Imagine Lithium (ILI.V) has started its 2023 summer drill program on the flagship Jackpot lithium project. The company plans to drill at least 10,000 meters with a specific focus on a newly discovered lithium bearing pegmatite which has been traced at surface for a strike length of in excess of 500 meters. This target was identified through a sampling program but has never been drilled, and Imagine Lithium is earmarking at least 8 holes to be drilled on this target.
The remainder of the holes will be drilled on expanding the Jackpot Main Zone and other pegmatite targets to the west, northwest and northeast. According to the company, the total strike length of the trend is approximately 3 kilometers.
Imagine Lithium recently completed a C$9.1M placement (priced at C$0.115 for the common shares and C$0.1725 for the flow-through shares), so the company is definitely cashed up to complete this drill program and won’t have to tap the markets for an equity raise anytime soon.
Disclosure: The author has no position in Imagine Lithium. Please read our disclaimer.
