Lindian Resources Ltd (ASX:LIN) has completed its phase 2 drill program on schedule at the Kangankunde Rare Earths Project in Malawi, with the second hole reaching the target depth of 1,000 metres.
The drill program has been specifically designed to test for mineralisation at depth and evaluate the mixed breccia mineralisation around the central carbonatite.
During the program, visual observations from both drill holes demonstrated textual features consistent with surface mineralisation observed to the end-of-hole.
Looking ahead, the first assay results for the phase two drill program are expected in late July, with ongoing reporting of assays in August and September, with the maiden mineral resource estimate (MRE) for Kangankunde slotted for mid-July.
MRE imminent
Lindian CEO Alistair Stephens said: “We are pleased to confirm the successful completion of Lindian’s phase 2 exploration target drill program, with the second drill hole reaching the target depth of 1,000 metres.
“Similar to the first drill hole, the second drill hole in the phase 2 program showed textual features consistent with surface mineralisation to end-of-hole.
“Initial assays from the first hole have been despatched for sampling, and the company looks forward to progressively reporting assay results for the phase 2 program from late July to September 2023.
“These assays will help the company determine how far Kangankunde’s mineralisation extends at depth and provide context to an exploration target estimate below the mineral resource estimate.
“In the interim, a review of final assays for the phase 1 drill program is currently being completed ahead of Lindian’s maiden mineral resource estimate, which we very look forward to reporting in mid-July 2023.”
Drill program
Lindian kicked off phase one drilling at Kangankunde in late October 2022 with the intention to undertake a drill program that will culminate in a mineral resource estimate (MRE) and a subsequent exploration target below a mineral resource supported by phase 2 drilling.
During phase 2 drilling, the second diamond-core drill hole was drilled north-to-south down the long axis of the mineralised system, reaching end-of-hole at its targeted depth of 1,000 metres.
As with the first drill hole in the exploration target program, the textual consistency of the mineralisation at the surface for the second hole remained evident through to its targeted depth of 1,000 metres.
Forward program
Core for the initial 440 metres of the second drill hole has been sampled on-site and is ready for despatch.
The expected turnaround time for assays in connection with the phase 2 exploration target drill program is 6-8 weeks.
Initial results for the first drill hole are expected in late July 2023 with additional results continuing thereafter.
The results from the phase 2 drill program will form the basis of an exploration target at Kangankunde.
The final 1,700 samples from the phase one drill program are in the assay laboratory and are expected to be reported to market in the near term and before the declaration of Lindian’s maiden MRE for Kangankunde.
Lindian shares have been as much as 13.34% higher intraday to $0.425.