Leo Lithium Limited (ASX: LLL) has obtained substantial upgrade to the Mineral Resource Estimate (MRE) at its Goulamina Lithium Project in Mali.
A resource definition drilling campaign was undertaken in the second half of 2022 and continued into the first half of 2023. The recently completed assessment of drilling results and the updated MRE for the Goulamina project has expanded the total Goulamina resource tonnage by 48.2%, from 142.3 Mt at 1.38% Li2O to 211.0 Mt at 1.37% Li2O
We are excited to report a very significant resource upgrade which confirms the outstanding scale, high-grade nature, and further growth potential of the Goulamina Project,” Managing Director, Simon Hay, said.
“An increase at Goulamina of 68.6 Mt from a very moderate drilling campaign, is a fantastic outcome. Furthermore, there is scope for additional growth as the deposit remains open at depth and along strike, creating new drilling targets for the geology team.
“This significant upgrade also supports the possible extension of the 23-year mine life of the Goulamina Project and the recent Cooperation Agreement with Ganfeng.
“A key aspect of the cooperation agreement is for Leo Lithium to conduct an engineering study into raising Goulamina Stage 2 capacity to 500 ktpa, lifting overall Goulamina to one mtpa of spodumene concentrate.
“Results from the MRE upgrade will flow into the planned Ore Reserve Estimate (ORE) upgrade which is scheduled for completion in August 2023.
“These results are also encouraging ahead of first spodumene concentrate product in Q2 2024 and the early revenue opportunity from the targeted export of direct shipping ore in H2 2023.”
Independent resource consultancy CSA Global (an ERM Group Company) was commissioned to update the MRE resulting in the classification of Measured, Indicated, and Inferred Mineral Resources.
The reported resources in this MRE are constrained below the TOFR (Top of Fresh Rock) surface and reported within a US$1500 optimised pit shell. Mineralised pegmatite material within the optimised pit shell is considered to have reasonable prospects for eventual economic extraction (RPEEE).
