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Initial Drilling Confirms Lithium System



Highlights

  • Phase 1 drilling confirms the Bonzer Prospect to host an extensive package of multiple, thick, stacked highly fractionated and fertile pegmatites with the potential to host significant lithium mineralisation

  • Detailed analysis of the results by consulting geochemist, Sugden Geoscience, confirms the Bonzer pegmatite system to be lithium bearing, highly fractionated and indicative of a spodumene pegmatite type based on specific geochemical ratios and fractionation trends

  • Principal lithium minerals identified during geological logging of diamond drill core include spodumene, lepidolite, zinnwaldite, garnet, tourmaline (elbaite) supporting the potential of Bonzer to host significant lithium mineralisation¹

  • The system remains open and untested along strike and at depth, down plunge

  • Highly anomalous lithium - results are reported from most holes within a broad halo of elevated multi-element LCT pathfinder anomalism. Significant intercepts include:

    • 23MHRC002: 14m @ 0.13% Li₂O, (including 8m @ 0.2% Li₂O) from surface

    • 23MHRC014: 18m @ 0.14% Li₂O (including 10m @ 0.18% and 2m @ 0.32% Li₂O) from 34m downhole depth

    • 23MHD003: 3.9m @ 0.2% Li₂O from 74.80m downhole depth

    • 23MHRC012: 2m @ 0.21% Li₂O from 124m downhole

    • 23MHRC004: 44m @ 0.05% Li₂O, (including 4m @ 0.10% Li₂O) from 104m downhole depth

  • Phase 1 drilling only tested a 500m central section of the greater than 2km strike length at Bonzer

  • Assay results indicate the initial program has outlined lower grade mineralisation which could represent a halo to a higher-grade zone, within the Bonzer system

  • More than 50 pegmatites have been mapped on surface at Morrissey Hill and numerous other targets within the project remain untested

  • Phase 1 drilling campaign consisted of 4,500m. Following these encouraging results, the Phase 2 drilling campaign has been doubled and up to 9,000m will commence immediately

  • Phase 2 drilling will follow the plunge of the mineralisation at the Bonzer Prospect and also test other pegmatite targets

¹The Company advises that the reported observation of lithium-bearing minerals occurrence is not an estimate of mineralisation or lithium grade. In relation to the disclosure of visual results, the Company cautions that visual observations or estimates of rock and mineral types or abundance should never be considered a proxy or substitute for laboratory analysis. X-ray diffraction (XRD) and petrological examination is planned to confirm the principal lithium bearing minerals.


Commenting on the results CEO Jeremy Bower said: “RR1 commenced systematic exploration at Morrissey Hill just 9 months ago. In that short time, we have completed a series of technically disciplined, methodical work programs which continue to deliver a large number of priority drill targets. Our Phase 1, 4,500m drilling program at Bonzer was the first ever to have been undertaken at Morrissey Hill and we’re excited by the initial indications, and particularly with what the detailed geochemistry is telling us.


Assay results from the initial drill program should be viewed positively by those with a technical understanding of lithium mineralisation, despite not intersecting high grade results, yet. The results show that we have hit lithium mineralisation in a highly fractionated and fertile pegmatite system, but grade is lower in this area. We maintain our confidence that Bonzer has the potential to host higher grade mineralisation for a number of reasons; firstly Phase 1 only targeted a 500m section of the Bonzer pegmatite system, only 4,500m has been drilled to date, lower grade lithium has been achieved which indicates that higher grades are possible nearby, expert geochemist Steve Sugden has run the fractionation ratios and confirmed we are in a fertile, highly fractionated lithium bearing pegmatite system and importantly we have multiple targets that remain untested. We will back our analysis and confidence by doubling our drill metres for Phase 2, which will start immediately.” We have found the smoke, next we find the fire. The Future is within Reach”.



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