BULLETIN RESOURCES LIMITED 28 April 2022
ASX RELEASE
31 March 2022 Quarterly Report
Ravensthorpe Lithium Project
• Two high grade lithium pegmatite trends confirmed
• Eastern Pegmatite Trend - 4km strike and open to the north. Exceptional high grade lithium assays of spodumene and lesser amblygonite received in rock chips including:
o 8.21% Li2O
o 7.04% Li2O
o 6.95% Li2O
o 6.80% Li2O
• Western Pegmatite Trend - 2.5km strike lepidolite bearing pegmatites with rock chip assays returning:
o 4.50% Li2O
o 3.09% Li2O
o 2.39% Li2O
• Ravensthorpe Lithium Project doubled in area to 130km2 with conditional acquisition of two new tenements
Corporate
• Mr Mark Csar appointed as Chief Executive Officer
• During the quarter Bulletin received:
o $0.32M via the exercise of 12M unlisted options and 2,333 listed options
• Cash, investments and receivables totalling $11.88M on hand at the end of the quarter
*All references to $ are AUD unless otherwise noted
Chairman Paul Poli
Chief Executive Officer Mark Csar
Non- Executive Directors Robert Martin
Daniel Prior Neville Bassett Company Secretary Andrew Chapman Shares on Issue 290.08 million shares Listed Options 71.56 million Unlisted Options 1.5 million
Top Shareholders
Goldfire Enterprises 23.6%
Top 20 Shareholders 45.5%
Market Capitalisation $62.37 million @ 21.5 cents
Bulletin Resources Limited
Suite 11, 139 Newcastle Street, Perth, WA 6000 I PO Box 376 Northbridge WA 6865 I phone (08) 9230 3585 I fax (08) 9227 0370 Iwww.bulletinresources.com
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The Board of Bulletin Resources (ASX: BNR, Bulletin) provides the following Activities Report for the quarter ending 31st March 2022.
Ravensthorpe Lithium Project
The 130 km2 Ravensthorpe Lithium Project hosts spodumene bearing pegmatites and is located only 12km southwest and along strike of Allkem Limited's (ASX:AKE) Mt Cattlin lithium mine.
Eastern Pegmatite Trend
Mapping and rock chip sampling has extended the Eastern Pegmatite Trend to 4km in length and remains open to the north with approximately 100 pegmatite outcrops identified to date. Significantly, the Big pegmatite area consists of approximately 40 pegmatite outcrops in a close-spaced stacked dyke swarm arrangement over a 700m x 500m area. Individual pegmatites within the stacked swarm arrangement at Big pegmatite have exposures of up to 200m in width, generally dip gently to the west and southwest and are estimated to have a true thickness of up to 10m.
Spodumene lithium mineralisation has been identified in several localities, both as outcrop and as lag occurrences along the Eastern Pegmatite Trend. Rock chips of outcropping and lag pegmatite with spodumene and minor amblygonite at Big pegmatite returned high grade lithium results including (Figure 1 and Figure 2):
o 8.21% Li2O
o 6.95% Li2O
o 5.45% Li2O
o 5.39% Li2O
Rock chip samples of spodumene in pegmatite lag 800m to the north of the Big pegmatite spodumene discovery returned high lithium grades of (Figure 1 and Figure 3):
o 7.04% Li2O
o 1.49% Li2O
Spodumene bearing pegmatite outcrop located 700m southwest of the spodumene at Big pegmatite returned high lithium grades of (Figure 1 and Figure 3):
o 6.80% Li2O
o 2.17% Li2O
The finds of spodumene lithium mineralisation some distance from Big pegmatite complement the known spodumene occurrences at Big, Deep Purple and Creek pegmatites and significantly increase the lithium prospectivity of the broader Eastern Pegmatite Trend.
Mapping during the quarter also discovered a lepidolite bearing pegmatite outcrop approximately 500m east of Phillips South pegmatite with results of (Figure 1):
o 4.01% Li2O
o 3.62% Li2O
o 3.05% Li2O
This outcrop is the southern-most occurrence of lepidolite noted along the Eastern Pegmatite Trend to date. The lepidolite grades are comparable to the higher lithium lepidolite grades in rock chips seen at Horseshoe pegmatite in the Western Pegmatite Trend 3kms to the west.
Figure 1: Rock chip assays above 2.0% Li2O and mapped spodumene locations.
Western Pegmatite Trend
Rock chip sampling program at regular 10m intervals along the strike of a lepidolite rich outcrop in the southern portion of the Horseshoe pegmatite returned lithium grades up to 4.50% Li2O with an average grade of 3.1% Li2O, 0.8% Rb and 0.16% Cs (Figure 1). Laboratory results of the six rock chip samples at Horseshoe pegmatite all show elevated lithium grades:
o 4.50% Li2O
o 3.09% Li2O
o 2.85% Li2O
o 2.79% Li2O
o 2.68% Li2O
o 2.39% Li2O
Additional known zones of lepidolite mineralisation at Horseshoe remain to be tested. While no spodumene has been mapped as of yet in this part of the Horseshoe pegmatite, the remainder of Horseshoe as well as other outcropping pegmatites in the Western Pegmatite Trend will be investigated to evaluate their potential economic value.
Figure 2: Lithium mineralisation at Big pegmatite
Figure 3: Spodumene lithium mineralisation north and southwest of Big pegmatite
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Bulletin Resources Limited published this content on 28 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 03:23:03 UTC.
