Considering the mcap of >$40m prior these results are terrible and exacerbated by the following:
- "
Principal lithium minerals identified during geological logging of diamond drill core include spodumene, lepidolite, zinnwaldite, garnet, tourmaline (elbaite) supporting the potential of Bonzer to host significant lithium mineralisation"
lepidolite and zinnwaldite are lithium minerals, but
NOT the lithium minerals you want due to issues with processing. Spodumene is really the
only mineral you want, so if the already low lithium grades received today are mainly from lepidolite and zinnwaldite, then the results are even worse than reported as effectively you would be subtracting the lithium amounts contained in these 2 minerals from the lithium contained in spodumene.
- their surface soils and rock chips were very good so to get such low grade lithium results in drilling doesn't bode well for future drilling on other pegmatites.
- they mention the K/RB ratio is important for assessing pegmatite fertility and then
intentionally leave out Rb from their results so that this ratio can't be calculated lol
Rb is almost always shown along with the Li grade for all other companies as it also shows the association with mica and hence lepidolite..very sus!
Based on the above you'd need something close to a miracle to actually hit economic mineralisation in further drill campaigns imo.
If only there was someone with a bit of knowledge/experience to warn holders they were likely in for a spanking when results were released.
(20min delay)