CleanTech Lithium PLC, an exploration and development company advancing the next generation of sustainable lithium projects in Chile, announces a maiden JORC inferred resource estimate at its Francisco Basin Lithium project, Chile.
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.”