CleanTech Lithium PLC (AIM: CTL | Frankfurt: T2N | OTCQX: CTLHF) has announced an upgraded JORC resource estimate of 1.8Mt of lithium carbonate equivalent (LCE) at a grade of 200mg/L lithium at its Laguna Verde project.
This upgrade includes a 39% increase in the measured and indicated resource to 1.1Mt LCE, including a 174% increase in the measured resource and will be used in the pre-feasibility study (PFS) currently underway.
This resource estimate is in line with expectations now sufficient for a production rate of 20,000tpa of battery grade lithium carbonate for a >30-year operation.
At the PFS/DFS stage when mining reserves are calculated, measured resources are used to develop proven reserves and indicated resources to probable reserves, so the large increase in measured resource bodes well for reserve calculation.
This follows a recent pump test programme completed on the two infill wells that supports the bore field flow rates of 30L/s that were modelled in the Laguna Verde scoping study announced in January 2023.
Total capex spent on the Laguna Verde drilling and testing campaign forecast at £2.25m was within 3% of the approved budget.
“The resource estimate provides the basis for the pre-feasibility study currently underway with a base case production rate of 20,000t of lithium carbonate per annum,” commented CleanTech Lithium CEO, Aldo Boitano.
“We expect the study will reaffirm the economic potential for this project as we advance the use of Direct Lithium Extraction to supply green lithium to the EV industry.”
The Laguna Verde project is located in Chile and has a licence area of 67km2 covering a steep valley shaped basin which at its low point features a hypersaline lake covering 15.2km2. A thick sub surface aquifer starts from shallow depths covering an area of approximately 55 km2. This sub surface aquifer is the basis for the resource estimate at the project.
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