Lepidico’s latest drill run returns thick intersection of lithium

Mon 27 Jun 22, 11:16am (AEST)
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Key Points

  • The Helikon 4 target has returned a 30m thick intersection with mineralised lithium evident
  • Average intercept grade surpasses that of company’s pre-existing inferred resource
  • Company flags upcoming revision and update to mineral resource estimate

Lithium explorer Lepidico (ASX:LPD) has logged a thirty metre long mineralised core sample at the Karibib Project in Namibia. 

Lepidico shares are trading 7% higher in the first hour of trade, the company specialises in targeting lithium lepidolite deposits. 

The new assay results, which come from the Helikon 4 target on-site, are the broadest yet for Lepidico. 

Historical mining has been carried out on the acreage; Lepidico notes water flows underground have impeded the execution of intended drill plans. 

The company adds initial results for a recently completed diamond drill run also provide evidence of lithium mineralisation, but assay results are still pending. 

A fairly technical map from the company showing the locations of latest drillholes and drill direction
A fairly technical map from the company showing the locations of latest drillholes and drill direction

Homestead and Rubicon targets in the background 

On top of today’s results, Lepidico has also discovered previously unknown lepidolite rock outcropping at the Homestead target. 

The dimensions of the deposit at this early stage are thought to have a strike length some 250m and downhole width of around 31m. 

Maiden drilling was conducted at Homestead last month; the company notes initial results provide evidence of lithium mineralisation. 

Drilling is ongoing at Homestead with diamond core holes planned for next month. 

One man’s trash…

The Rubicon workings, meanwhile, encapsulate a small but shallow mineral system believed to be prospective for lithium. 

The workings in question regard historical waste piles of material from the previously operating Rubicon lithium mine.

The company perceives a commercial pathway to recover lithium from those materials.

Surface sampling has recently been conducted with geotechnical results pending. 

What is lepidolite? 

Lepidolite is a common mineral which hosts lithium, but is often overlooked in favour of spodumene. 

Lepidolite refining practices to yield lithium metals are less developed than that for spodumene, and fewer companies focus on lepidolite exploration. 

However, a number of companies on the ASX boast lepidolite deposits, including De Grey Mining (ASX:DEG), Lithium Australia (ASX:LIT) and Metals Australia (ASX:MLS).

Lepidico's three month charts versus the materials index (XMJ)
Lepidico's three month charts versus the materials index (XMJ)


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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