CleanTech Lithium announces recourse estimate for Francisco Basin Lithium

Highlights 

• Maiden JORC inferred resource estimate of 0.53 million t lithium carbonate equivalent (LCE) at a grade of 305 mg/l.
• Estimate is based on the first well (FB01) completed before the Chilean winter break of a four well resource drill programme.
• FB01 encountered a brine aquifer from 99 m to 311 m, an aquifer thickness of 212 m starting from relatively shallow depths.
• 34 brine samples were collected from regular intervals with a peak lithium grade of 324 mg/l and an average grade of 305 mg/l.
• Further three wells to commence in coming weeks to expand and upgrade the resource estimate to measured and indicated categories.
• Scoping study will commence at Francisco Basin in 4Q22 for an expected base case production rate of 20 000 tpy LCE.
• Francisco Basin is located within 100 km of CleanTech Lithium's more advanced Laguna Verde project (1.51 million t LCE at a grade of 206mg/l lithium).
• Total resources now exceed 2 million t LCE at the two projects, which CleanTech Lithium is developing concurrently, as it targets producing battery-grade, carbon neutral lithium for the EU battery market.

Commenting, Aldo Boitano, Chief Executive Officer, of Cleantech Lithium PLC, said:

“We are delighted with the maiden JORC inferred resource estimate of 0.53 million t of LCE at a grade of 305mg/l Lithium from our first well at Francisco Basin. The resource estimate provides the basis for a scoping study with a base case production rate of 20 000 tpy of LCE, expected to utilise 100% renewable energy for process power providing green lithium to the EV industry. Two of our three projects in Chile now have resource estimates, with the total lithium resource exceeding 2 million t LCE.

“Further upgrades are planned in 1Q23 based on fieldwork to commence in the next few weeks. We look forward to continuing to update the market on our progress.”

Read the article online at: https://www.globalminingreview.com/mining/03102022/cleantech-lithium-announced-recourse-estimate-for-francisco-basin-lithium/