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Lithium Power International Limited (ASX: LPI) (LPI or the Company), through its Joint Venture (JV) company, Minera Salar Blanco S.A. (MSB), is pleased to provide details of the updated resource for the Maricunga Stage One project in Chile.
Highlight
- Updated Measured and Indicated resource for the Maricunga Stage One Lithium Brine Project in Chile confirmed an increase by 90 per cent compared with 2019 Definitive Feasibility Study.
- Measured and Indicated (M&I) resource now estimated as 1,905,000 tonnes of Lithium Carbonate Equivalent (LCE) for the Stage One (Old Code) mining properties at an average grade of 953 mg/l lithium.
- This increase in M+I Resources is in addition to the M+I Resources (2018) of 184 Kt Lithium (979 Kt LCE) in the Litio 1-6 (New Code) concessions to a depth of 200 m.
- The Maricunga resource remains open at depth, with a new exploration target for further resource expansion between 400m-550m in the Stage One concessions.
- The DFS update for the Stage One continues as expected by Worley, GEA Messo and Atacama Waters.
- The latest drilling for the resource increase on the Stage One mining concessions at Maricunga has been completed, with the five exploration core holes each reaching target depth of 400m.
Access to the full technical report prepared by Atacama Water Consultants is available on the LPI website at https://lithiumpowerinternational.com/maricunga-ch...
Lithium Power International's Chief Executive Officer, Cristobal Garcia-Huidobro, commented: "We are very pleased with these updated results, which confirm Maricunga as one of the world's richest lithium brine deposits. Technical activities continue towards the completion of an updated DFS in Q4 2021. The financing for Stage One is now a priority, with preliminary indications of interest received from international financial institutions and private funds for debt and equity financing of the project."
Resource Estimate Highlights
The updated resource estimate of 1,905,000 tonnes of lithium carbonate equivalent (LCE) represents close to double the initial resource of 1,020,000 tonnes of LCE in the equivalent area (Stage One) in the 2019 Definitive Feasibility Study (DFS). A resource equivalent to 4.95 Mt of KCl was also defined. The resource estimate was prepared in accordance with JORC and NI 43-101 international reporting standards. Results are summarised in Table 1.
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