Perth, Dec 4, 2008 (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (ASX:GXY) has reported final lithium assays from deep hole RC drilling completed during September this year, confirming ore grade extensions at depth.
Highlights - Lithium results received for deeper holes drilled beneath resource
- Confirms potential for multiple stacked lodes, at similar grades to known mineralisation at the surface
- Best result was hole GX863 with a mineralisation width of 5m at 2.35% LiO2, 100m below the surface
- Largest mineralisation band was 13 metres in width, 84 metres below the surface grading at 0.99% LiO2
The Company announced on the 1 September and 23 September 2008, the discovery of spodumene (lithium) bearing repetitions of pegmatite horizons below known mineralisation. This was recognised in geological logging (visual identification) of the holes in the RC infill and extension drilling program. The pegmatite mineralisation is very easy to identify and distinguish from the surrounding rock.
Managing Director, Mr Iggy Tan said that the drilling program in September was designed to test extensions at depth, over 40 metres below the existing near surface pegmatite.
"From visual identification of drill samples, most of the deep holes intersected numerous spodumene (lithium) bearing pegmatites below known mineralisation, with individual widths ranging from 7 to 10 metres," said Mr Tan.
"The final lithium assays have now been received which confirm that grades are comparable to those of the known near-surface resource.
"All holes have intersected significant LiO2 grades, with the best result being hole GX863 with a mineralisation width of 5 metres at 2.35% LiO2, 100 metres below the surface.
"The largest mineralisation band was 13 metres in width 84 metres below the surface grading at 0.99% LiO2 which is the overall average grade of the shallow resource.
"The Company is very pleased with the results as it indicates that the Mt Cattlin pegmatite swarm is a series of flat lying stacked pegmatites repeating at depth," he said.
Lithium Assays
It has previously been reported (ASX releases 1/9/08 and 23/9/08) that drill holes from this program had intersected spodumene-bearing pegmatite at depth and along strike of known resources. Assay results for lithium have now been received, and confirm that grades are comparable to those of the known resources.
The results indicate that the deeper pegmatite horizons have similar Li2O grades to the known near surface pegmatite, and confirm the potential for multiple stacked lodes at depth.
About GALAXY RESOURCES LIMITED
Galaxy Resources Limited (Galaxy) is an industrial minerals company focusing on lithium and tantalum production. Galaxy has completed a pre-feasibility study which suggests the Mt Cattlin lithium / tantalum project is commercially viable based on a processing rate of 1 million tonnes per annum.
Galaxy's intention at Mt Cattlin is to complete a bankable feasibility study which will investigate the production of separate rare metal minerals concentrates (spodumene and tantalum). The company has also commenced a preliminary scoping study into the value adding downstream production of lithium carbonate (Li2CO3). These raw materials are currently in short supply and face high future demand growth due to advances in long life batteries and sophisticated electronics in hybrid and electric vehicles, mobile phones and computers.
Galaxy is planning, subject to the conclusions of the bankable feasibility study and project funding, to commence the development of the mine and the construction of the processing plant in early 2009 with first concentrate production scheduled for 2010.
Contact
Iggy Tan Managing Director Tel: +61-8-9215-1700 Mob: +61-419-046-397
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