Well, we knew the scale was there. Huge structures, 100m hits, this thing could've been massive. Unfortunately the mineralisation (which is what we were all betting on), putting it nicely, is non-existent for the most part.
Too many exotic lithium bearing minerals that would be a nightmare for economic extraction. Lepidolite, amblygonite, polylithionite, that's a new one. The hint of water in the holes flew over my head but it now makes sense that everything is so altered/oxidised.
The visuals of spodumene at 8535 are next to nothing, so I don't really have any hope for that to be economically mineralised at all. Shame, because those pegmatites are absolutely enormous.
I mentioned a while back that I thought P1 at 7345 would be fruitless, and it was confirmed in the exploration update when the 'mineralised structure' didn't even cover the drill targets from phase 1. Unfortunately today that is all the market will care about, 7345 P1 assays, and any other targets nearby will probably be completely discounted because of them. It was a mistake for them to release assays for that phase whilst showing off the large hits elsewhere in the same announcement, that
might have potential.
Also the information provided in the ann is somewhat lacklustre, in regard to location of targets within the tenement. It's hard to figure out where drilling/structures found in subsequent phases are.
The potential saving grace from this announcement is one of the huge pegmatites they hit in the south of 7345. These pegmatites are far away from the first phase of drilling, so this should not yet be associated with those results.
See below: the entire intersection from
A7BRC040 contains either spodumene or polylithionite, but never both at the same time. Polylithionite is an alteration mineral of spodumene. Therefore, my interpretation of this is that once upon a time, it was all spodumene. Then water intrudes the structure, oxidising sections of spodumene into polylithionite, which is lower grade and has a much more convoluted extraction process since it is a mica. Although future assays for this intersection might actually appear decent at first glance, the polylithionite makes it unattractive.
So while this particular one might not be really be viable due to the high polylithionite content, if there are pegmatites like this around with a lower level of water alteration, then there might be a chance of a large, decently mineralised (spodumene) structure.
I will be watching to see their new acquisitions and future updates for new targets, particularly around 7470 and southeast 7345.
But for now, I'm half out. Sold a decent position on open, will look to re-enter depending on sp and/or future findings.
Looking back I'd still take that punt anyday, considering the size of structures, the fact that spodumene mineralisation was showing well at surface, and the Huayou investment. Quite disappointed as this could've been huge. But I think it's safe to say we kind of got baited by the team on the mineralisation aspect, lol.
Good luck to all who still stick around, or take this as a buying opp. Let's see what future exploration brings. All is my opinion.
