxide) at 1,750 ppm lithium cut-off.
The estimation of a maiden resource and substantial ETR surrounding the resource have confirmed McDermitt as one of the largest lithium deposits in the US.
Despite recent softening of lithium prices, industry fundamentals remain strong with accelerating demand continuing to be driven by regulatory actions and consumer demand.
The US currently imports most of its lithium for Li-ion battery construction and Jindalee believes that McDermitt has the potential to provide a significant, long life supply of lithium for both domestic consumption and export.
Jindalee will continue to advance and de-risk McDermitt through 2020 with activities planned including additional metallurgicaRead More – Source
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