Imagine Lithium’s (TSXV:ILI) Latest Drill Results Indicate Expansion Opportunity for Jackpot Lithium Project

Figure 1: Jackpot property located next to Trans-Canada Highway, power,…

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Figure 1: Jackpot property located next to Trans-Canada Highway, power, port, railroad, and workforce. Source: Imagine Lithium

Imagine Lithium (TSXV:ILI) has recently made a significant discovery at its Jackpot Lithium project located in the Georgia Lake Pegmatite Field, about 140km northeast of Thunder Bay, Ontario. The company successfully intersected a new near-surface spodumene-bearing pegmatite during diamond drilling operations at the Casino Royale zone, roughly 500m north of the established Jackpot Main zone. This development is part of a larger land package spanning 18,800 hectares, notable for its mineralized lithium-bearing granitic pegmatite dykes spread across five zones.

J.C. St-Amour, President of Imagine Lithium, commented in a press release: “This is an untested area of the property and we are pleased to have discovered a new mineralized pegmatite in this area of the vastly underexplored Jackpot property. The newly discovered, near-surface mineralization confirms our exploration model and continues to demonstrate that our significant land package can contain multiple lithium deposits. The Casino Royale zone has been traced over 750m of strike length at surface, making it a potentially substantial new zone. Going forward, we will continue to focus our exploration efforts on new discoveries and resource expansion.”

The results disclosed by the company underscore the potential for near-surface expansion in the vicinity of the Jackpot Main zone. The 2024 drill program aimed to explore regional targets identified outside the Jackpot Main zone, following a comprehensive prospecting and soil sampling effort in 2023. The program also investigated boulders and outcrop near the historical Point Lithium prospect and the Carrot Lake occurrence. In total, the 2024 effort encompassed 2,691 meters of core from 24 diamond drill holes.

Since 2018, drilling activities at the Jackpot property have amounted to 38,041 meters. Recent results include data from the Jackpot Main zone collected in 2023 and significant findings from the 2024 drill program, particularly targeting areas north of the Jackpot Main zone.

The Casino Royale zone, now identified to extend over 750 meters in strike length, has been defined by both surface grab samples and diamond drill intercepts. Notably, holes JP-24-23 and JP-24-24, drilled from the same setup at angles of -50° and -75° respectively, intersected lithium oxide concentrations of 1.09% over 7.70 meters and 1.04% over 12.80 meters. This zone encompasses the historical Carrot Lake occurrence, with ongoing drilling efforts aimed at further testing the trend of surface mineralization.

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Figure 2: Jackpot project target zones and diamond drillhole collar locations. Source: Imagine Lithium

Imagine Lithium Inc. anticipates the completion of an NI 43-101 mineral resource estimate by the end of 2024, which will incorporate the results from its current drilling program. A key advantage of the Jackpot Lithium project is its location, benefiting from existing infrastructure such as roads, power, and a local workforce, as well as its proximity to a major port. This strategic positioning is expected to favorably influence the project’s economic feasibility, distinguishing it from more remote lithium ventures.

Highlights from the results are as follows:

Casino Royale zone:

  • 1.09% Li2O over 7.70m from 84.85m in hole JP-24-23
  • 1.04% Li2O over 12.80m from 90.50m in hole JP-24-24
    • Including 1.35% Li2O over 6.80m from 96.50m

Jackpot Main zone:

  • 1.34% Li2O over 6.30m from 50.50m in hole JP-23-18
  • 1.02% Li2O over 10.10m from 31.10m in hole JP-23-24

Table 1. Significant Li2O (%) intervals from the 2024 drill program.

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