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LOYAL METALS LTD — Capital/Financing Update 2023
Mar 19, 2023
65244_rns_2023-03-19_c33869c1-48f3-4415-a8bf-0210865b5f8b.pdf
Capital/Financing Update
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ASX:LLI
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ASX Announcement | 20 March 2023
MT Traverses Implies Sedimentary Target as Drill Mobilisation Commences at 100% owned Scotty Lithium Project, Nevada, USA
Highlights:
-
A 19.2km Magnetotelluric Survey (MT) completed across 5 traverses, with three traverses across Target 2 implying a 3.6km[2] sedimentary basin (highly conductive <3 ohm.m) on the 100% owned Scotty Lithium Project.
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The Target 2 sedimentary basin is beneath strong lithium-boron soil assay results[2] (maximum of 448ppm lithium and 3,360ppm boron) and just 1km west of Nevada Lithium’s (CSE: NVHL) 2022 drilling that confirmed 2 layers of lithium mineralisation.[1,6,7]
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The MT interpretation implies the Target 2 sediment basin starts at surface and extends to a depth of ~150m in the north and deepens to ~500m in the south - a substantial sedimentary target for Loyal Lithium.
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The completed MT interpretation has fine-tuned drill locations ahead of mobilisation works (commencing March 2023) with Boart Longyear sonic drill rig engaged.
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Subject to drilling results, a successful drilling program could achieve a maiden lithium resource for Loyal Lithium.
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Nevada lithium is poised to be a significant part of global lithium supply, underpinned by President Biden’s Inflation Reduction Act, which supports and encourages locally sourced critical minerals. Recent regional industry catalysts include:
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Ioneer (ASX:INR) obtaining US$700m loan from U.S. Dept of Energy to develop their Rhyolite Ridge Project in Nevada[3] (Jan 2023)
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General Motors (GM) and Lithium Americas Corp. (NYSE: LAC) partner through US$650m equity investment and exclusive supply agreement for the Thacker Pass Project in Nevada[4] (Jan 2023)
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Lithium Americas Corp’s Thacker Pass Project in Nevada receives favourable federal court ruling allowing construction to commence[5] (Feb 2023)
Loyal Lithium Limited ( ASX:LLI ) ( Loyal or the Company ) is pleased to announce the completion and interpretation of a 19.2km Magnetotelluric Survey (MT) across 5 traverses to identify several areas of interest at the Scotty Lithium Project in Nevada, USA. Three traverses within Target 2 are of most interest to the company as the interpretation implies a 3.6km[2]
A: 5/10 Johnston St,
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
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sedimentary basin beneath the strong lithium-boron soils assay results recorded by Loyal in September 2022[2] . The MT results in combination with Nevada Lithium’s recent positive drilling results, just 1km the east, provides the company with confidence as drilling mobilisation commences.
Commenting on the MT results and interpretation, Loyal Lithium’s Managing Director, Mr Adam Ritchie, said:
“The MT traverses are extremely encouraging as they clearly illustrate the size and potential of the Scotty Lithium Project.
The implied Target 2 sedimentary basin is a great initial target for the Company, and additionally, the MT results also indicate further potential to the south and north of the project. These are now additional secondary targets for the Loyal Lithium.
Further, the work conducted on the adjacent property gives us additional confidence, as Nevada Lithium’s 2022 drilling campaign reported exceptional lithium-boron results, and their recent testwork has successfully produced battery grade lithium carbonate from core samples.
If mineralised, the Target 2 sedimentary basin would indicate a significant quantity of lithium sediments. The implied basin geometry could also support traditional mining methods and we look forward to the imminent drilling campaign at the Scotty Lithium Project.”
Magnetotelluric Survey (MT)
A 19.2km Magnetotelluric Survey (MT) has been completed across 5 traverses at the Scotty Lithium Project, with the objective of to identifying the presence and extent of any sedimentary basin and major geological structures. This technique was successfully used at the adjacent Bonnie Claire Project (Nevada Lithium), where the MT survey identified sedimentary layers which have subsequently been confirmed via drilling to be lithium baring sediments.
