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Jindalee Resources Ltd.
Summary
| Project: | McDermitt | |
|---|---|---|
| Deposit: | McDermitt | |
| Location: | United States | |
| Commodities: | Lithium | |
| Date: | 11/19/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-11-2019: Jindalee Resources Ltd. announces a Resource Estimation report for its McDermitt deposit at the McDermitt project. Initial mineral resource estimate for project. Jindalee Resources Limited (‘Jindalee’) is pleased to announce the estimation of | |
| Resources: | (Resource, Inf.): 150Mt @ 2000pm Li for 1.6Mt LCE contained | |
| CP/QP: | [Resources]: Arnold van der Heyden (H&S Consultants Pty Ltd.) | |
| ABSTRACT: | Jindalee Resources Limited (‘Jindalee’) is pleased to announce the estimation of a maiden Inferred Mineral Resource at its 100% owned McDermitt lithium project, following on from the recently completed Exploration Target Range (ETR) upgrade1 . The Mineral Resource was estimated using a relatively high cut-off grade of 1,750 ppm Li, resulting in an average grade of 2,000 ppm Li (0.43% Li2O) (Table 1, Table 2, Figure 1). This cut-off grade is appropriate in the context of similar projects and based on an assessment of the likelihood of future economic extraction as required by the JORC (2012) Code. A grade tonnage curve is presented at Figure 2, highlighting the potential for additional material available at lower grades. Using the same cut-off grade as the Mineral Resource, an ETR of 180-330 Mt @ 1,800-2,200 ppm Li (exclusive of the Inferred Resource) has also been estimated (Table 2, Figure 1). The previously reported ETR has been updated here by excluding the material now classified as Mineral Resources. Importantly the entire Inferred Mineral Resource sits within 100m of surface and is flat lying, both positive factors for any future project economics. The confirmation of a substantial, near-surface Inferred Mineral Resource is a major step forward in demonstrating that McDermitt is not only a significant new lithium discovery but also has the potential to provide a long-term source of lithium for the US. This is particularly significant given the identification by US Federal Government agencies of lithium as critical to the US future national security due to its current reliance on imported lithium ion batteries and lithium battery chemicals to support a rapidly growing electric vehicle manufacturing industry. | |
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