Ahead of its attendance at the RIU Sydney Resources Round-up conference on 9 May 2024, Lithium Plus Minerals (ASX:LPM) reveals it is gearing up for a drilling program later this year at the Lei prospect of the Bynoe Lithium Project in the Northern Territory.
Lithium Plus says drilling follows the delivery of a maiden JORC resource for Lei in 2023, which stands at 4.1 million tonnes @ 1.43% lithium oxide, based on a 0.5% cutoff and including indicated and inferred material.
A primary pegmatite contributed solely to the current resource, which demonstrates an open zone beneath the extent of current drilling. A second pegmatite is expected to be followed up in future programs.
Speaking to Mining.com.au, Lithium Plus Minerals non-executive Director Simon Kidston says the company will also undertake drilling at properties to the north of Lei in the hope of making further discoveries and pushing these assets through to production.
“We’re less than 50km from the port of Darwin, so these projects are well-located near infrastructure that we think they’re going to be well placed in the future to deliver into Asia [and] into the EV market,” Kidston says.
Kidston adds the company is looking to take advantage of this year’s RIU Sydney conference to reconnect with its shareholders to talk strategy and explain why now is a good time to be focused on the lithium sector.
“The lithium market has got a great long-term future with the transition to electric vehicles,” Kidston explains.
“But in the last six months or so, the price has been suppressed due to oversupply. So we think that’s going to change and now is a good time for investors to look at exposure in what I think is a long-term rising market.”
Lithium Plus Minerals is also looking to display to investors at RIU Sydney that the company is bolstered with what it says are ‘well-credentialed’ people from the lithium space and the mining industry.
“We’ve got a really strong board and share register,” he adds.
“For example, CATL (SHE:300750), the biggest battery manufacturer in the world, is a 9% shareholder. We’ve also got the support of DEVELOP, which is led by Bill Beament, who’s very well known in the mining industry, having built Northern Star (ASX:NST) into a $10-billion-plus gold miner.
“They can see the potential of these deposits that this management team is going to deliver.”
Lithium Plus’ tenement portfolio lies adjacent to Core Lithium’s (ASX:CXO) Finnis Project, which sits in the northern end of the Litchfield Pegmatite Belt, a region known for lithium mineralisation discoveries since 2017.
Mining.com.au is a media partner of this year’s RIU conference, which is being held at Darling Harbour’s Hyatt Regency Hotel on 7-9 May 2024.
Last year’s RIU Sydney Resources Round-up attracted more than 1,500 delegates, making it the busiest since its inception in 2004. With over 800 of last year’s delegates coming from the investor or broker/fund categories, this conference offers investor engagement opportunities.
Write to Adam Drought at Mining.com.au
Images: iStock
