Lithium Plus Minerals (ASX:LPM) says recent exploration work at its Bynoe Lithium project in the Northern Territory warrants an expanded follow-up drilling program at the Perseverence prospect.
The $46.98 million market capitalisation company has recently drilled 6 reverse circulation (RC) holes at the prospect, which lies in the Bynoe project’s Kings Landing area, and it’s now planning follow-up drilling to define the extent of ‘high-grade’ spodumene mineralisation that is improving in width and grade at depth.
All up, Lithium Plus drilled the 6 RC holes for 900m, which extended the mineralisation in the area at surface and between existing holes and has therefore helped define the plunge and extent of the ‘high-grade’ zones.
Assays from 2 holes at Perseverance intersected ‘significant’ spodumene mineralisation, including hole BYPRC027 with 7m @ 0.86% lithium oxide (Li2O) from 135m in a broader zone of 12m @ 0.57% Li2O; and hole BYPRC031 with 7m @ 1.22% Li2O from 110m within a broader zone of 12m @ 0.79% Li2O.
Lithium Plus Executive Chairman Bin Guo says these recent results confirm the prospect as the company’s next priority focus area for the definition of new resources.
“We look forward to returning to Kings Landing as soon as the 2024 field season commences to aggressively pursue the ongoing drilling program.”
“We look forward to returning to Kings Landing as soon as the 2024 field season commences to aggressively pursue the ongoing drilling program”
The Bynoe project sits on the Cox Peninsula, about 45km south of Darwin in the Northern Territory, covering a 297km-square area.
Lithium Plus Minerals is an Australian lithium explorer focused on its 22 tenements in the Northern Territory.
As of 30 September 2023, the company had $6.1 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Lithium Plus Minerals
