Galaxy Resources Limited (ASX:GXY) Mt Cattlin Spodumene Drilling Program Delivers More High Grade Intercepts
Perth, Dec 8, 2009 AEST (ABN Newswire) - Galaxy Resources Limited (ASX:GXY)(PINK:GALXF) has completed a 9,260m RC drilling program aimed at upgrading and extending resources at the Mt Cattlin Spodumene Project with latest drill results showing excellent intercepts. The overall resource grade for Mt Cattlin is 1.08% Li2O so intercepts above this level are considered significant.
Highlights:
- WMC Costean Zone
Resource upgrade drilling in the WMC Costean Area to the east of Floater Road intersected some excellent near surface mineralisation. Intercepts include 15m @ 1.71% Li2O in GX984 and 14m @ 1.91% Li2O in GX986.
- North Ravensthorpe
Some very high grade intercepts over wide zones have been returned, including 21m @ 1.88% Li2O in GX1008, 14m @ 2.06% Li2O in GX1007 and 13m @ 2.10% Li2O in GX1009. This area also showed some very high grade tantalum results, including 2m @ 5,513 ppm Ta2O5 in GX1037 compared with an overall tantalum resource grade of 153 ppm Ta2O5.
- Dowling Pit Area
Close spaced drilling in the Dowling Pit area has returned some excellent intercepts, including 10m @ 3.37% Li2O in GX921, 14m @ 2.07% Li2O in GX996 and 10m @ 2.42% Li2O in GX1002.
WMC Costean Area
Resource upgrade drilling in the WMC Costean Area to the east of Floater Road has intersected some excellent near surface mineralisation. This drilling was designed to upgrade resources from inferred to measured and indicated, and thereby increase reserves. Some historic drilling in this area was not assayed for lithium or was drilled using inappropriate techniques for resource estimation, so additional drilling was required.
High grade intercepts were returned from some areas that previously showed gaps in the resource or low grades, due to insufficient drilling or interpolation from surrounding lower grade drill holes. Intercepts include 15m @ 1.71% Li2O in GX984 and 14m @ 1.91% Li2O in GX986 (from surface).
North Ravensthorpe Area
Drilling in the "North Ravensthorpe" area, which was not assayed for lithium in most historic holes, has also been completed. The mineralisation shows excellent grade and continuity. Some very high grade intercepts over wide zones have been returned, including 21m @ 1.88% Li2O in GX1008, 14m @ 2.06% Li2O in GX1007 and 13m @ 2.10% Li2O in GX1009. This area also showed some very high grade tantalum results, including 2m @ 5,513ppmTa2O5 in GX1037.
Results from this area, in addition to the WMC Costean area is expected to significantly upgrade the Mt Cattlin reserve base.
Dowling Pit Area
A 10m x 10m grade control pattern over a small area of the Dowling pit was also completed. This work was carried out to investigate short range continuity of mineralisation, aid in grade control planning, and to gain further information on rock hardness and blasting characteristics. The drilling has returned some excellent intercepts, including 10m @ 3.37% Li2O in GX921, 14m @ 2.07% Li2O in GX996 and 10m @ 2.42% Li2O in GX1002. It should be noted that some of the intercepts from this area, in addition to North Ravensthorpe, include a small proportion of the lithium-bearing mineral lepidolite, in addition to spodumene. Significant tantalum was reported from hole GX1059, which returned 8m @ 1,074 ppmTa2O5.
The May 2009 Mt Cattlin resource model is now being updated, with a new resource model and reserve statement expected to be announced in early 2010.
For the complete Galaxy Resources ASX Announcement, Tables and Figures, please see the link below:
http://www.abnnewswire.net/media/en/docs/61890-ASX-GXY-473279.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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