Summary
EXPLORATION AND ADVANCEMENT UPDATE BYNOE LITHIUM PROJECT
Lithium Plus Minerals Limited (ASX: LPM) provided an exploration update for the Bynoe Lithium Project near Darwin, Northern Territory, Australia, highlighting the project's progress and future plans.
The Lei Deposit's maiden Mineral Resource Estimate (MRE) was declared in December 2023, with 4.1 Mt at 1.43% Li2O, including both Indicated and Inferred material, focusing solely on the primary Lei pegmatite.
Initial drilling at the Perseverance and Kings Landing Area confirmed spodumene mineralization in near-surface, fresh pegmatite, with fourteen drill holes completed to date.
A large-scale soil geochemistry program identified over fifteen drill-ready pegmatite targets based on elevated and anomalous lithium and associated pathfinder elements.
For CY2024, exploration expenditure will focus on further discovery, with drilling to shift towards prospect areas with significant discovery potential beyond Lei, utilizing the company's strong A$9.4 million cash position as of 31 December 2023.
Capital-efficient, early-stage feasibility work on the Lei Deposit has begun, including mine design, site infrastructure, and cost evaluation, with favorable preliminary metallurgical results suggesting a saleable Li2O concentrate can be produced.
Environmental baseline studies for a future referral are in advanced stages, targeting a June 2024 submission.
The Bynoe Lithium Project is part of Lithium Plus Minerals' portfolio, which includes 22 tenements in the Northern Territory, with the Bynoe, Wingate, and Arunta Lithium Projects highlighting the company's focus on lithium exploration in the region.
This announcement is a summary of the company approved ASX announcement on 22/2/2024.