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Galaxy Resources eyes potential to expand lithium resource in Canada

The drilling programme is expected to be completed by the end of this month.
Galaxy Resources eyes potential to expand lithium resource in Canada
Early assay results have confirmed the continuity of spodumene mineralisation

Galaxy Resources Ltd (ASX:GXY) is continuing to receive further high-grade lithium results from drilling at its James Bay Project in Quebec, Canada.

Highlights from the most recent stage of drilling are as follows:

- 68.7 metres at 1.55% lithium from 49.7 metres;

- 30.20 metres at 1.52% lithium from 51.23 metres; and

- 23.3 metres at 1.57% lithium from 61.91 metres.

In late March, the company commenced a circa 31,000 metres diamond drilling campaign to extend and develop the existing resource at the James Bay Project.

The entire programme is expected to be completed by the end of this month.

Importantly, early assay results have confirmed the extent and continuity of spodumene mineralisation.

The mineralisation remains open below and to the west of the existing resource.

The James Bay project contains an indicated resource of 11.75 mln tonnes grading 1.30% lithium and an inferred resource of 10.47 mln tonnes grading 1.30% lithium.

Significantly, the James Bay deposit occurs at surface and resource modelling indicates that the resource is amenable to open pit extraction.

There is excellent potential to increase the resources through additional delineation of the pegmatite dykes along strike and at depth and potential to increase grade through infill drilling.

The demand for lithium from the electric vehicle industry is forecast to grow exponentially as global car manufacturers launch new models to secure electric vehicle market share.

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Galaxy Resources Ltd Timeline

Newswire
January 30 2015

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