TYX hits more spodumene bearing pegmatites
Our Angolan hard rock lithium Investment Tyranna Resources (ASX: TYX) just put out a drilling update.
Here are our key takeaways from today’s announcement:
- TYX is 17 holes into its drill program with 75% of the holes hitting spodumene
TYX has drilled 17 holes for a total of ~2,625m of drilling.
To date 75% of the drilling has hit spodumene-bearing pegmatites across ~15% of its project.
Spodumene in drillcores is what we want to see when a company is exploring for a hard rock lithium deposit. Typically high grade lithium mineralisation is found in spodumene.
2. Drilling to restart in January 2024.
TYX expects to restart the drill program after the holiday period in January 2024.
TYX expects to be drilling all the way through to April 2024.
Interestingly TYX talked about how the drilling should be more efficient when the company starts drilling again because an onsite accommodation facility was being constructed.
Below is what the site looked like on the 6th of December.
Context on TYX’s drill program:
TYX holds a giant ~200km2 pegmatite field hosting over 1,000 independent pegmatites, across a 25x10 km area.
To date, only ~2% of the pegmatites have been explored.
Last year after its first drill program on the project, TYX made its first discovery, hitting ~22m of lithium with grades at 2.02%.
This was enough to bring in a Chinese JV partner and a binding offtake agreement that came with a US$10M prepayment.
On top of the US$10M prepayment commitment, TYX’s partner $5.5BN Sinomine also committed to a A$31M investment into TYX and at the project level.
Now with $12.3M of that cash in the bank, TYX started its phase 2 drill program.
(Source)
What’s next for TYX?
Drill results from second round of drilling 🔄
With drilling now underway we will be watching for the following:
During drilling - We want to see more visual spodumene in the drill cores.
Spodumene is generally the host rock for high grade lithium, visual spodumene will be a positive first indication of potential economic lithium mineralisation.
After drilling - This will be all about waiting for the assay result — we’ll be looking for lithium grades above a level that is considered typically economic. These assays are expected early 2024.
We have set up expectations for the assays as follows:
Bull case (exceptional result) = Lithium grades >1.5%.
Base case (good result) = Lithium grades 1-1.5%.
Bear case (poor result) = Lithium grades <1%.
Results from gravity surveys 🔄
Results from rock chip sampling program 🔄
