Lepidico Ltd (ASX:LPD) has received promising returns from initial assay results from the recent drilling programme over the Rubicon and Helikon 1 lithium pegmatites, located within the company’s 80% owned Karibib Lithium Project (KLP) in Namibia.
Managing Director Joe Walsh said the 5,164m infill diamond infill drilling programme has been successful to date in further validating, defining and understanding the geology of these complexly zoned LCT-type (Lithium Caesium Tantalum) pegmatites.
Of particular note, all of the lithium mineralised pegmatites identified within the KLP are lepidolite-bearing, while spodumene is either rare or absent.
Mr Walsh said this phase of drilling is intended to increase data density and geological confidence to allow the estimation of Mineral Resources in the Measured and Indicated categories, and to enable the estimation of maiden Ore Reserves for both Rubicon and Helikon 1.
A revised JORC Code (2102) compliant Mineral Resource estimate (MRE) is scheduled for completion by the end November.
“These initial results confirm the anticipated grades of the two dominant types of lithium mineralisation identified at Karibib, massive and disseminated lepidolite, and importantly provide greater resolution of the defined lepidolite zones at both Rubicon and Helikon 1,” Mr Walsh said.
Our aggressive drilling programme, initiated in July is clearly delivering the results we need to estimate a maiden Ore Reserve at Karibib, which will be integrated into the Phase 1 Project Feasibility Study, the key findings of which are due in March 2020.”
To date a global JORC Code (2012) compliant Indicated and Inferred MRE of 8.8 Mt @ 0.56% Li2O has been determined over six discrete lepidolite rich deposits located within a 68 km2 granted Mining License (ML 204) area.
ML 204 is contiguous with three Exclusive Prospecting Licenses (EPLs) covering a total area of 1,054 km2.
Access to the project is via a national highway from the Namibian capital Windhoek, located approximately 180 km to the south east and a 17 km all-weather access road from the nearby town of Karibib.
The deep-water port of Walvis Bay is located 210 km to the south west, which is serviced from Karibib by both the national highway and rail networks.
