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Large System Confirmed at Reedy’s Gold Deposit - Lateral and Vertical Extensions to Reedy South Gold Shear Zone Identified
White Cliff Minerals Limited (“the Company”) (ASX: WCN) is pleased to announce results from drilling at the Reedy South Gold Project. Reedy’s sits within trucking distance of multiple existing operating gold plants, within this proven Goldfield in Western Australia. Reedy South has an existing shallow JORC Code inferred mineral resource estimate of 42,400 ounces of gold.
- Drilling demonstrates extensive strike and depth-extensions around the existing inferred 2012 JORC Mineral Resource Estimate of 42,400 ounces of gold.1
- Drilling highlights include:
- 7m @ 1.12 g/t Au from 92m along strike, due north from the existing resource from drill hole RSKC009
- 79m @ 1g/t Au from 10m from drill hole RSKC006 (down-dip)
- 11m @ 0.53 g/t Au from 209m, ~20mts below the existing resource outline from drill hole RSKC011
- 5m @ 0.45 g/t Au from 14m along strike, due south from the existing resource from drill hole RSKC001
Encouragingly this drilling has confirmed continuity of mineralisation not only proximal to the existing JORC Mineral Resource but laterally along strike and at depth. These results are very encouraging, confirming continuity of the mineralised system in all directions and importantly underneath the existing higher-grade resource.
“The drill program which was designed to test depth and strike extensions to the known mineralisation at Reedy’s has surprised us in terms of the scale of the newly identified structures which appear to be increasing in size in and around the existing resource and extend laterally for several hundred metres to the north and south. Whilst the campaign was designed predominantly as an exploration program to expand our understanding of the Reedy’s shear zone and associated mineralisation, Hole 6 for example (79m @ 1g/t) is extraordinary as it demonstrates the system is growing and continuing at depth. We will now review this new information in detail and determine what next steps can be taken including deeper drilling formulate to optimize value for our shareholders.” Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals 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.
7 Biggest Lithium-mining Companies in 2024
For a long time, most of the world's lithium was produced by an oligopoly of producers often referred to as the Big Three: Albemarle (NYSE:ALB), Sociedad Quimica y Minera de Chile (SQM) (NYSE:SQM) and Arcadium Lithium (NYSE:ALTM), formerly called Livent.
These US-listed companies remain major entities in the lithium sector; however, the space has expanded significantly in recent years, and interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.
While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2023 in terms of mine production, behind Australia and Chile.
Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle. Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.
Mergers and acquisitions are common in the lithium space, with the biggest news in the industry recently being Allkem and Livent's announcement of a US$10.6 billion merger of equals in May 2023. The resultant company, Arcadium Lithium, now has a production capacity of 248,000 metric tons (MT) of lithium carbonate equivalent per year.
As for Chile, the country's lithium landscape is changing following the announcement of its National Lithium Strategy in mid-2023, which will result in future lithium projects having public-private partnerships. Codelco, the country's state-owned mining company, is working with Albemarle and SQM to renegotiate their contracts with conditions including payments to the state and keeping research and development activities inside the country.
All in all, lithium investors have a lot to keep an eye on as the space continues to shift. Read on for an overview of the current top lithium-producing firms by market cap. Data was current as of June 25, 2024.
1. SQM (NYSE:SQM)
Market cap: US$11.43 billion; share price: US$40.23
SQM has five business areas, ranging from lithium to potassium to specialty plant nutrition. Its primary lithium operations are in Chile, where it is a longtime producer, and it is working to bring production online in Australia as well.
In Chile, SQM sources brine from the Salar de Atacama; it then processes lithium chloride from the brine into lithium carbonate and hydroxide at its Salar del Carmen lithium plants near Antofagasta. SQM is expanding production at the Salar del Carmen from 180,000 MT to 210,000 MT starting this year. To help lessen its environmental impact, the company has announced it will invest US$1.5 billion into the Salar Futuro project, a technology upgrade that includes advanced evaporation technologies, direct lithium extraction and a seawater and desalination plant.
Chile's aforementioned National Lithium Strategy has created some uncertainty for SQM, but the government has stated it will respect its current contracts, which run through 2030. In early 2024, the Chilean government said that state-owned mining company Codelco and SQM have formed a "common partnership" in which Codelco will hold a 50 percent stake plus one share to give it majority control.
Outside of South America, SQM is developing the Mount Holland lithium project in Australia; the project is known as one of the world’s largest hard-rock deposits. Mount Holland is a joint venture with Wesfarmers (ASX:WES,OTC Pink:WFAFF), which took over Australian lithium-mining company Kidman Resources in 2019. The company stated in its 2022 annual report that it expects lithium hydroxide production to commence by H1 2025.
SQM said in November 2023 that its lithium carbonate capacity was set to reach 210,000 MT by the beginning of 2024.
In mid-June, SQM penned a long-term supply deal with Hyundai (KRX:005380) and Kia (KRX:000270) to provide lithium hydroxide for electric vehicle batteries. SQM, which already has supply agreements with Ford Motors (NYSE:F) and LG Energy (KRX:373220), said it will provide Hyundai and Kia with a portion of their future lithium hydroxide supply.
2. Albemarle (NYSE:ALB)
Market cap: US$10.9 billion; share price: US$92.77
North Carolina-based Albemarle underwent a realignment in 2022, dividing the lithium company into two primary business units, one of which — the Albemarle Energy Storage unit — is focused wholly on the lithium-ion battery and energy transition markets. It includes the firm's lithium carbonate, hydroxide and metal production.
