Dart Mining (ASX:DTM) is continuing to establish the prospectivity of its Dorchap Range Lithium Project in Victoria on the back of ‘excellent’ new drilling results.
The company says the results, returned from phase one diamond drilling under its Sociedad Química y Minera de Chile S.A (NYSE:SQM) $12 million earn-in agreement, have continued to highlight the prospectivity of the Dorchap Dyke Swarm for ongoing lithium exploration.
Drilholes MIDDH009 and 010 targeted Boone’s Dyke, one of 5 mapped pegmatite dykes drill tested during phase one of drilling.
Hole MIDDH009 struck 10m @ 1.08% lithium oxide (Li2O) from 313m, including 7m @ 1.38% Li2O from 315m; and drillhole MIDDH010 hit 2m @ 1.07% Li2O from 302m including 1m @ 1.38% Li2O from 303m.
Results to date have been received from 5 out of 12 holes drilled across 5 dykes, with all holes demonstrating elevated levels of lithium mineralisation.
The drilling and exploration are being solely funded by SQM as part of its earn-in arrangement over the Dorchap project.
During the first earn-in period, SQM has the opportunity to earn an initial 30% interest in the Dorchap project by sole funding exploration expenditure of $3 million. All up, Dart has granted SQM the right to sole fund exploration expenditure of up to $12 million.
Addressing the results, Dart Mining Chairman James Chirnside says: “The outstanding results from Holes 9 and 10 confirm the growing potential of the Dorchap Dyke swarm as an exciting new region for lithium exploration.
The width and grades intersected are very solid and add further to Dart’s cumulative knowledge of the Dorchap Lithium project.”
“The outstanding results from Holes 9 and 10 confirm the growing potential of the Dorchap Dyke swarm as an exciting new region for lithium exploration“
Dart Mining is aiming to evaluate and develop several historical goldfields as well as substantiate a new porphyry province in northeast Victoria.
The company’s Dorchap Range project is located in Victoria and is considered prospective for lithium mineralisation.
Dart Mining had $159,000 cash at hand as of 30 June 2023 according to its latest quarterly report, though the company received a $1.59 million SQM joint venture (JV) reimbursement in July.
Write to Adam Drought at Mining.com.au
Images: Dart Mining
