en.Wedoany.com Reported - Lithium Plus Minerals (ASX:LPM) has reported an upgrade to the lithium resource at the Lei deposit within its Bynoe Project in the Northern Territory. The latest resource estimate indicates that, at a 0.5% cut-off grade, the deposit's main pegmatite hosts 5.22 million tonnes at 1.50% Li₂O, equating to 78,420 tonnes of Li₂O.
Compared to the maiden resource announced in December 2023 (4.09 million tonnes at 1.43% Li₂O, equating to 58,490 tonnes of Li₂O), this update represents a 28% increase in resource tonnage and a 34% increase in lithium content. The upgraded resource has significantly enhanced the company's confidence in the deposit, with indicated resources now accounting for 55% of the total.
This resource update directly supports the company's ongoing mining and development studies for a low-capital-expenditure direct shipping ore (DSO) operation. The scoping study is expected to be completed by early Q4 2026. The Lei deposit is being evaluated as a potential underground DSO operation, where ore will be crushed and screened on-site before being transported to Darwin Port. Preliminary metallurgical and ore sorting test results are encouraging, indicating higher head grades and lower waste rock content, which could help improve operational efficiency and reduce transportation and processing costs.
The resource update is based on drilling conducted since the initial estimate, which has extended the mineralized pegmatite at depth and along the plunge direction. Two additional drill holes have improved geological control, refining the interpretation of pegmatite thickness, continuity, and grade. Key intersections included in this update include: 10 meters at 1.69% Li₂O from 614 meters in hole BYLDD019, and 34 meters at 1.69% Li₂O from 396 meters in hole BYLDD037. Infill drilling has reduced drill hole spacing in the central zone of the orebody from approximately 100 meters to 50 meters, helping to upgrade resources to the indicated category. Indicated resources have increased by over 730%, from 420,000 tonnes at 1.22% Li₂O (5,120 tonnes Li₂O) in 2023 to 2.85 million tonnes at 1.49% Li₂O (42,550 tonnes Li₂O). Inferred resources currently stand at 2.37 million tonnes at 1.51% Li₂O, equating to 35,880 tonnes.
Executive Chairman Dr. Bin Guo stated that this upgraded mineral resource estimate firmly establishes Lei as a prominent, high-grade asset within the Bynoe pegmatite field. The resource of 5.22 million tonnes at a high grade of 1.5% Li₂O significantly de-risks and supports the company's ongoing development studies, positioning it favorably to advance a low-capital-expenditure DSO operation and potentially achieve near-term cash flow.
In addition to the updated resource, Lithium Plus has also announced a combined exploration target for the Lei and Perseverance deposits: 7.6 million to 19.4 million tonnes, with a grade range of 1.2% to 1.6% Li₂O. Within this, the exploration target for the Lei main pegmatite is 0.8 million to 3.2 million tonnes, for the secondary pegmatite (located approximately 170 meters east of the main orebody) is 3.2 million to 6.5 million tonnes, and for Perseverance is 3.6 million to 9.7 million tonnes. These targets remain conceptual in nature and require further exploration to estimate mineral resources.
The Lei main pegmatite remains open at depth, and the secondary pegmatite has been intersected in eight diamond drill holes and remains open below current drilling. Preliminary mine planning indicates that an underground decline could be positioned between the two pegmatites, providing access to both deposits via shared infrastructure. Upcoming drilling aims to increase geological confidence, confirm mineralization continuity, and generate data for future resource estimation. Both the Lei and Perseverance deposits offer further growth potential, with focus areas including the depth extension of the Lei main pegmatite, the nearby secondary pegmatite, and the Perseverance pegmatite located 12 kilometers to the north.
