Galaxy Resources Limited ("Galaxy" or the "Company") (ASX: GXY) is pleased to announce its first assays from its 2017 drilling campaign at its James Bay lithium pegmatite project in Quebec, Canada. In late March, Galaxy’s James Bay team commenced a ~31,000m diamond drilling campaign to extend and develop the existing James Bay resource. Phase 1, which completed 20,245 meters, is now complete and the drill program has shown the resource to be open at depths below -100m and the existing recoverable resource was reported to an average of -110m (maximum -200m) below surface. All intercepts are reported below. The Phase 2 drilling program is ongoing and expected to be completed by the end of July 2017. Further results will be released over the coming weeks. Galaxy’s Managing Director and
CEO, Anthony Tse, commented: “The new phase of drilling at James Bay was put in place to reinforce the scale of the pegmatite and the significant potential for further growth. James Bay’s proximity to local infrastructure, including the accessible road networks, water and power supply are all natural advantages and key to the development of the Project.
The Project Team will now focus on concluding the activities required on the resource upgrade campaign, in addition to progressing the work in relation to the Feasibility Study, both for the upstream mine and concentrator plant, as well as the downstream lithium conversion facility.”
The first ten drill holes returned significant intercepts including:
Drill hole JBL17-04, from 73.17m, 38.8m @ 1.65 Li2O %
Drill hole JBL17-08, from 12.85m, 48.10m @ 1.56 Li2O%
Drill hole JBL17-07, from 138.45m, 38.1m @ 1.50 Li2O %
Drill hole JBL17-11, from 118.9m, 48.60m @ 1.64 Li2O %
Including ▪ from 118.9m, 1.40m 3.30 Li2O %
from 120.3m, 1.50m, 4.37 Li2O %
from 121.8m, 1.50m, 3.10 Li2O %
from 129.3m, 1.50m, 4.41 Li2O %
GXY Price at posting:
$1.66 Sentiment: Buy Disclosure: Held
