Battery metals specialist Lepidico Ltd (ASX:LPD) has recorded encouraging results on multiple exploration fronts in Namibia.
Drilling at Helikon 4 has returned the broadest high grade lithium intercepts to date at the Karibib Project (80% Lepidico), while a new lepidolite bearing pegmatite has been identified at Homestead with a strike of at least 250 m and downhole width of up to 31 m.
In addition, trenching and sampling of lepidolite rich stockpiles at Rubicon is complete with a revised Mineral Resource Estimate (MRE) now in progress that is intended to upgrade the current high-grade Inferred material into Indicated category and thereby allow it to be included in the Phase 1 mine plan.
Two new land access agreements have been entered into allowing exploration of priority targets to start within EPL5439, which is located immediately to the east the Phase 1 Mining Licence area (ML204).
The Homestead target is situated within this EPL, 1.6 km along strike from the Helikon 2-5 line of lepidolite pegmatites. Preparation is also underway to start exploration activities in the east of EPL5439 on several priority lithium and gold targets.
“An extensive Mineral Resource expansion initiative started in earnest in the March 2022 quarter with activities on four fronts,” Managing Director, Joe Walsh, said.
“The objective of these programmes is to expand the Mineral Resource base, to both extend Phase 1 operating life to over 20 years and provide a mineral inventory to support a Phase 2 Project of at least similar scale to Phase 1 by December 2022.
“Exploration is intended to continue through 2023, with the aim of expanding Resources further to justify a significantly larger scale Phase 2. Turnaround times for assay results have been slow – a global issue – but the assays have been worth waiting for.
“Based on RC results returned so far, the weighted average grade of mineralised intercepts at Helikon 4 of 0.60% Li2O is 56% higher than the Inferred Resource grade, with drilling also extending the zone at depth where it remains open.
“Work to upgrade this Resource will start shortly, in parallel with further drilling at Helikon. Initial drilling at Homestead has identified a broad zone of lepidolite mineralised pegmatite over 250 m of strike, with the current drilling program ongoing.
“The third exploration priority is to upgrade lepidolite rich stockpiles into Indicated category to allow this material to be included in the mine plan in the September 2022 quarter.
“And finally, regional exploration has been successful in identifying blind pegmatite targets under surface cover. Scout drilling is now seeking lithium mica mineralisation associated with associated surface rubidium anomalies.”
For further information please visit: https://www.lepidico.com/