Quantum identifies encouraging early lithium
Quantum Resources (ASX: QUR) advised on Tuesday that it had completed the first six drill holes from the Thompson Brothers lithium project in Manitoba. The company owns the rights to back in to earn up to a 95% ownership interest in the project from Ashburton Ventures Inc by financing their commitments relating to their option agreement with Strider Resources Ltd.
The Manitoba project which contains a historical non-JORC compliant resource estimate of 4.3 million tonnes of 1.3% lithium dioxide is off to a strong start with five of the holes having encountered significant intervals of spodumene (lithium bearing ore) mineralisation at downhole widths that are in line with or exceed those encountered from historical drill programs.
Outperformance relative to comparative historical results augurs well for the future
Given QUR’s exploration program is to a significant extent shaped by previous drilling data, compatibility with historical results, and in this case outperformance relative to past comparative metrics should be viewed positively.
With regards to the broader 2017 drilling program, QUR has prepared a sequence of drill holes along a series of section lines to intersect the pegmatite at varying depths along the strike length.
While an earlier than expected winter thaw will result in a lull in drilling over the next eight weeks, the return of more specific data regarding the five successful holes to date will be released in coming weeks, potentially providing share price momentum.
QUR is also initiating plans for a work program to test for additional pegmatites with a focus on the Thompson #5 and Sherritt-Gordon zones which could lead to significantly larger overall tonnages.