GT1 is all smiles as it cruises to an updated Root Bay MRE with more high-grade lithium hits

Green Technology Metals’ massive 22km drilling program at Root Bay is continuing to hit high-grade lithium mineralisation grading up to 1.77% Li2O.

While 1.77% may not mean much if we’re talking interest rates, in the world of lithium, anything >1% nowadays makes a project worth developing, and Green Technology Metals (ASX:GT1) might just have a monster resource on its hands.

Finding and developing such monsters will be critical with corporate advisory firm RFC Ambrian saying consensus demand forecasts for lithium sit at 2.92Mt of lithium carbonate equivalent, a CAGR of 19% and around four times the 720,000t registered in 2022, which could lead to a deficit as large as 761,000t by then.

Assays from a further 26 holes have returned from infill drilling at GT1’s flagship Root Bay project in Ontario, with standout high-grade lithium hits that include:

• 17.4m at 1.60% Li20 from 110.8m in hole RB-23-1026;
• 16.0m at 1.71% Li20 from 100.9m in hole RB-23-1027;
• 17.0m at 1.55% Li20 from 296.0m in hole RB-23-1073;
• 14.6m at 1.76% Li20 from 223.6m in hole RB-23-1043;
• 13.5m at 1.65% Li20 from 181.7m in hole RB-23-1030; and
• 12.9m at 1.62% Li20 from 317.5m in hole RB-23-1071.

These latest results are part of an extensive three-phase field exploration program and a diamond drilling campaign to upgrade the confidence in the resource and identify new priority targets.

So far, 78 holes have been completed for 12,839m and assays are still pending for 42.

Resource upgrade likely

Root Bay currently has a Inferred resource estimate of 8.1Mt at 1.32% Li2O, and hits like this could well increase both the resource and lithium grade once it’s updated.

The company says that further exploration is focused on areas immediately east and west along the ridge from current drilling and that the “trend remains open and is categorised as highly prospective, as the geological trend can be traced over the entire length of the tenement area through the highly magnetic BIF unit that runs along the northern boundary of the Root Bay deposit”.

“The infill diamond drilling program is now over 50% complete at Root Bay and are pleased to see the continued consistent high-grade results, providing confidence in our maiden resource estimate,” GT1 managing director Luke Cox says.

“We are looking forward to receiving the remaining drill results at Root Bay and releasing our updated mineral resource estimate in the fourth quarter 2023.”

Two diamond drill rigs are still spinning away to complete the 22km infill campaign which is due for completion at the end of this month.

Once finished, GT1 plans to initiate drilling along a highly-prospective and untested 3km extension of its Root Bay deposit where surface samples are currently being taken and analysed.

29 samples have been collected so far and assays are due in the coming weeks.

This article was developed in collaboration with Green Technology Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post GT1 is all smiles as it cruises to an updated Root Bay MRE with more high-grade lithium hits appeared first on Stockhead.

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