Green Technology Metals Limited (ASX: GT1) reported high grade lithium assay results from its Root Bay deposit in Ontario.
The company said on Friday that the latest assays continue to demonstrate the high-grade mineralization across the deposit.
The assays include:
- RB-23-1013:17.1 meters at 1.77 per cent Li2O from71.0 meters
- RB-23-1014: 17.2 meters at 1.74 per cent Li20 from 57.2 meters
- RB-23-1009: 19.6 meters at 1.50 per cent Li20 from 26.9 meters
- RB-23-1038: 16.0 meters at 1.78 per cent Li20 from 167.1 meters
- RB-23-1020: 16.8 meters at 1.69 per cent Li20 from 82.5 meters
- RB-23-1032: 16.8 meters at 1.61 per cent Li20 from 139.6 meters
- RB-23-1025:16.3 meters at 1.62 per cent Li20 from 131.4 meters
The Root Project currently has an estimated inferred mineral resource of 12.6 million tonnes at 1.21 per cent Li2O from its advanced prospect areas McCombe and Root Bay. The project consists of a series of deposits called pegmatites that are in different stages of exploration and development.
Currently, Green Technology metals is implementing a comprehensive three-phase field exploration plan in the Western Hub area. At the same time, a diamond drilling operation has begun at the Root Lithium project.
The purpose of this campaign is twofold: to increase confidence in the initial resource estimate of 12.6 million tonnes at 1.21 per cent Li2O and to identify new high-priority areas for drilling. The primary focus is on sectors located 1.5 kilometres east and 1.4 kilometres west of the current drilling site at Root Bay.
“We maintain a strong focus on advancing exploration efforts at the Root Project, in addition to having multiple field teams engaged in prospecting activities, we currently have two drill rigs operating non-stop at Root Bay with the preliminary results continuing to instil confidence in our resource and validate the ongoing presence of consistent high-grade intercepts within the deposit,” said Luke Cox, GT1 chief executive officer.
GTI received assay results covering 1,183 meters
GTI has received initial assay results for the first nine holes at Root Bay, covering a distance of 1,183 meters. These holes are part of a larger diamond drilling program aimed at upgrading the confidence of the mineral resource estimate from inferred to indicated at Root Bay.
So far, a total of 45 holes spanning 7,668 meters have been completed, with assay results from 36 holes still pending.
The preliminary results confirm the presence of central mineralization and consistently high grades, with values reaching up to 1.78 per cent. The drilling also supports the current geological interpretation, showing some movement towards the north and south along the flanks of the pegmatites.
Notably, the easterly extension of pegmatite RB-13 has expanded the Root Bay trend by an additional 150 meters to the east. Further drilling around the western pegmatite RB006 will also explore the potential depth of this thick and high-grade pegmatite.
GTI has finished drilling 45 holes, covering a total distance of 7,668 meters, out of the planned 22,000 meter program at Root Bay. Assay results for 36 holes are still pending and awaited. Two drill rigs will continue operating until the program target of 22,000 meters is reached.
This is expected to be accomplished by the end of August 2023. Once the program is completed, GTI plans to conduct extensional drilling along a highly promising, previously unexplored 3-kilometer extension of the Root Bay deposit. This includes investigating the new discovery at Root Bay West.
Lithium is commonly used in rechargeable batteries for various electronic devices, electric vehicles, and energy storage systems.
Shares of Green Technology Metals rose 2.1 per cent to $0.71 AUD on Friday on the Australian Securities Exchange.