Current activities expected to pave the way for an updated Mineral
Resource and Scoping Study in the December 2022 quarter
HIGHLIGHTS
Cade Deeps drilling: Three holes completed ~120-130m below the Cade Mineral Resource, suggesting that a southerly plunge could be present instead of the previously interpreted northerly plunge. Thick pegmatite intersections up to 25m in true width were observed in two holes with a ~1m interval of visual spodumene observed in one hole. All pegmatite drill core will be submitted for lithium assays. The programme is expected to be completed by mid-August.
Metallurgical test work: Three composite samples are currently being processed at Nagrom Laboratories. The composites have been selected from diamond drill core obtained from the March quarter drill programme, which returned outstanding near-surface results, including: - Cade Deposit assay results include: - 19.2m @ 1.44% Li2O from 15m (PDD596) - 23.7m @ 1.26% Li2O from 3.6m (PDD599) - 18.9m @ 1.24% Li2O from 21.1m (PDD600) - Davy Deposit assay results include: - 31.95m @ 1.24% Li2O from 45.4m (PDD601) - 18.7m @ 1.05% Li2O from 17m (PDD603)
An application for a Mining Lease to encompass the Dome North Mineral Resources is being prepared and is expected to be lodged by end-August. The regulatory process will likely take 6-9 months.
Essential Metals Managing Director, Tim Spencer, said: “We are working hard to
determine the optimal project operating scale that the Dome North lithium Resource can support, to allow us to move ahead with more detailed economic studies. Having thick zones of near-surface, high-grade lithium-bearing spodumene greatly enhances the Project and provides a strong foundation for feasibility studies, commencing with a Scoping Study in the December Quarter.”