お知らせ • Feb 16
Loyal Lithium Limited Announces Drilling to Commence at 100% Owned Scotty Lithium Project, Nevada USA
Loyal Lithium Limited announced that the Company will commence drilling at its 100% owned Scotty Lithium Project (Project) in Nevada, USA, in March 2023, having obtained all required drilling approvals from the Bureau of Land Management (BLM), with Boart Longyear engaged as the drilling contractor. The sonic drill program will be focused within the highly prospective Scotty Target 2 in search for lithium bearing sediments similar to the adjacent Bonnie Claire Lithium Project. Loyal Lithium has engaged the services of Boart Longyear to conduct sonic drilling within Target 2 of the Scotty Lithium Project. The commencement of the drilling program is planned for March 2023, however will be subject to weather and ground conditions as significant rain and snow has been recorded at the property over the winter period. Drilling will target the western extension of the basin with findings from a recently completed MT Survey being used to define the final location and depth of drilling. Drill core samples will be tested for lithium and boron, with the adjacent Bonnie Claire Lithium Project recording remarkable lithium values to a maximum of up to 5,570ppm and boron to >10,000ppm6 just 2.24km east of LLI's Target 2 boundary. These results compare favourably with Ioneer's world class Rhyolite Ridge Project lithium-boron resource approximately 100km to the northwest of the Scotty Lithium Project. Scotty Target 2 is in the mid-west of the Project area covering an area in excess of 10km2, with soil sampling returning >165ppm lithium and a peak value of 448ppm lithium in soils, which is more than 40% higher than the maximum soils value found on the adjacent Bonnie Claire resource surface, that occurs over an approximate 16km2 area at depth. Target 2 soil assay results have confirmed anomalous boron values with a maximum of up to 3,360ppm. The below figure provides an overview of Target 2's lithium soil assay results in relation to the proposed drill hole locations. Loyal Lithium has negotiated the acquisition of the remaining 20% of the Project and is now the 100% owner of the Scotty Lithium Project. The agreement removes the Company's various performance obligations7 (18,000,000 ordinary fully paid LLI shares & 9,000,000 LLI Options) for a settlement of escrowed ordinary fully paid LLI shares and options (7,000,000 ordinary fully paid LLI shares & 3,500,000 LLI Options). Key terms of the contract amendment are: In consideration for the purchase of the remaining 20% of the Scotty Lithium Project, Loyal Lithium will issue: 7,000,000 ordinary fully paid shares in the capital of Loyal Lithium; and 3,500,000 Loyal Lithium Options exercisable at $0.50 and expiring 3 years from the date of issue. The 7,000,000 ordinary fully paid shares will be issued out of the company's 7.1 capacity and subject to voluntary escrow (3,500,000 expiring 3 months from the date of their issue and 3,500,000 expiring 6 months from the date of their issue). The 3,500,000 LLI unquoted options will be subject to shareholder approval at the next Loyal Lithium general meeting. The Scotty Lithium Project covers 78.1 km2 and is located 189 km northwest of Las Vegas and 517 km from Reno in the Tier 1 mining jurisdiction of Nevada USA. The Scotty Lithium Project has twin prospects of lithium brines and lithium sediments and is adjacent to the existing Iconic Minerals Ltd. Bonnie Claire Project, with similar geology. The Project is also less than 100km from Albemarle's operational Silver Peak Operation in Clayton Valley and Ioneer's Rhyolite Ridge Lithium-Boron Project.