I don't like to burst people's bubble, but there seems to be a...

I don't like to burst people's bubble, but there seems to be a few people here (unintentionally or not) spreading misinformation and ramping this stock - comparing it to Mt Marion owned by ASX:MIN when this is clearly far, far less prospective. So I thought I would give my 2c. You don't have to like it, I invite anyone to show me why I am wrong.

Appendix 1 tells you everything you need to know.
The only lithium-bearing mineral noted is lepidolite, which is a lithium mica that currently has a far economically inferior extraction method compared to spodumene, and produces a concentrate typically under 4%. Lepidolite was only mentioned twice out of ~139 rock samples. There is no mention of spodumene.

Use ASX: PAM as a peer comparison - they have a lepidolite resource at (soon to be) 20Mt at ~0.50% Li2O, and are valued at $50m mc. Even then they may not be able to economically extract their resource yet. Their recent exploration results came back with 44 out of 64 rock chips @ over 1% Li2O. LRD has found 1 out of 139 that match that grade.

The two lepidolite samples are right next to each other - no useful lithium bearing minerals have been found on any other pegmatites. The rest of the relatively higher Li results seems to be (based on the sampling comments in the appendix) from muscovite, a common pegmatitic mica of which Li is not economically extractable. The pegmatite that does contain lepidolite looks to be incredibly thin - based on E/N this seems to be the same body,
1-2m wide:




Most of the outcrops range from only 1-3m thick, based again on the sampling comments. Although management have stated "Many of the pegmatites can be followed for over 200m with widths at surface greater than 10m wide", any pegmatite that matches this description is so far shown to be completely barren, apart from the aforementioned muscovite.

Over the whole tenement you would have to be very lucky to get 10Mt at 0.4-0.6% Li2O.
5Mt is more realistic and that's assuming way more lepidolite mineralisation that what is currently being implied by sampling to date. All IMO.


TLDR: sampling is already showing dusters on all surface pegmatites except maybe one, and the incredibly small widths of the dykes make the whole lot very underwhelming. Even if it was spodumene instead of lepidolite, I still personally wouldn't be touching this.

The positives here are that the mcap is small and cash is good - but there is a reason it's cheap. I genuinely wish the best to all holders, which is why I made this post. If drill results come back showing real potential for an economic deposit, please tag me and shame me. Cheers