TYX kicks off second phase of lithium drilling in Angola.
Our lithium Investment Tyranna Resources (ASX: TYX) has just kicked off its second ever drill program in Angola.
TYX holds a giant ~200km2 pegmatite field hosting over 1,000 individual pegmatites, across a 25 x 10 km area.
To date only 2% of those 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)
TYX is already three holes into the program and is hitting spodumene across all three holes.
Typically high grade lithium mineralisation is found in spodumene.
TYX has planned ~30 shallow holes down to ~200m depth with the aim of extending its first discovery, and making a new one.
Drilling is expected to run through to June 2024 with first assays due in January 2024.
That means non-stop drilling newsflow from now until the back end of next year.
What we are seeing from the first 3 holes:
The biggest takeaway for us is that most of the pegmatite intercepts also have confirmed spodumene in them - typically high grade lithium mineralisation is found in spodumene.
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 visual spodumene in the drillcores. 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.
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 🔄
