Pioneer clarifies Mavis Lake spodumene result based on observation, assays due by end of March

Pioneer Resources ASX PIO Mavis Lake diamond drilling lithium
Drilling at Pioneer Resources' Mavis Lake lithium project.

In a clarification to the market, Pioneer Resources (ASX: PIO) has stated the spodumene intersection it pulled out of its first drill hole at its Mavis Lake lithium project in Canada was based on observation and not actual assays.

Using visual estimations, Pioneer believes the intersection is around 20m thick with about 35% spodumene.

However, assays regarding actual width and grade are anticipated by the end of March.

The current drilling campaign at Mavis Lake has finished and, once the assays are received, Pioneer will notify the market.

The drilling program started in late January and comprises up to 1,200m of diamond core holes to test extensions to spodumene-bearing pegmatites that were intersected during the 2017 campaign.

Four holes were drilled during the 2017 program with each hitting spodumene-bearing pegmatites.

Results from the 2017 campaign were 26.30m at 1.70% lithium, with a 7.7m interval containing 2.97% lithium; 17.90m at 1.47% lithium; 12.85 at 1.16% lithium; and 16.55m at 1.45% lithium – including a 23.10 interval with 1.36% lithium further downhole.

Mavis Lake encompasses 2,642 hectares about 19km from Dryden in Ontario and close to Canada’s major Trans-Canada highway.

Additionally, major rail arteries link the project to larger cities.

Pioneer is earning up to 80% of the project.

Golden Ridge

As well as Mavis Lake, Pioneer is exploring for cobalt and nickel at its 100%-owned Golden Ridge project near Kalgoorlie in Western Australia.

Last year, Pioneer reviewed the project for its cobalt content and identified numerous drill targets, with drilling beginning at the end of November.

Better results from the campaign returned 31m grading 0.15% cobalt and 0.37% nickel, which includes a 3m interval with 0.45% cobalt.

Pioneer plans to carry out further drilling at the project to calculate a resource and access samples for metallurgical testing.

In addition to Golden Ridge and Mavis Lake, Pioneer has several other projects prospective for lithium, caesium, tantalum, cobalt, nickel and gold in WA and Canada.

Shares in Pioneer were up 3.45% at A$0.03 in early afternoon trade.

    Join Small Caps News

    Get notified of the latest news, events, and stock alerts.