First Lithium Confirms High-Grade Lithium at Blakala Prospect

FIRST LITHIUM LIMITED (FL1) Share Update September 2024 Monday 9th

September 2024 Monday 9th by Michael

First Lithium Announces High-Grade Lithium Results at Blakala Prospect

First Lithium Limited (ASX: FL1) has announced the final results from their second series of drilling at the Blakala Prospect, revealing very high-grade lithium intersections. These findings confirm the significant depth and strike continuity of the Eastern Pegmatite, further solidifying the potential of this lithium-rich area.

Instant Summary:

High-grade lithium intersections from the second series of drilling.
24.00m intersection @ 1.53% Li2O in BRCD21.
28.59m intersection @ 1.51% Li2O in BRCD19.
9.00m intersection @ 1.62% Li2O in BRCD18.
12.27m intersection @ 1.65% Li2O in BDFS46.
8.34m intersection @ 1.77% Li2O in BRCD25.
25.64m intersection @ 1.68% Li2O in BRCD28.

Drilling Results

First Lithium Limited has successfully completed its second series of drilling at the Blakala Prospect, located in the Gouna permit area in Mali. The results from this drilling program have revealed high to very high-grade lithium oxide (Li2O) intersections, confirming the depth and strike continuity of the Eastern Pegmatite.

The second series of drilling involved reverse circulation (RC) pre-collars and diamond tails to target pegmatites at depths of approximately 50 to 100 meters below the surface. The high-grade analytical results from the second series diamond tails BRCD16 to BRCD21, drilled in the Eastern Pegmatite, covered a strike length of approximately 400 meters.

Key Intersections

Notable intersections include:

BRCD21: 24.00 meters @ 1.53% Li2O from 129.0 meters
BRCD19: 28.59 meters @ 1.51% Li2O from 117.0 meters
BRCD18: 9.00 meters @ 1.62% Li2O from 117.0 meters
BDFS46: 12.27 meters @ 1.65% Li2O from 46.0 meters
BRCD25: 8.34 meters @ 1.77% Li2O from 137.0 meters
BRCD28: 25.64 meters @ 1.68% Li2O from 137.0 meters

Context and Analysis

The high-grade lithium results from the second series of drilling are consistent with the findings from the first series, which also reported significant lithium intersections. These results highlight the potential for a substantial lithium resource at the Blakala Prospect, with the pegmatites remaining open at depth and along strike.

First Lithium's Managing Director, Venkat Padala, expressed pride in the completion of the analytical results, noting that the next step is the maiden JORC (Joint Ore Reserves Committee) resource estimate for the project, expected in the coming month. The company is also anticipating license renewals, which will provide a clearer understanding of the project's scope and scale.

Future Prospects

First Lithium's commitment to sustainable development and responsible exploration is evident in their approach to the Blakala Prospect. The company aims to positively impact local communities while ensuring environmentally sensitive practices. The high-grade lithium results from the Blakala Prospect position First Lithium as a key player in the global lithium market, which is experiencing increasing demand due to the growth of electric vehicles and renewable energy storage solutions.

Impact Analysis

The high-grade lithium results from the Blakala Prospect are likely to have a positive impact on First Lithium's stock price as investors recognize the potential for a significant lithium resource. The confirmation of depth and strike continuity in the Eastern Pegmatite enhances the project's attractiveness and could lead to increased investor interest and confidence in the company's future prospects.

Investor Reaction:

Analysts are expected to react positively to the high-grade lithium results, noting the potential for a substantial resource at the Blakala Prospect. The confirmation of depth and strike continuity in the Eastern Pegmatite is particularly encouraging, as it suggests the potential for further resource expansion. Investors may view these results as a strong indicator of First Lithium's growth potential in the lithium market.

Conclusion:

Investors should keep an eye on the upcoming maiden JORC resource estimate and license renewals for the Blakala Prospect. These developments will provide further clarity on the project's scope and scale, potentially driving further interest in First Lithium's stock. With the global demand for lithium continuing to rise, First Lithium's strategic focus on sustainable and responsible exploration positions the company well for future growth.