More thick, high grade lithium hits reported from First Lithium’s Blakala prospect, one of only two Tier 1 priority lithium targets in Mali
New drill results from the +1.3km-long Main, Eastern, and Western pegmatite bodies include 21m at 1.96% Li2O; 8m at 2.23% from 38m
Remaining results are expected in the coming month with the company’s maiden JORC resource to follow
Special Report: More thick, high grade lithium hits bode well for First Lithium’s highly anticipated maiden resource at Blakala, one of only two Tier 1 priority lithium targets in Mali.
First Lithium’s (ASX:FL1) Faraba and Gouna permits are surrounded by world-class lithium projects, including Leo Lithium (ASX:LLL) and Gsnfeng’s giant 211Mt at 1.37% Li2O Goulamina JV.
While LLL is grappling with some jurisdictional issues at Goulamina, first spod is still pencilled in for Q2. All in sustaining costs of US$365/t SC6 would provide solid profits at conservative long-term pricing of ~US$900/t.
It means the prize for $20m capped FL1 is huge, with Goulamina and Blakala the only two Tier 1 priority lithium targets in Mali ranked by CSA Global in 2008.
FL1 embarked on a monster drill blitz at Blakala on relisting in September last year, which will soon culminate in a highly anticipated maiden resource.
Pic: FL1
Drill program wraps up with more thick, shallow, high grade lithium
New diamond drill results from the +1.3km-long Main, Eastern, and Western pegmatite bodies include a highlight 21m at 1.96% Li2O from 22m (Eastern), 15m at 1.73% Li2O from 50m, and 15m at 1.76% Li2O from 32m (Western).
RC pre-collar holes between Main and Western also hit bonanza grades including 8m at 2.23% from 38m.
These intercepts represent newly discovered pegmatites, the company says.
The company has added a diamond ‘tail’ to these holes to intersect the Main pegmatite body at ~100m under surface. A tail enables it to drill deeper in holes where mineralisation has already been found with a method that will also allow it to collect data on the orientation of the deposit.
Final results from the completed drill program are pending.
“The ongoing assay results continue to impress with significant grades identified in these, the latest sample results from the laboratory,” FL1 boss Venkat Padala says.
“The remaining results are expected in the coming month with the company’s maiden JORC resource to follow.”
This article was developed in collaboration with First Lithium, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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