Announcement Date: 2022-06-27
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Lepidico Ltd.
Project name: Karibib
Location: Namibia
Commodities: Lithium
Highlight: Drilling results incl. 40m @ 1.08% Li2O from 21m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Lepidico Ltd (ASX:LPD) (“Lepidico” or “Company”) is pleased to advise that encouraging results have been recorded on multiple exploration fronts. 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. Managing Director Joe Walsh said, “An extensive Mineral Resource expansion initiative started in earnest in the March 2022 quarter with activities on four fronts. The objective of these programs 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
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