re: Ann: Karibib Lithium Project - First Diam...
Buyers coming back, hopefully investors see an opportunity to accumulate at a discount.
KARIBIB LITHIUM PROJECT: RUBICON DIAMOND DRILLING PROGRAM FIRST ASSAY RESULTS Summary 12 diamond drill holes for 1,169m completed at the Rubicon Prospect during March April 2010 with the aim of broadly defining the geometry, thickness and mineralogical zoning within the host pegmatite dyke, down dip from the historic lithium mining areas. Visible lithium mineralisation logged in most holes, however its intensity is erratic and the stronger mineralisation appears to have a northerly plunge towards Rubicon 2 as distinct to the northeasterly dip of the host pegmatite dyke. The assay results for the first 9 holes (RDD‐01 to RDD‐07 & RDD09 to RDD‐10) drilled down dip of the Rubicon 1 & 2 pits have been received. While four of the nine holes intersected encouraging lithium grades (+1% Li2O), broadly in line with expectations and consistent with the rock chip geochemistry results, the mineralised widths in these holes were less than expected based on open pit observations. Instead, broader, lower grade (+0.1% Li2O) halos were defined around the narrower +1% Li2O zones. Drill intersections using a 0.5% Li2O cut‐off included 0.9m @ 1.06% Li2O from 45.95m and 0.69m @ 1.43% Li2O in hole RDD‐01, 3.5m @ 0.62% Li2O from 26.5m and 2m @ 0.73% Li2O in hole RDD‐04, 1.36m @ 0.68% Li2O from 64m and 0.68m @ 1.11% from 74.32m in hole RDD‐ 05, 1.16m @ 0.82% Li2O from 17.64m in hole RDD‐06, 2.33m @ 1.14% Li2O from 36.10m and 1.27m @ 1.11% Li2O from 43.44m in hole RDD‐ 07 and 2m @ 0.70% Li2O from 93m in hole RDD‐09. The assay results for the remaining 3 holes at Rubicon are expected in the next 3‐4 weeks. Upon receipt exploration efforts at Rubicon will focus on reviewing the detailed geological information collected in the drill core in an attempt to understand the lithostructural controls to the broader higher grade zones observed in the Rubicon open pit. Drilling activities have moved to the Helikon Prospect, however a change of drill rig will be required to facilitate access to the steep slopes of this prospect area. During the current quarter, exploration will also commence on the extensive areas of shallow transported cover masking prospective geology that has yet to be assessed for further blind lithium bearing pegmatite units.
BFE Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
