Allkem Ltd. [AKE-TSX, ASX] provided a drilling update for its James Bay lithium project in Quebec, Canada.
Highlights: Assays continue to demonstrate thick intercepts of lithium mineralization within spodumene-bearing pegmatites in the NW Sector.
Intercepts include 114 metres of 1.73 % Li2O from 140.5 metres in JBL-23-050, and 94 metres of 1.87% Li2O from 107 metres in JBL-23-085. The reader is cautioned that these thicknesses represent downhole thicknesses and not true thicknesses. True thicknesses are estimated to be between 60% and 80% of downhole thicknesses.
Between December 2022 and April 2023, Allkem undertook a resource definition drilling campaign with the aim of delineating the pegmatite dykes around the extremities of the deposit, and to test for strike extensions to the north-west. In total, 130 drill holes were completed for a total meterage of 29,124 metres. A significant portion of this drilling was designed to support a maiden Inferred Mineral Resource in the NW Sector, supported by an 80m x 80m drilling pattern.
Interim assay results relating to the newly discovered NW Sector were announced to the market on May 4, 2023. The remaining assays have been received from the laboratory and are included in this announcement with a supporting plan view and schematic section.
Managing Director and CEO, Martin Perez de Solay said, “These outstanding drilling results confirm a material extension of mineralization at James Bay. Work is now focussed on reviewing the Mineral Resource to include the additional results from the 2023 drilling program and an update is expected by the end of the month.
“James Bay is a Tier 1 lithium asset with the potential to grow even further as the boundaries of mineralization are tested through an additional drilling program commencing later in the year.”
A Mineral Resource update is on-track for completion in August 2023, and will be announced to the market once internal checks and verifications are complete.
The company is currently planning a significant diamond drilling campaign to start in November 2023 to expand on the additional lithium-bearing pegmatites discovered last winter. The drilling program will consist of both in-fill drilling to better understand the geometry of the pegmatites, and step-out exploration drilling to discover new pegmatites along-strike to the NW zone.
