Bradda Head Lithium Ltd, the North America-focused lithium development group, has announced a new Mineral Resource Estimate (MRE) at the Company’s 100% owned Basin Project, Arizona.
The updated MRE was prepared in accordance with Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects) (NI-43-101) by ABH Engineering Inc.
The Company is reporting a new MRE consisting of 99 000 t of of lithium carbonate equivalent (LCE) at an average grade of 929 ppm lithium in Measured classification, 560 000 t of LCE at 860 ppm Li in the Indicated classification; and 2 175 000 t of LCE at 808 ppm Li in the Inferred classification following the completion of drilling, reception, and analysis of geochemical results, and new modelling of the Basin project. As per the Gross Overriding Royalty Agreement with the Lithium Royalty Company (LRC), the new contained LCE Tonnage surpassed the contracted threshold of 2.5 million t and has enabled the Company to trigger the payment of US$3.0 million from LRC to Bradda Head. The Company has requested this payment be made, and therefore expects to be well funded for the future, including its drilling plans at San Domingo Arizona, its near surface Spodumene bearing pegmatite opportunity.
Ian Stalker, non-Executive Chair of Bradda Head, commented:
“This is a remarkable increase in LCE at Basin North and highlights the ever-growing potential that we continue to believe is inherent at the Basin Project. We have delivered on our objective to increase our resource to over 2.5 million t, successfully triggering the US$3 million royalty payment from the LRC, which we have now formally requested be paid. The total drilled area at Basin East/Basin East Extension/Basin North covers only 4 km2 of our 20.8 km2 licence area at Basin. The surface geology and geochemistry across the entire property strongly suggest further and extensive opportunities to continue expanding the Resource.”
“We are committed to continue on our strategy of permitting drill sites at Basin West and Basin North, where we believe extensive opportunities are obvious with a view to substantially building on the MRE and further proving up what an excellent project Basin is.”