Galaxy Resources Limited (ASX:GXY) Discovers New Pegmatite Zones And Excellent Intercepts At Mt Cattlin Spodumene Project
Perth, Nov 18, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) has just completed half of a significant 9,260m RC drilling program aimed at upgrading and extending resources at the Mt Cattlin Spodumene Project. The overall resource grade for Mt Cattlin is 1.08% Li2O so intercept grades above this level are considered significant.
North West Zone
The program has discovered a new zone of lithium-bearing pegmatite mineralisation to the northwest of the current resource. Eight widely-spaced holes intersected pegmatite at a depth of around 80-100m, with best intercepts of 16m @ 1.35%Li2O in GX1054 and 9m @ 2.13%Li2O in GX947. The mineralised pegmatite has been intersected over an area of around 400m x 400m in plan view and varies from around 6m to 16m in width. The zone is still open to the west, although it is narrowing in this direction.
The North West zone appears to represent the north western extension of the main pegmatite horizon in the Dowling pit area. It lies to the west of a fault and northeast-trending dyke, which until now has defined the western limit of the resource.
South West Zone
Drilling at the South West margin of the resource indicates that some extension of the resource to the west is possible. Several holes intersected significant pegmatite mineralisation, including 5m @ 1.93% Li2O in GX926 and 4m @ 1.82% Li2O in GX925.
Further step out drilling to the west did not intersect pegmatite at a depth however, geology in this area is complex, with several cross-cutting faults and dykes, and interpretation of results is ongoing. Sterilisation drilling to the west of the resource over the plant site failed to intersect pegmatite.
Eastern Zone
In the east of the Mt Cattlin resource, infill and minor step out drilling has confirmed the geological interpretation and returned excellent results, with the best of these including 9m @ 1.78% Li2O in GX968 and 9m @ 1.41% Li2O in GX969.
Several widely spaced holes around 200m east of the resource did not intersect any significant pegmatite mineralisation. It appears that the eastern margin of the main pegmatite horizon is controlled by a north-south trending structure in this area, and the continuation of the pegmatite has not yet been encountered to the east of this structure. However, outcropping spodumene-bearing pegmatite has been mapped around 300m to the South East of the area, on an adjoining Galaxy tenement. This zone will be followed up by drilling when permitting has been completed.
For the complete Galaxy Resources ASX Announcement, tables and figures, please click the link below:
http://www.abnnewswire.net/media/en/docs/61759-ASX-GXY-469627.pdf
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.
Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.
Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.
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