American Lithium Corp. (TSXV: LI | NASDAQ: AMLI | Frankfurt: 5LA1) has announced an updated MRE that significantly increases the contained lithium for the company’s Falchani Lithium deposit located in Puno, southwestern Peru from the previous March 2019 MRE.
Simon Clarke, CEO of American Lithium states, “We are extremely pleased with the results of our EIA drill programme and the very large increase in resources at Falchani which includes, doubling the contained lithium. Falchani is now one of the largest hard rock lithium projects globally with the ability to produce high purity battery grade lithium carbonate.
The updated MRE update was completed by Stantec Consulting Services Inc.as part of the process of updating the PEA for the Falchani project and will be incorporated into the mine plan within the updated PEA. DRA Global (Lead engineer for the updated PEA and PFS on Falchani) is now finalizing the updated PEA with completion expected during November.
Stantec is preparing a NI-43-101 Technical Report for the updated Falchani Project MRE which is expected to be published within 45 days.
Measured + indicated – 5.53Mt LCE (447Mt @2,327ppm Li) an increase of 476%
- Measured resource – 1.01Mt LCE (69Mt @2,792ppm Li)
- Indicated resource – 4.52Mt LCE (378Mt @2,251ppm Li)
- Inferred resource – 3.99Mt LCE (506Mt @1,481ppm Li)
- Base case cut-off has been lowered to 600 ppm Li from previous 1,000ppm cutoff based on strong project economics specifically updated operating costs and C$20,000/t LC selling price
- At 1,000ppm cut-off, the updated measured + indicated resource is 5.32Mt LCE versus 0.96Mt LCE from previous March 2019 MRE – an increase of 455%
- Increased size and grade of resource supports long production potential at Falchani
Simon Clarke, CEO of American Lithium states, “We are extremely pleased with the results of our EIA drill programme and the very large increase in resources at Falchani which includes, doubling the contained lithium. Falchani is now one of the largest hard rock lithium projects globally with the ability to produce high purity battery grade lithium carbonate.
The inclusion of potassium, cesium, and rubidium in the resource block model provides the opportunity to include sulphate of Potash (SOP) and Cs-Rb potential by-products into future financial modelling of Falchani. DRA Global has commenced mine plan modelling and updating capital and operating costs for the updated PEA, expected within the next several weeks. These strong and strategic updates to the PEA will enable us to fast-track the completion of the PFS.
To find out more about this release, please visit www.americanlithiumcorp.com
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