Among those explorers making mining headlines today was Lithium Energy [ASX:LEL]. LEL had news of its maiden drilling programme at the Corella graphite project, confirming a significant graphite discovery.
LEL was rising nearly 4% in share price early Friday afternoon, up by 31% in the past month and 21% so far in 2023.
Over the past year, Lithium Energy has slipped by 13% in value, and around the same compared with the wider market. This afternoon, it was trading for 93 cents a share:
Source: TradingView
Lithium Energy completes successful maiden drill at Corella hours after Solaroz update
Lithium, graphite and other critical minerals explorer, Lithium Energy, has posted a new breakthrough in the via its most recent, very significant high-grade graphite discovery.
Such a discovery was uncovered at its 100%-owned Corella graphite project in QLD.
Assays from LEL’s maiden 16-hole, 1594m reverse-circulation (RC) drilling program have come back with confirmation of high-grade graphite mineralisation of more than 15% total graphitic carbon (TGC) across thick widths in multiple holes.
Among the highlights were intersections of up to 27.4% TGC at 23 metres from 13 meters, and 21.8% TGC at six meters from 32 meters.
This is good news for the group as it advances its studies on a vertically integrated battery anode material manufacturing business. LEL says it will be looking at putting more time and energy into producing a maiden mineral resource at Corella.
Lithium Energy hopes to further investigate the potential for developing a vertically integrated battery anode materials manufacturing production facility. Furthermore, it said that these results feed into the maiden JORC Inferred Mineral Resource estimate for Corella.
Some of the multiple high-grade intercepts of graphite the group found at Corella included:
Source: LEL
Lithium Energy says this significant graphite discovery adds to the company’s world-class high grade Burke Graphite Deposit. The deposit hosts a JORC Indicated and Inferred total mineral resource estimate of 9.1 million tonnes at 14.4% TGC.
But that wasn’t all. Yesterday, LEL said the group’s Solaroz Lithium Project has also succeeded in its first-pass diamond drilling program. This was reported as another success with massive intervals of lithium-rich brine uncovered throughout the three-rig campaign.
LEL explained drill hole six — located next to Allkem’s flagship Lithium Facility in the Salar de Olaroz basin — was found to intersect the upper aquifer with conductive brines encountered in sandstone units from 150 meters.
Based on the interpretation of its previous geophysical surveys, Lithium Energy proposes to drill in hole six to a target depth of approximately 580 metres below the surface to test the extent of lithium mineralisation.
Source: LEL
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