The MT survey indicated several areas of interest, however the very low resistivity readings within Target 2 of the Scotty Lithium Project is of most interest due to the reading (<3 ohm.m), size of basin and correlation with previous geochemical works such as soil samples assays and Nevada Lithium’s 2022 drill results from just 1km east.
The MT survey also identified a very large deep (>500m) horizontal very low resistivity layer (VLRL) in the southern portion of the claims (target area 4). This deep layer has never been sampled for lithium in brines or sediments and is now a secondary drill target for Loyal.
A: 5/10 Johnston St,
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
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Figure 1 - MT Survey – Scotty Lithium Project (includes historical MT traverse)
Target 2 MT Results and Interpretation
The three MT traverses across Target 2 run perpendicular to the western basin margin across the entire width of LLI’s claims. MT traverses indicate a very low resistivity layer (VLRL) which has been interpreted to be a potential lithium baring sedimentary basin of 3.6km[2] . The sedimentary basin appears to start at surface and extends to a depth of ~150m in the north and deepening to ~500m in the south. The basin is interpreted to be at least 4km long with a width greater than 1km. The MT also suggests that the basin is open to the north and south.
A: 5/10 Johnston St, Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
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Figure 2 - Scotty Lithium Target 2 - MT traverses projected to the horizontal
Nevada Lithium’s 2022 drilling program clearly identified two layers of lithium on the adjacent claims (1-4km to the east of LLI’s claims)[1,6,7] . The shallow layer starts near surface and extends to ~116m (6-116m), whereas the deeper layer appears to be reducing in width and depth as it approaches LLI’s target 2 claims - 299-610m layer (310m) in the southwestern to a 250-439 m layer (189m) just 1km from LLI’s target 2 claims.
The drill holes suggest that the lower layer is thinning and reducing in grade to the west (1,043ppm), but higher grade and thicker towards the south-southwest (2,116ppm). The upper layer is also suggested to be increasing in vertical thickness and increasing in lithium grade to the SSW. Loyal has claims both to the northwest, west and southwest of these recent drill holes. Therefore, the implied sedimentary basin has the potential to contain a significant tonnage (sedimentary sg=1.5) in the north, but particularly in the south. BLM drilling permits have been received and the MT traverses will now fine-tune the drill hole locations.
A: 5/10 Johnston St,
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
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Figure 3 - Stacked MT geophysics sections illustrating implying sedimentary basin, deepening in the north
Boron generally precipitates very late in the evaporitic sequence and therefore correlates with being present in the shallowest portion of a basin, or at least near surface. In September 2022, LLI recorded strong lithium-boron values (maximum of 448ppm lithium and 3,360ppm boron) via soil assays, with the strongest readings being in the very north of Target 2 (MT line 4), which is the shallow portion of the implied sedimentary basin.
The high boron values of >10,000ppm recorded by Nevada Lithium in their 2022 drilling program, were not in the shallower regions of the basin, but recorded at depth (lower layer). This reflects the progressive infill of the eastern basin (Nevada Lithium’s claims) and implies that the target 2 sedimentary basin (western topographic low) may have been present during the formation of the upper lithium layer and therefore has the potential to concentrate higher grades of lithium.
Mobilisation of Drilling Contractor
Drilling permits were approved in January 2023 by the BLM in Tonopah, Nevada, and DGC-USA have been commissioned to manage the drill program. The MT traverses have fine tuned the drilling location and mobilisation will commence by the end of March 2023, subject to weather conditions. Boart Longyear have been engaged for the Sonic Drilling program.
A: 5/10 Johnston St,
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
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The following exploration milestones have been completed to confirm extensions of lithium (and boron) into the substrata on LLI’s claims:
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✓ Extensive Soils Program Complete: Strong soil assay results of up to 540ppm Li defined five targets, Target 2 has standalone exploration potential.
