Loyal Lithium (ASX:LLI) has flagged a ‘major’ discovery from the first drillhole assays posted from its Trieste Lithium Project in Quebec, Canada.
The $32.99 million market capitalisation company says results, generated from Dyke #1 2023 drilling at Trieste, exhibit ‘high-grade’ lithium from surface and follow a recently announced channel and rock chip sample assay results during a maiden field program in August 2023.
Loyal reports it will maintain its momentum as it prepares for an upcoming drilling program during the Canadian winter to further unlock the ‘unique’ metasediment-hosted spodumene project along the prolific Trieste Greenstone Belt.
Managing Director Adam Ritchie says results returned thus far highlight the ‘exceptional’ prospectivity of Trieste and reinforce the winter drilling program.
“The ‘big picture’ at Trieste truly excites the team. The six identified spodumene-bearing dykes exhibit distinct east-west trends within a spodumene-rich metasediment host zone.
This zone, densely vegetated, covers approximately 20 km², and provides high potential for dyke extensions and the discovery of additional concealed dykes.
We are looking forward to continuing to explore Trieste in 2024, starting with our upcoming drilling program, for which preparations are already well advanced.”
The company notes the prominence of spodumene mega crystals was captured within the Dyke #1 drill core assays, with several core assays demonstrating lithium grades up to 4.3% Li2O.
Loyal Lithium notes it continues to evaluate the aeromagnetic, high-resolution orthographic imagery, and light detection and ranging (LiDAR) data, coupled with geologist field observations and drillhole assays to create a global geological understanding.
Loyal Lithium is an explorer with projects in tier one North American mining jurisdictions in the Northwest Territories and James Bay regions of Canada, as well as Nevada, US.
As of 30 September 2023, Loyal Lithium had $9.601 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Loyal Lithium
