Jindalee Resources (ASX:JRL, OTCQX:JNDAF) is an Australia-based exploration and development company advancing North America’s largest lithium deposit. After a spinout of its Australian assets, Jindalee has become a pure-play lithium company focused exclusively on its promising 100-percent-owned McDermitt asset. Jindalee Resources recognizes the vast opportunity for lithium projects in the US as the country progresses towards its sustainable energy transition and developing a robust domestic supply chain for critical minerals.
The United States currently produces 5,000 tonnes of lithium per annum — less than two percent of the world’s total production. However, as the US strives to transition to clean energy, demand for lithium will continue to increase as this critical mineral is necessary to achieve the country’s net-zero goals. Fortunately, the US is a favorable mining jurisdiction and actively supports new projects’ advancement to strengthen its domestic supply chain.
Jindalee Resources’ McDermitt asset, located in southeast Oregon, contains a unique type of lithium deposit. As most lithium projects in North America target lithium brine or pegmatite deposits, the McDermitt project is an unconventional sediment-hosted lithium asset. The project currently has an estimated and inferred resource totalling 3.0 billion tonnes at 1,340 parts per million (ppm) lithium for 21.5 million tonnes lithium carbonate equivalent (LCE), making McDermitt the largest lithium deposit in North America.
Sediment-hosted lithium deposits have a much more straightforward and efficient extraction process than lithium brines, completely sidestepping the extraction and metallurgical processes required for brine. Jindalee Resources can leverage this advantage over other lithium assets, both in terms of reaching production faster and reducing operating expenses.
There are no commercially operating sediment-hosted lithium projects in North America, currently. Two recently announced projects, however, are under development and demonstrate McDermitt’s future trajectory as both companies move toward production.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee Resources to fully capitalize on the potential of its assets.
The McDermitt project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometers west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometers of claims at the northern end of the McDermitt volcanic caldera. The company recently announced that, following positive results from its 2022 drill campaign, the resource at McDermitt had increased to 21.5 million tonnes LCE, making McDermitt the largest lithium deposit in North America.
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost operations focusing on crushing, while still producing excellent metallurgical results.
- Encouraging 2022 Results: The 2022 drilling campaign was highly successful, intersecting broad lithium intercepts from shallow depths in most holes, including:
- 182.2 meters at 1,197 from 21.4 meters
- 131.6 meters at 1,219 from 21.9 meters
- 68.6 meters at 1,669 from 0 meters
- 50.3 meters at 1,512 from 0 meters
- Resource Increased by 62 percent early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3.0 billion tonnes at 1,340 ppm lithium, a 62 percent increase in contained lithium.
- Memorandum of Understanding (MOU) with POSCO Holdings: Jindalee Resources recently entered into an MOU with POSCO Holdings (NYSE:PKX). Under the MOU, POSCO will fund metallurgical test work on McDermitt ore and undertake joint research for the asset. POSCO is partnering with General Motors to supply cathode active material (including lithium) for their electric vehicles.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route. Further testwork is now underway.
Lindsay Dudfield – Executive Director & CEO
Lindsay Dudfield is a geologist with over 40 years’ experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon . In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to a number of greenfield discoveries. In late 1994, Dudfield joined the board of Horizon Mining NL (Jindalee’s predecessor) and has been responsible for managing Jindalee since inception. Dudfield is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Energy Metals Limited, Dynamic Metals Limited and Alchemy Resources Limited.
Justin Mannolini – Non-executive Chairman
Justin Mannolini was appointed to the Jindalee board as a non-executive director in September 2013, and was appointed chairman in July 2016. Mannolini is a partner in the corporate advisory group of Australian law firm Gilbert + Tobin. He was previously an executive director with Macquarie Capital and was responsible for cross-industry coverage of the Western Australian market. Prior to joining Macquarie, Mannolini was managing director and head of Gresham Advisory Partners’ Perth office, and before that, a partner in the mergers and acquisitions group of Australian law firm Freehills. In May 2016, Mannolini was appointed to the board of the Northern Australia Infrastructure Facility, a $5-billion fund set up by the Australian Government to encourage population growth and economic development in northern Australia. As a lawyer and investment banker, Mannolini has more than 20 years’ experience in corporate finance ranging across industry sectors and product lines, including mergers and acquisitions transactions and general strategic advisory mandates for companies in the resources sector. Mannolini has a combined degree in commerce and law (with honors) from the University of Western Australia and a Master of Laws from the University of Cambridge (Queens College).
Darren Wates – Non-executive Director
Darren Wates is a corporate lawyer with over 23 years’ experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, Wates has provided consulting general counsel services to ASX listed company Neometals Ltd (ASX:NMT) since 2016, having previously been employed as legal counsel of Neometals. Wates holds bachelor degrees in law and commerce and a graduate diploma in applied finance and investment.
Paul Brown – Non-executive Director
Paul Brown has over 23 years’ experience in the mining industry, most recently with Mineral Resources (ASX: MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and FMG and has a strong track record in technical leadership, project/studies management and mine planning and management. Brown has a Master in Mine Engineering.
Brett Marsh – VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member with Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.
Carly Terzanidis – Joint Company Secretary
Carly Terzanidis has 20 years’ prior experience in the financial services industry, having been employed by Euroz Hartleys, DJ Carmichael and Shaw and Partners. Following this Terzanidis has gained two years’ experience in corporate services and in the role of company secretary for resources-focused entities. Terzanidis acts as company secretary for Alchemy Resources Limited. Terzanidis holds a Bachelor of Commerce with majors in accounting and corporate administration, and a graduate diploma in applied corporate governance.
Jessamyn Lyons – Joint Company Secretary
Jessamyn Lyons has 15 years of experience working in the stockbroking and banking industries across various positions with Macquarie Bank, UBS Investment Bank (London) and Patersons Securities. Lyons established Everest Corporate, a corporate services firm, and grew the business for five years prior to merging with Nexia Perth. Lyons is a director of Nexia Perth, company secretary of Dreadnought Resources Limited and Ragnar Metals Limited, and joint company secretary of Echo IQ Limited. Lyons is a chartered secretary and fellow of the Governance Institute of Australia and holds a Bachelor of Commerce from the University of Western Australia with majors in investment finance, corporate finance and marketing.
Alida Bothma – Financial Accountant
Alida Bothma is a qualified chartered accountant with eight years auditing experience within the Big 4. She has experience in multiple industries, including mining, retail, private health insurance and aged care services. Bothma is a client manager at Nexia Perth, where she assists several listed exploration companies with their management and financial reporting needs. Bothma holds an honors degree in chartered accountancy and is a member of the South African Institute of Chartered Accountants.
Read the full article here