- Lithium Plus Minerals (ASX:LPM) are up 7.04 per cent in response to the latest lithium drill hits at NT-based project
- The company flagged two seven-metre intersections taken from its Perseverance prospect, located within the company’s Bynoe project
- Diamond drilling is to follow up the RC holes with that campaign to be completed by early 2024
- A maiden MRE for LPM’s Lei prospect is “imminent”
- Shares last traded at 38 cents
Lithium Plus Minerals (ASX:LPM) has reported new lithium drill hits at its Perseverance prospect, part of the company’s Bynoe project in the Northern Territory.
Shares were up 7.04 per cent to 38 cents in the second hour of trade.
Located within the Kings Landing area – a growing area of interest for geotechs – two RC drillhole results were highlighted this morning.
The first was seven metres at 0.86 per cent lithium from 135 metres depth and the second was another seven metre core at 1.22 per cent lithium from 110 metres.
While the widths and grades may not blow shareholders out of the water, the company has firm evidence a pegmatite system exists at Perseverance.
Pegmatite exploration at the prospect has also seen LPM turn up spodumene in 2023 exploration drilling.
Next steps
The company is set to follow up with diamond-tipped rigs downhole what the RC rigs have already perforated.
Diamond rig tails will be sunk down two of the most recent RC holes first, and then another three RC holes which were drilled back in 2022.
The company is ultimately testing mineralisation at extended depths with this strategy; diamond drilling is expected to wrap up In early 2024.
In the background, a Lei maiden resource is looming, with the company reporting solid progress today.
MRE focus to swap
Once that’s out of the way – it’s back to the Perseverance area of interest.
“With our maiden resource estimate imminent at the Lei prospect, further exploration success returned from drilling results from our concurrent drilling campaign at Perseverance is starting to firm as the next priority focus area,” LPM Executive Chair Dr Bin Guo said.
“We look forward to returning to Kings Landing as soon as the 2024 field season commences to aggressively pursue the ongoing drilling program’’.
LPM shares last traded at 38 cents.