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Green Technology Metals Limited (ASX: GT1) (GT1 or the Company) is pleased to provide an update from the recommenced diamond drilling activity at its Seymour Lithium Project in Ontario, Canada.
HIGHLIGHTS
- Diamond drilling recommenced at the North Aubry deposit (Seymour Lithium Project) in June.
- First completed hole (GTDD-22-0323) returned 17.9m spodumene bearing pegmatite from 218m; assays pending.
- Intersection considerably thicker than modelled and potentially significantly increases the mineralised volumes in this targeted strike extension of North Aubry.
- Second completed hole (GTDD-22-0128), down-dip of GTDD-22-0323; returned 18.6m spodumene bearing pegmatite from 312m, plus a further 6.41m pegmatite interval 60m above main zone.
- Additional step-out drilling at North Aubry set to target further northerly strike extension, along with accompanying down-dip extensional opportunities.
- Next planned drillhole at North Aubry sited approximately 100m north-west of GTDD-22-0323.
- Diamond drilling of key targets at Pye prospect (Seymour) is expected to recommence next week.
“We are off to a great start with the resumption of drilling at Seymour following the winter thaw period. The first step-out hole at North Aubry has intersected a significant spodumene bearing pegmatite interval, which was considerably thicker than we had modelled. This is expected to significantly increase the mineralised volumes in this targeted strike extension and deliver growth in our recently released interim Mineral Resource estimate at Seymour.
“We are set to continue stepping out to the north at North Aubry, targeting further strike extension of the North Aubry deposit in this direction. The potential of the deposit in this area, both along strike and down-dip, remains a big opportunity in terms of significant further high-grade resource growth.
"We are also on track to recommence drilling at the Pye prospect in the coming days. The geology at Pye remains a huge prospect for us and we are looking forward to advancing our systematic target drilling of this zone.
- GT1 Chief Executive Officer, Luke Cox
Further significant step-out intercepts at North Aubry
Diamond drilling recommenced at the North Aubry deposit of GT1’s flagship Seymour Project in early June. The focus of current drilling at North Aubry is further growing the recently updated Mineral Resource estimate along strike to the north along with further depth extensions.
Figure 1: Location map of northern area of the Seymour Project showing North and South Aubry deposits, Central Aubry zone and Pye prospect
Since drilling recommencement at North Aubry, two holes have been completed, GTDD-22-0323 and GTDD-22-0128.
Hole GTDD-22-0323, which steps out 60 metres northwest of the nearest previous hole, intersected 17.9m of spodumene-bearing pegmatite from 218.0m downhole.
This intersection was considerably thicker than modelled and significantly increases the projected mineralised volumes in this targeted strike extension of the North Aubry deposit.
The information in this announcement in respect of holes GTDD-22-0323 and GTDD-22-0128 is based solely on a visual inspection of the core samples. The assay and analysis of the core samples are pending. In relation to the disclosure of visual intersections of pegmatite, the Company cautions that visual intersections of pegmatite should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to confirm the widths and grade of visual intersections of pegmatite reported in the preliminary geological logging. The Company will update the market when laboratory analytical results become available, which is currently expected to be around the end of August 2022 in respect of GTDD-22-0323 and GTDD-22-0128.
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This article includes content from Green Technology Metals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
GT1:AU
Strategy Update and Cost Restructure
HIGHLIGHTS
- Strategic focus on scaling Envirostream, the Battery Recycling division, due to the potential of increased recycling volumes and cashflows over the years ahead
- Battery Recycling: Continued safe operations, growing volumes and operating profits, and seek partners to scale operations in line with the expected waste outlook
- Livium is well advanced on the near-term commercialisation pathways of its other technologies:
- Battery Materials: Defined pathway for development of an Australian LFP demonstration plant with funding to be secured directly into VSPC from strategic partners
- Lithium Chemicals: Complete JDA activities with MinRes, including assessment of alternate commercialisation pathways and selection of the preferred lithium product
- Restructuring of the organisation and cost reductions being undertaken with estimated annual ongoing savings of A$1.5m
Comment regarding the strategic update from Livium CEO and Managing Director, Simon Linge
"We have advanced our strategy to inflection points, with the next phases of growth for each division requiring strategic partners to underpin their growth and development. With a focus on strategic growth partners, we have reviewed our resourcing and made the decision to restructure our organisation and reduce costs.
Livium remains committed to delivering returns for shareholders. Whilst organisational changes may impact our ability to react to opportunities, right sizing the organisation assists in resetting the Company's cost base to become sustainable over this critical period."
NEAR TERM PLANS
The following activities have been identified as key to delivering value in the near term:
- Battery Recycling: Continued safe operations, growing end-of-life volumes, and seeking partners to scale operations in line with the expected waste outlook and to expand into related services
- Battery Materials: Secure funding for an Australian LFP demonstration plant from government and private strategic partners, who will invest directly into VSPC
- Lithium Chemicals: Complete JDA activities with MinRes, including assessment of alternate commercialisation pathways and selection of the preferred lithium product
- Corporate: Complete implementation of organisation restructure and other cost saving initiatives.
BATTERY RECYCLING GROWTH OUTLOOK
The Battery Recycling division generates revenue today, is the largest recycler of lithium-ion batteries in the country, draws on our technical expertise to provide value-added services and has strong commercial relationships. Strategic focus is being placed on Battery Recycling, through Envirostream, due to the potential of increased recycling volumes over the coming years.
During CY2024, Envirostream successfully increased volumes of EV' andESS2 with most of the volume being received under exclusive customer arrangements. Over CY2024, Envirostream collected 736k tonnes of large format batteries and it is estimated that there are five times these volumes available today which are increasingly expected to be recycled due to consumer demand and government regulation. In their Battery Market Analysis, B-cycle show how EV and ESS batteries are expected to dominate3.
Figure 1. EOL Battery Projections by Market Segment3
Focusing on only EV / ESS for the balance of the decade demonstrates the near-term opportunity for Envirostream collections growth relative to current performance.
Figure 2. 5-Year EV and ESS EOL Battery Projections3
The near-term outlook for Envirostream is positive, enabling increases of volumes collected and processed, and providing an opportunity to expand our service offerings in line with market requirements.
To accommodate expectations of market growth, the business intends to explore deploying growth capital to improve operating efficiencies and expand capacity. The company has appointed advisors to coordinate discussions around partnership and growth funding options, which includes both strategic partners and other financiers.
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This article includes content from Livium Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.