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✓ Local Geological Partner Engaged: LLI’s in-country geological partner DGCUSA is now actively assisting with site preparations and the drill program.
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✓ Targeted Environmental Survey Complete: In early December 2022, an environmental survey was completed via consultants Knight and Levitt. Findings were submitted to the BLM to support the drilling notice.
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✓ Regulatory Approval Received: A notice to conduct exploration was received from the Bureau of Land Management (BLM), in January 2023
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✓ Magnetotelluric (MT) geophysics survey and Interpretation completed: The MT survey and interpretation were completed in March with an implied 3.6km[2] sedimentary basin target identified. A Drill program has been finetuned and the basin boundary has been defined to assist with potential maiden resource estimates.
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✓ Drill and Drill Site Preparation Contractors Mobilising: Mobilisation to commence by the end of March with Boart Longyear sonic drill rig engaged.
This announcement has been authorised for release by Loyal Lithium’s Board of Directors
For more information:
Adam Ritchie
Managing Director [email protected] +61 (0) 403 462 383
Jane Morgan
Investor & Media Relations [email protected] + 61 (0) 405 555 618
About Loyal Lithium
Loyal Lithium Limited (ASX: LLI) is a well-structured listed resource exploration company with projects in Tier 1 North American mining jurisdictions in Nevada, USA and the James Bay Lithium District in Quebec, Canada. Through the efficient exploration of its projects, the Company aims to delineate JORC compliant resources.
Future Performance
This announcement may contain certain forward-looking statements and opinion forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are
A: 5/10 Johnston St,
ASX Code: LLI
Peppermint Grove WA, 6011 P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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outside the control of the Company and which are subject to change without notice and could cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Nothing contained in this announcement, nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Loyal Lithium Ltd.
Competent Person Statement
The information in this announcement that relates to Exploration Results and Targets, is based, and fairly reflects, information compiled by Mr Darren Allingham, who is the Company’s geologist. Mr Allingham is a Fellow of the Australian Institute of Geoscientists. Mr Allingham has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results and Mineral Resources (JORC Code). Mr Allingham consents to the inclusion in the announcement of the matters based on the information in the form and context in which it appears.
References
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1 Iconic Finds Strong Correlation Between Drill Holes at Bonnie Claire Lithium Project Vancouver, British Columbia–(Newsfile Corp. – December 07, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF)
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2 ASX Announcement MMG (LLI): Strong Soil Assay Results Define Targets at the Scotty Lithium Project, Nevada USA 21st September 2022
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3 ASX Announcement Ioneer (INR): US Dept of Energy Loan Offer of US$700m for Rhyolite Ridge 16th January 2023
4 NYSE Announcement Lithium Amerias Corp. (NYSE:LAC): GM AND LITHIUM AMERICAS TO DEVELOP U.S.SOURCED LITHIUM PRODUCTION THROUGH $650 MILLION EQUITY INVESTMENT AND SUPPLY AGREEMENT 31[st] January 2023
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5 NYSE Announcement Lithium Amerias Corp. (NYSE:LAC): LITHIUM AMERICAS RECEIVES FAVORABLE RULING ON RECORD OF DECISION FOR THACKER PASS 7[th] February 2023
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6 Iconic Intercepts Lithium Grades up to 5570ppm at Bonnie Claire Project Vancouver, British Columbia– (Newsfile Corp. – September 29, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF)
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7 Iconic Minerals Receives Additional Drilling Assays for Bonnie Claire Lithium Project Vancouver, British Columbia–(Newsfile Corp. – December 20, 2022) – Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF)
JORC Code, 2012 Edition – Table 1 report template Section 1 Sampling Techniques and Data
(Criteria in this table apply to all preceding sections.)
