(Alliance News) - Bradda Head Lithium Ltd on Wednesday said it saw further positive results from two drill holes as part of its Basin East extension 2023 programme in the US state of Arizona, which it said could lead to "significant" resource expansion potential.
The US-focused lithium exploration company said this included returning the "highest single interval grade so far" of 2,791 parts per million lithium over 0.4 metres, and a separated sample of 641 parts per million molybdenum over 1.2 metres.
Bradda Head said drilling is now complete and that it is working on its upgraded mineral resource estimate, which is expected to finish in mid-September.
The company said the programme has "continued to encounter better-than-expected thicknesses of clay", indicating that lithium-bearing clays continue and appear to thicken to the north into Bradda Head's Basin North claims, and likely west into Basin West claims.
These positive indicators are expected to lead to "significant" resource expansion this year, Bradda Head said.
"We are excited about the potential for significant expansion of the resource at the Basin project. These latest assays solidify the resource expansion potential at Basin and the high-grade lithium intercepts encountered in the recent drilling campaign demonstrate the exceptional potential of the project and underscore its importance as a potential strategic lithium asset," said Chief Executive Officer Charles FitzRoy.
"The 2023 drilling programme at the Basin project is focussed on further expanding the resource base, delineating additional lithium-rich zones, and is working with SRK to release an updated MRE. Hole 14 is the first hole into [Basin North] and confirms the presence of the upper clay unit. The vompany has now kicked off its phase 3 drill programme at its [31 square kilometres] San Domingo pegmatite district in Arizona, with the main aim to delineate a resource and also to build on the promising results of the maiden drill programme which finished earlier this year."
Shares in Bradda Head were down 2.2% at 3.82 pence each in London on Wednesday morning.
By Greg Rosenvinge, Alliance News reporter
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