Home Sports Essential Metals (ASX:ESS) on track to upgrade Dome North resource after new...

Essential Metals (ASX:ESS) on track to upgrade Dome North resource after new drill results – The Market Herald

46
0

Sign up

Be the first with news that moves the market

  • Essential Metals ( ESS ) highlights the presence of two sub-parallel spodumene-bearing pegmatites at the Davie deposit at its Pioneer Dome lithium project in Washington.
  • Today the company announced the assay of 21 drill holes in the Cade and Davie fields for the planned upgrade of lithium mineral resources in the Dom North region
  • While drilling at the Davie field has confirmed the presence of spodumene-bearing pegmatites, no Cade assay has yielded more than 0.5 percent lithium oxide
  • ESS will use these results to inform the Mineral Resource Information, scheduled for late November, which will in turn form the basis of the Pioneer Dome Survey, due in January 2023.
  • Shares in Essential Metals fell 11.9% to 48 cents at 10:54am AEDT

Essential Metals (ESS) has highlighted two sub-parallel spodumene-bearing pegmatites at the Davie deposit at its Pioneer Dome lithium project in Washington.

Today the company reported the results of the analysis of 21 wells drilled in the project area – 10 in the Cade field and 11 in the Davie field.

The results will feed into an updated lithium mineral resource for the Dome North region, which in turn will form the basis of a planned exploration study for Pioneer Dome.

Davy’s analysis confirmed the presence of two spodumene pegmatites in the northern part of the deposit. The best results included a five-meter intersection with 0.89 percent lithium oxide from 77 meters and a three-meter intersection with 1.22 percent lithium oxide from 134 meters.

Meanwhile, Essential said pegmatite has hit all seven wells drilled to the desired depth at the Cade field. However, none of these holes showed more than 0.5 percent lithium oxide.

Analysis indicates that although pegmatite continues to be present at depth in this region, the spodumene zone currently defined within the Cade field appears to be being squeezed out, and this drilling program has limited the “underground potential” at Cade.

However, Essential managing director Tim Spencer said drilling at Cade and Davy marked another “important step” towards determining the scale of work to be considered in the planned scoping study, and it allowed the company to complete the mineral resource update Dome North.

“Together with the metallurgical test results released earlier this month, the updated lithium mineral resources will be a key input to the ongoing prospecting study and to attract a sales and project partner on terms favorable to Essential Metals,” said Mr Spencer.

A mineral resource update is currently scheduled for late November, and a review study will be published in January 2023.

Essential said that along with recent drilling, it has completed a geological survey of the Pioneer Dome project to highlight potential lithium-cesium-tantalum (LCT) targets in the area.

During the exercise, the company identified about 40 targets, which it now plans to test in the field over the coming months.

Shares in Essential Metals were down 11.9 per cent at 48 cents at 10:54am AEDT.

https://themarketherald.com.au/essential-metals-asxess-on-track-for-dome-north-resource-update-following-new-drilling-results-2022-10-27/

Previous articleAnthony Albanese condemns Iranian authorities as he assesses women’s rights protests
Next articleKnockout qualification should never be taken for granted, says Klopp Liverpool