| Criteria JORC Code explanation |
Commentary | ||
|---|---|---|---|
| Sampling techniques • Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). |
Specifications | Scotty Lithium MT Survey Parameters |
|
| Grid Azimuth | 55⁰ | ||
| Domain Type | Frequency Domain .001hz - 10,000hz |
||
| ArrayType | Tensor(X,Y) | ||
| Dipole Size | 200m |
A: 5/10 Johnston St,
ASX Code: LLI
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
ACN : 644 564 241 www.loyallithium.com
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| Criteria JORC Code explanation |
Commentary | |
|---|---|---|
| These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g., submarine nodules) may warrant disclosure of detailed information. |
Line Spacing | Line 1-2 = 7.2km: Line 2-3 = 1.4km: Line 3-4 = 2.3km: Line 4-5 = 4.5km |
| Line Length | 2800m, 3200m, 3200m, 4800m,5200m |
|
| Number of Lines | 5 | |
| Total Line km per Grid |
19.2km | |
| Total MT Sites | 84 | |
| Receivers | Phoenix MTU-SC | |
| Magnetic Coils | Phoenix MTC-155(X,Y) | |
| Personnel | 5 man surveycrew | |
| Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. |
Geophysical data sent daily for QC and processing to licensed geophysicist Sean Walker (CW Geophysics). Preliminary results of the raw data were typically available to the client within 2 days of data acquisition. Inversions provided within 7 days. All data processing and inversions were completed. • Processed data provided in ascii and Geosoft .gdb format • Pseudo section plots, Geosoft map and pdf provided • 1D and 2D Inversions (Inversion output ascii format) provided • Resistivity and Phase section grids and maps in Geosoft and pdf format provided • 2D inversion models in Geosoft 3d view and leapfrog compatible omf format • Logistical Summarywasprovided |
|
| Sub- sampling techniques • If core, whether cut or sawn and whether quarter, half or all cores taken. • If non-core, whether riffled, |
• No sub-samplingoccurred for MT |
A: 5/10 Johnston St,
ASX Code: LLI
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
ACN : 644 564 241 www.loyallithium.com
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and sample | tube sampled, rotary split, etc | geophysical data. |
| preparation | and whether sampled wet or | |
| dry. | ||
| • For all sample types, the nature, | ||
| quality and appropriateness of | ||
| the sample preparation | ||
| technique. | ||
| • Quality control procedures | ||
| adopted for all sub-sampling | ||
| stages to maximise | ||
| representivity of samples. | ||
| • Measures taken to ensure that | ||
| the sampling is representative | ||
| of the in-situ material collected, | ||
| including for instance results for | ||
| field duplicate/second-half | ||
| sampling. | ||
| • Whether sample sizes are | ||
| appropriate to the grain size of | ||
| the material being sampled. | ||
| • The nature, quality and | ||
| appropriateness of the assaying | ||
| and laboratory procedures used | ||
| and whether the technique is | ||
| considered partial or total. | ||
| • For geophysical tools, | ||
| spectrometers, handheld XRF | ||
| instruments, etc, the | ||
| Quality of assay data and laboratory |
parameters used in determining the analysis including instrument make and model, reading times, calibrations |
• MT Geophysics has been used extensively in the surrounding areas used to define sedimentary basins and brines. QA/QC data examined and approved by interdependent |
| tests | factors applied and their | Geophysicist Barry Bourne Terra Geophysics |
| derivation, etc. | ||
| • Nature of quality control | ||
| procedures adopted (e.g., | ||
| standards, blanks, duplicates, | ||
| external laboratory checks) and | ||
| whether acceptable levels of | ||
| accuracy (i.e., lack of bias) and | ||
| precision have been established. | ||
| • The verification of significant | • No verification of anomalies was | |
| intersections by either | undertaken as this is geophysical data. | |
| Verification | independent or alternative | • An independent contractor was used who |
| of sampling and |
company personnel. • The use of twinned holes. |
had a Geophysicist analyse QC data and a consultant Geophysicist was contracted by |
| assaying | • Documentation of primary data, data entry procedures, data |
