MAIDEN HIGH-GRADE LITHIUM RESOURCE DECLARED AT LEI
December 19, 2023
Lithium Plus Minerals Limited (ASX: LPM) (Lithium Plus or the Company) is delighted to declare a
maiden 4.1Mt at 1.43% Li2O Mineral Resource Estimate (MRE) at the 100% owned Bynoe Lithium
Project near Darwin in the Northern Territory, Australia.
+ Maiden MRE of 4.1Mt @ 1.43% Li2O at 0.5% cutoff including Indicated and Inferred material.
+ Includes assay results from the recently completed drilling program comprising seventeen (17)
drill holes for ~7,332 metres. Significant intersections include:
- 50m at 1.83 % Li2O from 613m (BYLDD034)
- 39m at 1.55 % Li2O from 204m (BYLDD023); and
- 33m at 1.65 % Li2O from 642m (BYLDD035)
+ Primary Lei pegmatite contributed solely to current MRE, with the open zone beneath the
extent of current drilling to remain a potential target for future work.
+ Secondary Lei pegmatite not currently included in Resource modelling and is expected to
be followed up in future potential drilling programs.
+ Further drilling focus now shifts to Perseverance and Jenny’s prospect areas in line with
multiple discovery strategy and expected hub and spoke model for future development.
+ Up to five (5) diamond tails and diamond tail extension holes to be completed at
Perseverance in the field season 2024.
+ Lei Deposit advancement to continue in parallel with preliminary metallurgical test results
expected to be available Q1 2024.
Commenting on the maiden MRE for the Lei Deposit, Executive Chairman, Dr Bin Guo, said:
“We have delivered on our commitment to shareholders to delineate a high-grade Mineral Resource by year end at Lei. This milestone represents the culmination of targeted exploration activities by the Lithium Plus team at Lei throughout the 2022 and 2023 field seasons. We are confident in the potential at Bynoe and that this outcome represents the first of numerous, similar style, lithium deposits capable of being delineated across our richly fertile pegmatite fields.
Our exploration focus now firmly shifts to our set of high priority pegmatite occurrences, initially
targeting the Perseverance and Jenny’s prospect areas. In parallel we continue to firm up drill targets from among the many historically known pegmatites occurring in clustered linear swarms in and around the King’s Landing Area and beyond.
The maiden MRE at Lei is a significant first step in line with our multiple discovery strategy and
expected hub and spoke model for future development potential. We now look forward to Q1 2024
and another busy year of advancement of our Bynoe Lithium Project”.
The MRE summary for the Lei Deposit is outlined in Table 1. Resources have been estimated as 4.09Mt @ 1.43% Li2O at 0.5% cutoff including Indicated and Inferred material, with measured material not classified at this time.
Table 1: Mineral Resource Summary (at 0.5% Li2O cutoff)
All Mineral Resource Estimates are inclusive of drilling undertaken throughout 2022. Final results from the 2023 drilling campaign are provided in Table 2 and Table 3.
Figure 1: Lithium Grade (Li2O%) distribution across the Lei Resource