GCICleanTech Lithium maiden JORC brings total lithium resource to more than 2m tonnes LCE in Chile
( ), a Chile-focused lithium explorer, announced today a maiden JORC resource estimate for its Francisco Basin Lithium project in Chile.
Highlights
JORC resource estimate of 0.53m tonnes of lithium carbonate equivalent (LCE) at a grade of 305mg/L. The estimate is based on the first well (FB01) completed before the Chilean winter break, of a four well drill programme.
FB01 encountered a brine aquifer from 99m to 311m, with an aquifer thickness of 212m starting from relatively shallow depths, the company said. 34 brine samples were collected from regular intervals, with a peak lithium grade of 324mg/L and an average grade of 305mg/L.
CleanTech Lithium said a further 3 wells would commence in the coming weeks, in order to expand and upgrade the resource estimate to Measured and Indicated categories.
A scoping study will also commence at Francisco Basin in 4Q 2022 for an expected base case production rate of 20,000 tonnes LCE per year.
Aldo Boitano, CEO, commented: "We are delighted with the maiden JORC Inferred resource estimate of 0.53 million tonnes 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 tonnes of LCE per annum, 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 tonnes LCE."
Further upgrades are planned in 1Q 2023 based on fieldwork to commence in the next few weeks. We look forward to continuing to update the market on our progress."
View from Vox
This is a good result from CleanTech Lithium, upping the total resource available across the company's two projects in the area to over 2 million tonnes LCE. CleanTech's currently more advanced Laguna Verde project (1.51 million tonnes LCE at a grade of 206mg/L lithium) is located within 100 km of Francisco Basin (see map above).
On completion of the three remaining wells at Francisco Basin, an expanded and upgraded resource estimate is expected. The drill programme will remobilise in October 2022 and is targeted for completion in late 4Q 2022 or early 1Q 2023. This paves the way for a potentially significant expansion in the resource estimate in 1Q 2023.
[Planned hole locations]
Looking ahead, based on drill hole density, the Francisco Basin resource estimate is expected to be upgraded into the higher confidence Measured and Indicated category, which will provide the basis for undertaking a pre-feasibility study on the project. Francisco Basin already has very well developed infrastructure, with road access to the site and existing power and water supply lines traversing the project area.
Based on results so far this year, CleanTech Lithium is well-positioned for continued growth into 4Q 2022 and 2023. In the short amount of time since its IPO in March, the company has moved at a fast pace through its work programmes at Laguna Verde and Francisco Basin, and added a third asset at Llamara, offering significant exploration potential. An initial well at Llamara is expected in Q4 2022.
Moreover, the company has already produced battery grade lithium using DLE processes, and is moving forward with its planned pilot plant, helped by its new relationship with DLE specialists SunResin. The pilot plant testing programme is set to begin in Q1 2023.
CleanTech has also indicated active interest in its projects from potential strategic or future offtake partners. CleanTech said it is in early stage discussions with companies of "substantial scale", including car manufacturers, trading houses, battery manufacturers, and large mining companies.
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