A few weeks ago, Imagine Lithium (ILI.V) released an exploration update on its Jackpot lithium project, located just under 150 kilometers north of Thunder Bay, Ontario. As explained in a previous update, the company wanted to drill-test the known lithium-bearing pegmatites. The company released the assay results of several drill holes that were completed on the Jackpot Main Zone and the SW pegmatite zone, which is located approximately 1.4 kilometers southwest of Jackpot.
The assay results at Jackpot are encouraging, as you can see above. The headline interval of 14.35 meters of 1.22% Li2O is good while the assays of for instance hole JP-2023-P3 with 4.7 meters containing 1.34% Li2O have a good grade but the interval is pretty short. Overall, it is an interesting mix of grades with every interval close to 1% being very reasonable (thanks to the easy access to existing infrastructure around the property) but we would ideally need to see thicker intervals as 2 and 4 meter intervals are pretty narrow.
The initial holes that were completed on the SW zone did contain lithium with grades up to 2.02% (which is really good), but the width is again an element to keep an eye on: the 3 meter intervals are pretty narrow.
It still is early days for the asset and drilling is still ongoing. The company will also drill the northern area of the Jackpot Main Zone where Imagine Lithium is seeing another stacked dike where it has intercepted pegmatites with a thickness of up to 20 meters.
As the Jackpot project is located within walking distance from the location where Rock Tech Lithium (RCK.V) is planning to build a concentrator on its own Georgia Lake project.
Both companies are now discussing the possibilities to work together to create synergy benefits and perhaps create a larger player in the supply chain of lithium.
Disclosure: The author has no position in Imagine Lithium. Please read the disclaimer.
