Mineral Resources-backed explorer Wildcat Resources has returned one of its better intercepts from the Tabba Tabba project in Western Australia's Pilbara region.
Drilling of the main Leia pegmatite continues to return good thicknesses and grades with 119m at 1% lithium from 334m, including 31m at 1.7% and 34m at 1.2%.
The company also released the first results from the northernmost holes, such as 4.8m at 1.1% from 366m, including 1m at 3.65% from 394m.
The drilling is quickly reaching the northern edge of the tenement where Fortescue is its neighbour.
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While thin and deep, Wildcat believes they show that the pegmatite continues along strike and at depth, matching the shallow and outcropping portions of the orebody.
The pegmatite is now defined over 2.2km of strike within a 3.2km-long pegmatite field, with mineralisation from surface to some 450m below surface.
Anything above 400m is considered open pittable.
The target appears to be becoming wider with depth.
Leia is open to the north and at depth. There are five rigs on the target: two diamond rigs focused on extensional drilling, two completing infill drilling, and an RC rig used for pre-collars.
Leia is just one of six main pegmatites mapped at the project, which is just 50km from Pilbara Minerals' 414 million tonne Pilgangoora project and 80km from Port Hedland.
While it is just over a year into exploration, and resources are yet to be calculated, Tabba Tabba continues to look promising for a large, bulk tonnage operation.
Drill pads have been created at the southern part of the Tabba Tabba lease to test the Hutt and Han pegmatites.
Wildcat is also preparing more geophysical studies to help target blind pegmatites.
The company remains well funded with A$94 million cash remaining.
Wildcat raised $100 million at 76c to fund accelerated exploration last year, with MinRes on the register with 19.9%.
MinRes controls half of the Wodgina operation that is just over 87km away by road to the south, and could represent a low-cost processing option for Wildcat.
Wildcat was trading around 2c 12 months ago, and has traded as high as $1.01.
The stock was off 15% today at 66c, capitalising it at $789 million.