LLI to analyse the MT contractor’s data. Data was stored digitally on hard drives, |
| verification, data storage | uploaded to the cloud and analysed by the | |
| (physical and electronic) | contractor and consultant. |
A: 5/10 Johnston St,
ASX Code: LLI
Peppermint Grove WA, 6011 P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| protocols. | ||
| • Discuss any adjustment to assay | ||
| data. | ||
| • Accuracy and quality of surveys | ||
| used to locate drill holes (collar | ||
| and down-hole surveys), | ||
| Location of | trenches, mine workings and other locations used in Mineral |
Location of data points by Differential GPS |
| data points | Resource estimation. | accuracy appropriate at 0.05m. |
| • Specification of the grid system | ||
| used. | ||
| • Quality and adequacy of | ||
| topographic control. | ||
| • Data spacing for reporting of | ||
| Exploration Results. | ||
| • Whether the data spacing, and | ||
| distribution is sufficient to | • Data spacing was selective, along five Lines | |
| Data | establish the degree of | (traverses) with 200m stations in Lines, |
| spacing and distribution |
geological and grade continuity appropriate for the Mineral |
where drill holes were planned and regulatory approval received on LLI claims. |
| Resource and Ore Reserve | • Data spacing is sufficient to imply | |
| estimation procedure(s) and | continuity of lake sediments. | |
| classifications applied. | ||
| • Whether sample compositing | ||
| has been applied. | ||
| • Whether the orientation of | ||
| sampling achieves unbiased | ||
| Orientation of data in relation to geological structure |
sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this |
• Appropriate for this style of sub-horizontal stratigraphy and lithium mineralisation, MT lines were parallel to the basin margin designed by a CP with minor revisions by consultant Geophysicist, to ensure parallel traverses. • Vertical Nevada Lithium core drilling was perpendicular to the horizontal layers. |
| should be assessed and reported | ||
| if material. | ||
| Sample | • The measures taken to ensure | • Data was sent daily to a cloud database and |
| security | sample security. | downloaded by Geophysicists in main office. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data. |
• No audit or reviews completed. Historical MT partially crossing the same areas as near LLI’s MT traverses found similar inversion features. |
Section 2 Reporting of Exploration Results
A: 5/10 Johnston St,
ASX Code: LLI ACN : 644 564 241 www.loyallithium.com
Peppermint Grove WA, 6011 P: (08) 6245 2490 E: [email protected]
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(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary | Commentary |
|---|---|---|---|
| Mineral | • Type, reference name/number, | Loyal Lithium Ltd 100% owned | |
| tenement and | location and ownership including |
through subsidiary Nevlith LLC and | |
| land tenure | agreements or material issues with | Playa Minerals Company: unpatented | |
| status | third parties such as joint ventures, | mining claims located in Sections 19 | |
| partnerships, overriding royalties, | & 32, Township 8 south, Range 44 | ||
| native title interests, historical sites, | East; Section 04, 10 & 24, Township 9 | ||
| wilderness or national park and | South, Range 44 East; and Sections | ||
| environmental settings. | 06, 20, 29, 30, 31 & 32, Township 9 | ||
| • The security of the tenure held at the | South, Range 45 East, Mount Diablo | ||
| time of reporting along with any | Meridian, Nye County, Nevada. | ||
| known impediments to obtaining a | |||
| licence to operate in the area. | |||
| Exploration | • Acknowledgment and appraisal of | • | 2022 drilling by Iconic |
| done by other | exploration by other parties. |
Minerals/Nevada Minerals. | |
| parties | • | Historical MT data partially across | |
| LLI’s claims by Iconic Minerals/ | |||
| Nevada Lithium was used to confirm | |||
| new MT data inversion | |||
| interpretations | |||
| Geology | • Deposit type, geological setting and | • | Miocene aged sub-horizontal playa |
| style of mineralisation. | lake clay and sandstones deposited | ||
| into basin and range troughs with | |||
| lithium compounds concentrated | |||
