- New Lithium Plus Minerals (LPM) list to start drilling program on its flagship lithium project Bynoe in the Northern Territory
- Drilling can now begin after the approval of the mining management plan by the Department of Industry, Tourism and Trade of the Northern Territory
- Contractor GeoDrilling from Darwin has signed a contract to drill 10,000 meters with reverse circulation (RC) and will be mobilized in the coming weeks
- Drilling will focus on Lei and Cai prospects and is expected to take about four months
- Shares of LPM in the market rose 39 percent and traded at 41 cents at 11:30 a.m. on AEST
Lithium Plus Minerals (LPM) is set to begin a drilling program on its flagship lithium project Bynoe in the Northern Territory.
Drilling can now begin after the Mining Management Plan (SMP) is approved by the Department of Industry, Tourism and Trade of the Northern Territory for residential buildings EL31133 and EL31091.
The contractor GeoDrilling from Darwin has been contracted to carry out 10,000 meters of recirculation drilling (RC) and will be mobilized in the coming weeks.
Drilling will focus on the prospects of Lei and Cai and is expected to take about four months.
“We are pleased to have provided a local drilling contractor with extensive experience in the Bayno pegmatite field for the 2022 field season,” said Executive Chairman Bin Guo.
“As all permitting activities are completed, we look forward to the rapid mobilization of the RC plant in Bynoe and the start of drilling in the next few weeks.”
“Our initial focus is Lei and Kai Avenues, where we believe there is great potential to delineate the first high-quality lithium resource in Baino,” Dr. Guo concluded.
Shares of LPM in the market rose 39 percent and traded at 41 cents at 11:30 a.m. Eastern European standard.