An updated NI 43-101 mineral resource estimate for Bandeira, which will capture drill data beyond the
Significant drill intercepts from the most recent Bandeira results, include:
- 1.31% Li2O over 24.0m, incl. 1.86% Li2O over 6.0m and 1.67% Li2O over 10.0m; intersected from ~100 metres down hole (hole ITDD-23-228)
- 2.12% Li2O over 7.2m and 1.53% Li2O over 8.0m (hole ITDD-23-226)
- 1.96% Li2O over 5.9m and 1.73% Li2O over 6.0m (hole ITDD-23-224)
- 1.33% Li2O over 10.4m, including 1.65% Li2O over 8.0m, intersected from ~44 metres down hole (hole ITDD-23-243)
- 1.35% Li2O over 7.3m (hole ITDD-23-232)
- 1.81% Li2O over 5.0m (hole ITDD-23-210)
- 1.65% Li2O over 5.5m (hole ITDD-23-230)
Bandeira is a 175-hectare property, currently representing around 90% of the Company’s total resource tonnage but only ~1% of the Company’s 14,182-hectare land package. The property hosts a NI 43-101 compliant mineral resource estimate (“MRE”) of 13.72Mt grading 1.40% Li2O (474,892t LCE) in the Measured and Indicated category, in addition to 15.79Mt grading 1.34% Li2O (523,118t LCE) in the Inferred category, which formed the basis of a Preliminary Economic Assessment (“PEA”) that supported a long-life and low-cost spodumene concentrate mining project with a post-tax Net Present Value (“NPV”) 8% of
The Company is rapidly advancing Bandeira towards a production decision, while it continues to define and grow lithium mineralization at other regional targets. A NI 43-101 compliant Feasibility Study (“FS”) for Bandeira, including an updated MRE, is progressing well and on track for completion this quarter. On
Figure 1. Drill Collars, Traces and Intercept Highlights for New Bandeira Results
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/ad1e99ab-c6be-4202-b2cd-71bf2f10b076
Figure 2. Section LT400 NE Showing New Drill Holes ITDD-23-211, ITDD-23-228 and ITDD-23-234
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/b0c35324-6f2a-48c5-9573-22319c229089
Figure 3. Core Photo, Drill Hole ITDD-23-228
View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/bae48200-7404-486d-a585-34bcbe32afc2
Table 1. Bandeira Drill Results
Hole ID | Az | Dip | From | To | Metres | Li2O (%) |
ITDD-23-193 | 330 | -53 | 65.08 | 68.85 | 3.77 | 1.39 |
ITDD-23-210 | 150 | -65 | 139.91 | 143.25 | 3.34 | 1.62 |
and | 219.57 | 223.51 | 3.94 | 1.98 | ||
and | 256.99 | 259.01 | 2.02 | 1.75 | ||
and | 276.43 | 278.98 | 2.55 | 0.65 | ||
and | 285.60 | 287.94 | 2.34 | 1.22 | ||
and | 298.00 | 302.98 | 4.98 | 0.83 | ||
and | 565.09 | 570.08 | 4.99 | 1.81 | ||
and | 584.29 | 587.82 | 3.53 | 0.80 | ||
ITDD-23-211 | 150 | -57 | 16.51 | 17.51 | 1.00 | 1.04 |
and | 188.35 | 189.32 | 0.97 | 1.06 | ||
and | 197.53 | 198.63 | 1.10 | 1.54 | ||
ITDD-23-223 | 150 | -50 | 94.04 | 98.19 | 4.15 | 1.49 |
ITDD-23-224 | 150 | -63 | 28.43 | 34.32 | 5.89 | 1.96 |
and | 166.46 | 172.45 | 5.99 | 1.73 | ||
ITDD-23-225 | 150 | -54 | 78.99 | 81.13 | 2.14 | 1.85 |
and | 83.80 | 85.97 | 2.17 | 0.72 | ||
ITDD-23-226 | 150 | -67 | 35.27 | 42.50 | 7.23 | 2.12 |
and | 171.61 | 179.57 | 7.96 | 1.53 | ||
ITDD-23-228 | 0 | -90 | 98.93 | 122.94 | 24.01 | 1.31 |
including | 99.93 | 105.93 | 6.00 | 1.86 | ||
including | 110.13 | 120.13 | 10.00 | 1.67 | ||
ITDD-23-230 | 150 | -65 | 161.98 | 167.49 | 5.51 | 1.65 |
ITDD-23-231 | 150 | -60 | 129.79 | 136.35 | 6.56 | 1.12 |
ITDD-23-232 | 150 | -49 | 138.70 | 145.95 | 7.25 | 1.35 |
ITDD-23-233 | 150 | -50 | 146.75 | 148.90 | 2.15 | 1.27 |
ITDD-23-234 | 0 | -90 | 95.12 | 97.53 | 2.41 | 1.44 |
ITDD-23-235 | 0 | -90 | 104.46 | 111.29 | 6.83 | 1.20 |
and | 167.04 | 171.57 | 4.53 | 1.17 | ||
ITDD-23-236 | 0 | -90 | 101.89 | 104.89 | 3.00 | 1.39 |
ITDD-23-243 | 0 | -90 | 44.06 | 54.42 | 10.36 | 1.33 |
including | 45.06 | 53.06 | 8.00 | 1.65 |
About
Quality Assurance and Control
During the drill program, assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at
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The technical information in this news release has been prepared by
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Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or “should” and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the prospectivity of the Company’s mineral properties, the economic viability of the Bandeira, the mineralization and development of the Company’s mineral properties, the Company’s exploration program and other mining projects and prospects thereof, the Company’s ability to complete a Feasibility Study, the Company’s ability to complete a MRE for Salinas, the Company’s ability to complete an environmental impact assessment and obtain the requisite permitting and approvals and the Company’s future plans. Such statements and information reflect the current view of the Company. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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Figure 1
Drill Collars, Traces and Intercept Highlights for New Bandeira Results
Figure 2
Section LT400 NE Showing New Drill Holes ITDD-23-211, ITDD-23-228 and ITDD-23-234
Figure 3
Core Photo, Drill Hole ITDD-23-228
2024 GlobeNewswire, Inc., source