| within horizontal stratigraphy, strata | |||
| bound | |||
| Data | • In reporting Exploration Results, | ||
| aggregation | weighting averaging techniques, | • | Lithium grades in LLI’s soils program |
| methods | maximum and/or minimum grade | used arithmetic averages of | |
| truncations (e.g., cutting of high | individual sample points within | ||
| grades) and cut-off grades are | continuous areas above a cut-off- | ||
| usually Material and should be | grade. | ||
| stated. | |||
| • Where aggregate intercepts | |||
| incorporate short lengths of high- | |||
| grade results and longer lengths of | |||
| low-grade results, the procedure | |||
| used for such aggregation should be | |||
| stated and some typical examples of | |||
| such aggregations should be shown | |||
| in detail. | |||
| The assumptions used for any reporting | |||
| of metal equivalent values should be | |||
| clearly stated. | |||
| Relationship | • These relationships are particularly | • | MT geophysics defines resistivity of |
| between | important in the reporting of | sub-horizonal strata with low | |
| mineralisation | Exploration Results. |
resistive brine aquifers following | |
| widths and | • If the geometry of the mineralisation | strata and lithium in clays with | |
| with respect to the drill hole angle is | implied continuitywithin individual |
A: 5/10 Johnston St,
ASX Code: LLI
Peppermint Grove WA, 6011 P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| intercept | known, its nature should be | clay sedimentary strata and along |
| lengths | reported. | strike within clay beds, so are ideal to |
| • If it is not known and only the down | define host layers this orientation | |
| hole lengths are reported, there | ||
| should be a clear statement to this | ||
| effect (e.g., ‘down hole length, true | ||
| _width not known’). _ | ||
| Diagrams | • Appropriate maps and sections (with | • Appropriate plan and location maps |
| scales) and tabulations of intercepts | on regional and prospect scales are | |
| should be included for any significant | included in this ASX announcement. |
|
| discovery being reported These | ||
| should include, but not be limited to | ||
| a plan view of drill hole collar | ||
| locations and appropriate sectional | ||
| views. | ||
| Balanced | • Where comprehensive reporting of | • All exploration results are reported. |
| reporting | all Exploration Results is not | |
| practicable, representative reporting | ||
| of both low and high grades and/or | ||
| widths should be practiced avoiding | ||
| misleading reporting of Exploration | ||
| Results. | ||
| Other | • Other exploration data, if meaningful | • Announced surface auger soils |
| substantive | and material, should be reported | sample assays across LLI’s claims. |
| exploration | including (but not limited to): | Historical MT geophysics traverses |
| data | geological observations; geophysical | partially crossed LLI’s claims, with |
| survey results; geochemical survey | inversion images examined. Core | |
| results; bulk samples – size and | drilling to the east of LLI claims | |
| method of treatment; metallurgical | completed by Iconic Minerals and | |
| test results; bulk density, | Nevada Lithium with weighted | |
| groundwater, geotechnical and rock | average Lithium intercepts and | |
| characteristics; potential deleterious | single sample boron intercepts | |
| or contaminating substances. | announced | |
| Further work | • The nature and scale of planned | • Given the encouraging results from |
| further work (e.g., tests for lateral | this geophysics program and drilling | |
| extensions or depth extensions or | within 1km east of LLI’s claims a total | |
| large-scale step-out drilling). | of nine drill holes have been | |
| • Diagrams clearly highlighting the | approved via BLM. Three drill holes | |
| areas of possible extensions, | are planned for the first phase of | |
| including the main geological | drilling within LLI’s target 2. | |
| interpretations and future drilling | ||
| areas, provided this information is | ||
| not commercially sensitive. |
A: 5/10 Johnston St,
ASX Code: LLI
Peppermint Grove WA, 6011 P: (08) 6245 2490
ACN : 644 564 241 www.loyallithium.com