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Lepidico Ltd.
Summary
| Project: | Youanmi | |
|---|---|---|
| Deposit: | Youanmi | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/30/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 30-10-2018: Lepidico Ltd. announces an Exploration/Drilling Update report for its Youanmi deposit at the Youanmi project. Drilling results incl. 11m @ 0.83% Li2O from 0m. Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce that it has | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Tom Dukovcic (Internal) | |
| ABSTRACT: | Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to announce that it has received the assay results from its maiden reverse circulation (“RC”) drilling program completed in September 2018 at the Youanmi Lepidolite Project located in the Murchison District in Western Australia, approximately 570 km NE of Perth. As announced on 26 July 2018, Lepidico reached agreement with Venus Metals Corporation Limited (ASX:VMC) (“Venus”) on terms under which Lepidico can earn an 80% interest in the lithium rights over exploration licence E57/983. Venus is free carried to a decision to mine. The drilling program comprised 38 holes for a total of 936 metres of RC drilling (ASX release of 11 September 2018; includes JORC (2012) Table 1 Report). Assay results are presented in Appendix 1. Multiple lepidolite-bearing pegmatites were intersected in two main clusters, at Target 1 and Target 2 (Figure 1). These pegmatites are generally 2 m - 5 m in thickness and can be seen to thicken up to 11 m in zones of structural complexity. Lepidolite content is estimated to range from 5% to 15%, with localised intervals up to 30% in some cases, with commensurately higher Li2O grades (Table 1). No other lithium minerals were observed. The main pegmatite at Target 1 extends for over 250 m, carries from 5% to 30% lepidolite and grades between 0.40% and 0.60% Li2O (Figure 2). A number of sub-parallel thinner pegmatites are yet to be drilled. | |
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