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Novo Litio Ltd.
Summary
| Project: | Sepeda | |
|---|---|---|
| Deposit: | Sepeda | |
| Location: | Portugal | |
| Commodities: | Lithium-Tin | |
| Date: | 7/28/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 28-7-2017: Novo Litio Ltd. announces an Exploration/Drilling Update report for its Sepeda deposit at the Sepeda project. Drilling results incl. 70.88m @ 1.74% Li2O, 741ppm Sn from 91.33m. NOVO LÍTIO LTD (“Novo Lítio”, “NLI” or “the Company”) (ASX: NLI, FR | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Francis Wedin (Internal) | |
| ABSTRACT: | NOVO LÍTIO LTD (“Novo Lítio”, “NLI” or “the Company”) (ASX: NLI, FRANKFURT: ORM), is pleased to provide shareholders with an update on the Sepeda Lithium Project (“Sepeda”), Portugal. Whilst there have been delays at the project linked to recent tenure issues with the vendor, the Company is confident of its position and its ability to enforce its rights at Sepeda, and has continued to progress work on the ground specifically in the area of drilling to prove-up the Resource. Exploration diamond drilling has further extended the current known mineralisation by 190m down plunge, with excellent results including 56.97 m @ 1.46% Li2O. The mineralised shoot remains open down dip and down plunge at depth. Further exploration and infill results are expected in the coming months. Drilling is expected to conclude in September, after which pilot plant processing will commence using material from the Phase Four diamond drilling. Full assay results will also be used to calculate a Mineral Resource update, which is expected to provide robust growth in category and size to the current Resource. Due to delays linked to recent tenure issues at Sepeda, the Resource update is now scheduled for CY Q4 2017. Novo Lítio CEO David Frances commented: “Appreciating the frustration delays have been causing shareholders, we are pleased to be able to share these results from the Sepeda Lithium Project. These are our best results to date. All indications point to the likelihood of a larger, higher confidence Mineral Resource in the next Resource update.” | |
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