Lithium Plus Minerals Limited (ASX: LPM) is back in the spotlight with promising developments at the Lei Prospect, part of the Bynoe Lithium Project. After a hiatus, infill and extensional drilling activities recommenced at the Lei Prospect in August 2023, marking a significant step forward for the company.
A Remarkable Discovery – BYLDD019 Intersects 127m of Pegmatite
The highlight of these recent drilling efforts is the completion of the first diamond hole, BYLDD019, which has revealed a remarkable discovery. This diamond hole intersected an astounding 127 meters of strongly mineralised pegmatite at a depth of 609 meters. The true width of this impressive find is estimated to be approximately 60 meters, showcasing the enormity of the deposit. While assays for this intersection are still pending, the initial visual inspection of the core sample indicates a consistent distribution of large spodumene crystals.
A Record-Breaking Achievement
What makes this discovery even more exceptional is that it ranks among the largest mineralised intersections ever recorded within the Bynoe pegmatite field. This achievement places the Lei pegmatite prospect in esteemed company alongside Core Lithium Ltd.’s (ASX: CXO) previously reported world-class 119-meter intercept at the BP33 deposit in December 2019. This accomplishment underlines the significant potential of the Lei Prospect and its contribution to the lithium sector.
Confirming Expansion – A Thicker Lei Pegmatite
Furthermore, the discovery has confirmed a substantial thickening of the primary Lei pegmatite down-plunge. This expansion extends both laterally and vertically, all while maintaining a noteworthy grade. To explore this potential further, Lithium Plus Minerals has already set four additional diamond holes in motion to test the pegmatite extent at depth and along the strike.
Fast-Tracking Resource Delineation
With a clear focus on maximizing the Lei Prospect’s potential, the company has concurrently initiated drilling for seven infill holes. This strategic move aims to fast-track resource delineation, enhancing the project’s overall development trajectory.
A Maiden High-Grade Lithium Resource on the Horizon
Lithium Plus Minerals remains steadfast in its commitment to advancing the Lei Prospect. Dr. Bin Guo, the company’s Executive Chairman, expressed excitement over the recent discovery. He emphasised that this intersection is a pivotal moment for Lithium Plus Minerals, setting the stage for a momentous milestone. Guo stated, “It represents one of the largest reported mineralised intersections recorded to date from the Bynoe pegmatite field, with visual inspection showing large spodumene crystals of consistent distribution throughout the core sample.” Importantly, this discovery aligns with the company’s goal of declaring a maiden high-grade lithium resource by the fourth quarter of 2023.
A Promising Future
As Lithium Plus Minerals continues to push the boundaries of exploration and discovery at the Lei Prospect, investors and industry experts alike are keeping a close eye on the company. With the potential for a groundbreaking lithium resource declaration on the horizon, Lithium Plus Minerals is poised for a promising future in the booming lithium market.
In summary, the recent record-setting mineralised intersection at the Lei Prospect marks a significant achievement for Lithium Plus Minerals and highlights the vast potential of the Bynoe Lithium Project. With drilling activities in full swing and plans for a maiden high-grade lithium resource declaration in the near future, the company is well-positioned to make a substantial impact in the lithium industry.
