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Lithium One Inc. (CVE:LI) reported that Galaxy Resources Limited (ASX:GXY) has began a definitive feasibility study on its James Bay lithium pegmatite project.
The press release is quoted as saying:
The James Bay project is an extensive, high-grade spodumene pegmatite deposit that occurs at surface, including a NI 43-101 compliant mineral resource of 11.75 million tonnes at 1.30% lithium oxide in the indicated category, and 10.47 million tonnes at 1.20% lithium oxide in the inferred category, at a 0.75% lithium oxide cutoff grade. (See Company news release dated November 18, 2010).
The project has potential to significantly add to Galaxy’s resource base and lithium supply. The James Bay project will incorporate a mine, processing plant and battery-grade lithium carbonate plant. Galaxy expects to be able to fast track the development of James Bay by using similar capacity and design as the plants constructed at its Mt Cattlin spodumene mine in Western Australia and its Jiangsu lithium carbonate facility in China.
Lithium One’s Chairman, Martin Rowley said:
“Lithium One is pleased to now have both the James Bay spodumene project and our Sal de Vida lithium-potash brine project well on the path to the completion of feasibilities that are being funded by third parties. This brings us closer to our goal of being a low-cost producer of lithium and potash at Sal de Vida, together with the added value to our shareholders through the interest we maintain in the James Bay project that is being managed by experienced spodumene producer, Galaxy Resources Limited.“
Click here to access the entire news release.
Click here to access Lithium One’s company profile.(TSXV:LI)