A cashed-up Perpetual Resources (ASX: PEC) has made a potentially sizeable pegmatite discovery during its maiden drill program at the company’s Igrejinha project, located in Brazil’s renowned “Lithium Valley”.
Latest assay results from the company’s reverse circulation (RC) drilling program at Igrejinha’s “Target 1” (T1), and “South East Anomaly” (SEA) approximately 2 kilometres away, returned strong indications of lithium-caesium-tantalum (LCT)-style pegmatites at both.
Perpetual identified Igrejinha as one of the prime targets it would follow up with funds from a successful $1.6 million capital raising earlier this month to help accelerate its Brazilian exploration plans.
Five out of the six RC holes Perpetual drilled at the SEA intersected two known, parallel pegmatite structures from near surface and confirmed strike continuity of 60 metres, with the company yet to determine the orientation and true widths of the pegmatites.
Perpetual’s surface mapping suggests a strike length up to 300m, highlighting the potential for a significant extension of the system both along strike and at depth, and the company has further drilling planned to test the extent of mineralisation and refine its structural and mineralogical model of the SEA.
Exploration at T1 has delineated a pegmatite lens extending over 200m in strike length and as thick as 8m, with recent drilling successfully intersecting the outcropping pegmatite to depths exceeding 50m below surface.
Perpetual will now focus on the drill results it expects in the coming weeks, along with additional exploration analysis and subsequent planning for future potential drill programs at T1, the SEA, and other nearby project areas.
“The presence of visible spodumene within large pegmatite intersections from drilling at the SEA is significant, particularly given the rapid turnaround from initial target generation to discovery,” executive chair Julian Babarczy said.
“Importantly, the mineralisation remains open along strike and at depth, offering exciting exploration upside.”
“These early signs underscore the scale potential of this emerging lithium target that sits within a prolific lithium jurisdiction.”
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