Galaxy Resources Limited (ASX:GXY) Excellent Drill Intercepts From Mt Cattlin North West Zone
Perth, April 14, 2010 AEST (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is currently completing an RC drilling program aimed at upgrading and extending resources at the Mt Cattlin Spodumene Project. Excellent intercepts have been identified from drilling to date.
A diamond drilling program has also been completed to provide further geological, metallurgical and geotechnical information.
North West Zone
A new zone of lithium-bearing pegmatite mineralisation to the northwest of the current resource was discovered in late 2009. Ongoing drilling in this area is infilling collar spacing to 80m x 80m, in order to define additional inferred resources.
Significant intercepts have been received from the current program including 16m @ 1.52% Li2O in GX1098, 9m @ 2.41% Li2O in GX1099 and 10m @ 1.15% Li2O in GX1093.
These results support the geological model for the area and additional assay results are awaited.
Dowling Pit Area
Drilling in the Dowling Pit area was aimed at extending the eastern margin of the Western Pegmatite Lens which remains open at all locations. Some relatively narrow, but good grade intercepts were returned from the Western Pegmatite Lens, including 3m @ 1.71% Li2O in GX1082 and 3m @ 1.58% Li2O in GX1084. These lie just beneath the current final pit outline, and have the potential to expand the pit and further grow the resource base.
Wide, high grade upper intercepts in drill holes, such as 11m @ 1.37% Li2O in GX1086 represent the upper Eastern Pegmatite lens. Significant results are received to date from the recent Dowling Pit drilling.
North Ravensthorpe Area
Five RC holes were completed in a small zone in the north east of the resource. Drill access was previously not possible in this area because it was covered by a small prospecting license application. This application has now been incorporated into the larger Mt Cattlin Mining Lease, which was granted in late 2009.
Significant results from the recent North Ravensthorpe drilling include a best intercept of 9m @ 1.03% Li2O and 271ppmTa2O5.
Junction Prospect
Nine shallow RC holes were completed at a prospect located approximately 1.5km NW of the Mt Cattlin resource. This program was targeting outcropping spodumene-bearing pegmatite.
Drilling encountered spodumene in some holes, but pegmatite zones intersected to date are patchy, with a best intercept of 3m @ 0.94% Li2O. This is considered significant in this new area, and follow up work is being planned.
For the complete Galaxy Resources results and figures, please see the link below:
http://www.abnnewswire.net/media/en/docs/62625-ASX-GXY-487134.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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