Diamond & Specialty Minerals Summary for July 5, 2018
2018-07-05 18:53 ET - Market Summary
by Will Purcell
Michael England's Infinite Lithium Corp. (ILI: $0.14) has discovered four lithium-bearing pegmatites at its Jackpot project in the Georgia Lake area of Northwestern Ontario. The four new finds are Slot, Dealer, Roulette and Casino Royale -- apparently in keeping with the Jackpot theme. The best grab sample assays occurred at Slots, where one reached 6.26 per cent lithium oxide. As well, the company has been continuing its drilling on the Jackpot Main zone. Drilling from the earlier holes in the program ranges as high a 3.02 per cent lithium oxide over five metres, with nearly all the assays reaching at least 1 per cent lithium oxide.
Mr. England, a veteran (and prolific) Howe Streeter and the president of Infinite Lithium, says that the recent discovery of the new pegmatites "represent high-priority drill targets" in the short term. Although the sampling has been limited so far, he says that the grades are significantly higher than the historical estimates of 1.09 per cent lithium oxide. As a result, the company's objective is to establish a larger and higher-grade maiden resource estimate. Mr. England says that the work is progressing well, with the estimate expected later this year.