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Firetail Confirms LCT Pegmatite Continuity

23 August 2023 12:25
Murchinson Region 1

Firetail Resources (ASX:FTL) have confirmed lithium pegmatite continuity at the Yalgoo Lithium Project’s Johnson Well target, with the latest drill results from the Project hitting extending pegmatite strike and returning intersections up to 3m @ 0.83% LiO2 from 32m including 1m @ 1.16% LiO2 from 34m.

This announcement comes in immediate succession tothe Company obtaining an 80 percent stake in the Picha and Charaque Copper Projects located in southern region of Peru.

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Figure 1: RC rig drilling first collar at Johnson’s Well.

Confirming Continuity

The 589m drilling campaign comprised 22 holes completed on four traverses approximately 80m apart with drill holes 20m or 40m apart and was designed to follow up on promising rock chip and soil sampling results up to 0.54 percent lithium and >1 percent rubidium.

Drilling returned several significant intersections in excess of 2 per cent, with predominant lithium minerals being lepidolite and zinnwaldite.

Pegmatites were intersected in three of the four traverses completed which indicates that the Project hosts a minimum 150-metre strike length, with results also showing the pegmatites continue for an estimated 120m down-dip.

The Company also noted that results have shown a potential increase in lithium grade at depth, with drill fence one, which returned the standout 1.16 percent lithium hit, showing the best grade at the deepest intersection.

Looking Ahead

Drilling has demonstrated that the Project’s pragmatic potential has room to grow as all pegmatites intersected so far have remained open down-dip which the Company plans to test with a follow-up drilling the campaign.

This new campaign will test down-dip extensions with holes planned to step out towards the northwest.

The Company said that by confirming the continuity of pegmatites at the Project, it has validated that its exploration program is on the right track.

“These results reflect an increased understanding of the region and further assurance that our team’s interpretation of the pegmatite system within the Yalgoo tenure is heading in the right direction,” Executive Director Brett Grosvenor said.

“Our Geological team, led by Robin Wilson, is hard at work planning the next round of activities to better understand the geology and potential for further LCT pegmatites in the region, as well as target generation for future drilling campaigns.”

FTL’s Australian Stock Exchange-listed share price is currently trading at $0.13 (12:20 pm UTC+ 8 hours).

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