Lithium Plus Minerals hits ‘exceptional’ 127m pegmatite intersection at Lei

Lithium Plus Minerals (ASX: LPM) has drilled what it describes as a potentially “world class” intersection in a new exploration campaign at the Lei prospect within the large Bynoe project in Australia’s Northern Territory.

The 127m, strongly mineralised intersection, has provided positive early momentum for the recently recommenced infill and extensional drilling program at the Lei prospect.

Lithium Plus executive chairman, Dr Bin Guo, said the lengthy hit represents one of the largest mineralised intersections ever recorded from the Bynoe pegmatite field.

He noted that it compares favourably with Core Lithium’s (ASX: CXO) world-class 119m intercept at the nearby BP33 deposit.

“This exceptional intersection is tremendously exciting for Lithium Plus Minerals. It represents one of the largest reported mineralised intersections recorded to date from the Bynoe pegmatite field, with visual inspection showing large spodumene crystals of consistent distribution throughout the core sample,” Dr Guo said.

“Importantly, it indicates that the primary Lei pegmatite thickens with depth, expanding laterally and vertically whilst maintaining significant grade. We look forward to completing the remaining four diamond holes ahead of planned declaration of a maiden lithium resource by Q4 2023.”

First diamond drill hole

The first completed diamond hole in the new Lei program intersected 127m of strongly mineralised pegmatite from 609m, with a true width of around 60m.

Lithium Plus is now eagerly awaiting assay results from this initial hole, while four further diamond holes are underway to test pegmatite extent at depth and along strike.

The company is also drilling seven infill holes concurrently as it looks to fast-track resource delineation with the release of a maiden resource estimate set to be completed by the end of this quarter.

Lei background

Significant lithium mineralisation was discovered at Lei in 2017.

Earlier this year, Lithium Plus confirmed further high-grade lithium mineralisation in four out of four diamond drill hole assays from the prospect.

Highlight intersections of high-grade spodumene mineralisation included 40m at 1.64% lithium oxide and 39m at 1.39% lithium oxide.

Those results helped Lithium Plus extend the known mineralisation of the primary Lei pegmatite approximately 200m deeper while identifying a considerably larger volume of down-plunge lithium mineralisation.

The Lei prospect is located just 2km south of Core’s BP 33 Deposit which has a JORC compliant resource of 3.24 million tonnes at 1.51% lithium oxide.

Fully funded program

Drilling at the Lei prospect was highlighted in Lithium Plus’ successful completion of a $4.5 million placement in May.

Strongly supported by the company’s cornerstone investor Suzhou CATH Energy Technologies and a broad array of new and existing sophisticated and institutional investors, the share placement was staged to back the company’s plans to accelerate an expanded field season of drilling activities at Bynoe.

Alongside the Lei drilling program, Lithium Plus identified the undertaking of a maiden diamond drill program at the Perseverance prospect and initial drilling at the Kings Landing Area for the use of the proceeds.

Phase 3 exploration recommenced in July

In late July, Lithium Plus kicked-off its drilling campaign at the Perseverance prospect which is located within the Kings Landing area of the Bynoe project.

Drilling at Perseverance was designed to target known lithium bearing pegmatite at depth where RC drilling in 2022 confirmed spodumene mineralisation.

The company elected to bring in a dual reverse circulation/diamond drilling rig for a scheduled 5,000m program to test 4 large, high priority pegmatite systems at Perseverance, Jeweller’s, Jeweller’s Extension and Jenny’s.

Historic exploration studies have identified hundreds of known pegmatites in the Bynoe field.