Jindalee Resources builds lithium portfolio in Nevada

Jindalee Resources ASX JRL lithium portfolio Nevada McDermitt project
Jindalee Resources has acquired additional prospective lithium ground in Nevada, United States.

Less than a week after acquiring its first lithium project in the US, Jindalee Resources (ASX: JRL) has scooped up additional ground in Nevada.

The multi-commodity mineral explorer today announced its acquisition of the 19.6sq km McDermitt lithium clay project, located about 16km west of the town of McDermitt on the Nevada-Oregon border.

This is the company’s second lithium asset, after announcing last week it had acquired the Clayton North project, also in Nevada.

Both projects were acquired by Jindalee’s US-based wholly-owned subsidiary HiTech Minerals Inc for the cost of field work, staking and filing the relevant claims.

Jindalee said the acreage was selected following extensive research across Nevada, Arizona and Oregon and ground truthing and sampling of 12 potential project areas.

McDermitt project

The McDermitt project hosts extensive areas of lithium-bearing clays that outcrop over most of the project area with substantial thicknesses of 67m noted from surface.

Jindalee also pointed out that scree and recent cover obscures the base of the clay outcrops, which means the true width of the prospective horizon was “likely to be greater than the observed thicknesses”.

According to the company, assay results of up to 3020 parts per million lithium were returned from composite channel samples, auger and shallow core drilling.

Some of the highest returned grades included 50m at 950ppm lithium, 40m at 1370ppm lithium and 37m at 710ppm lithium.

Clayton North

The Clayton North project is located 23km north of the US’ only producing lithium operation, Silver Peak.

The area hosts lithium-bearing clays that have returned assay results of up to 930ppm lithium in sampling conducted by Jindalee’s geologists.

Jindalee said it was rapidly progressing the necessary permits and approvals to start drill testing at both projects as soon as possible.

The proposed drilling programs have been designed to follow up the encouraging values returned from initial surface sampling within the weathered material.

At McDermitt, the company also hopes to identify high-grade zones to be targeted in follow-up resource drilling.

As well as its US lithium projects, Jindalee’s diverse portfolio includes diamond, iron ore, gold and nickel projects in Western Australia and a magnesite project in Tasmania.

It also has indirect exposure to a range of commodities including uranium, copper, gold and nickel through investee companies.

Jindalee’s share price soared 42.9% to reach A$0.30 by afternoon trade.

Danica has extensive experience writing and editing business news in the Oceanic and Southeast Asian regions. She has written across a range of industries including oil and gas, mining, energy, science and research, retail and travel. Danica has covered small and large cap companies listed on the Australian, Singapore, Hong Kong, Indian, London and Toronto exchanges.