Albemarle has a broad portfolio of lithium mines and facilities, with extraction in Chile, Australia and the US. Looking first at Chile, Albemarle produces lithium carbonate at its La Negra lithium conversion plants, which process brine from the Salar de Atacama, the country’s largest salt flat. La Negra has been in operation since 1984 and now consists of three plants, with the latest, La Negra III/IV, coming online in 2022. The newest plant includes a thermal evaporator that reduces water consumption by up to 30 percent. Going forward, Albemarle is hoping to implement direct lithium extraction technology at the salt flat by 2028 or 2029, a move that would help further reduce water usage.
Albemarle’s Australian assets are both joint ventures. The company and Mineral Resources (ASX:MIN,OTC Pink:MALRF) own the MARBL joint venture, which owns and operates the Wodgina hard-rock lithium mine and on-site Kemerton lithium hydroxide facility in Western Australia. Albemarle previously held 60 percent interests in both Wodgina and Kemerton; now, following multiple changes to their joint venture agreement this year, the two companies each have 50 percent interests in Wodgina, and Albemarle has 100 percent ownership of Kemerton. The company’s other Australian joint venture is the aforementioned Greenbushes mine, in which it holds a 49 percent interest alongside Tianqi and IGO.
As for the US, Albemarle is working to expand its role in domestic production and processing in line with the government’s Inflation Reduction Act. The company owns the Silver Peak lithium brine operations in Nevada's Clayton Valley, which is currently the country’s only source of lithium production; it plans to double the site’s lithium production by 2025.
In September 2023, Albemarle received a US$90 million critical materials award from the US Department of Defense to boost its domestic lithium production and support the country's burgeoning EV battery supply chain.
In its home state of North Carolina, Albemarle is planning to bring its past-producing Kings Mountain lithium mine back online, subject to permitting approval and a final investment decision. In late 2022, Albemarle received US$150 million in funding from the US government to support the building of a commercial-scale lithium concentrator facility on site. This lithium would then supply the company’s planned lithium hydroxide Mega-Flex facility, which will be nearby in Chester County, South Carolina. It is also developing the upcoming Albemarle Technology Park in North Carolina, which will serve as an advanced R&D facility for the acceleration of lithium innovation.
In early June, Albemarle unveiled its project plan for the proposed mine to the community. The mine is expected to produce around 420,000 MT of lithium-bearing spodumene concentrate annually.
3. Mineral Resources (ASX:MIN,OTC Pink:MALRF)
Market cap: US$7.09 billion; share price: AU$55.92
Australia-based Mineral Resources (MinRes) is a commodities company mining lithium and iron ore in the country. As mentioned, both of MinRes’ lithium mines are joint ventures with other companies on this list.
MinRes owns 50 percent of the Mount Marion lithium operation, which is a joint venture with Ganfeng Lithium. The joint venture was originally between MinRes and NeoMetals (ASX:NMT,OTC Pink:RRSSF) when it commenced in 2009, but the agreement changed over the years, eventually becoming the 50/50 agreement with Ganfeng that it is today. Production of lithium concentrate began at Mount Marion in 2017 and all mining is managed by MinRes, which also has a 51 percent share of the output from the spodumene concentrator at the site.
In June 2023, MinRes and Ganfeng mutually terminated their agreement to convert spodumene concentrate from Mount Marion into lithium battery chemicals, although MinRes will continue to sell its spodumene to Ganfeng. The company completed the expansion of Mount Marion's processing plant last year, and recently reported increased lithium production as it ramped up activities in the first half of its FY 2024.
The company’s also has the Wodgina mine in Western Australia, which is operated under the MARBL joint venture with Albemarle. Put on care and maintenance in 2019, Wodgina was restarted by the joint venture and entered production in May 2022. The Kemerton lithium hydroxide plant reached mechanical completion in late 2022.
As explained, the two companies restructured the MARBL joint venture in February 2023. Under the new terms, MinRes owns 50 percent of Wodgina, up from 40 percent. The restructure originally saw Albemarle up its interest in the Kemerton plants from 60 percent to 85 percent, but in July 2023 it was amended to 100 percent in exchange for a payment of around US$400 million. In addition, MinRes acquired a 50 percent stake in the Qinzhou and Meishan plants from Albemarle.
Wodgina reached a record 10,700 MT of lithium battery chemicals sold in the first half of MinRes' financial year 2024.
In late 2023, Mineral Resources acquired the Bald Hill lithium mine, which is also located in Western Australia. According to the company's Q3 2024 results released in April, the mine's first full quarter of production yielded 30,000 dry metric tons (dmt) of spodumene concentrate.
4. Tianqi Lithium (SZSE:002466,HKEX:9696)
Market cap: US$6.61 billion; share price: 29.53 Chinese yuan
Tianqi Lithium, a subsidiary of Chengdu Tianqi Industry Group, is the world’s largest hard-rock lithium producer. The company has assets in Australia, Chile and China. It holds a significant stake in SQM — Tianqi paid US$209.6 million for a 2.1 percent stake in SQM in September 2016, which it then boosted to 23.77 percent for US$4.07 billion in 2018.
In Australia, Tianqi has the Greenbushes mine, which it acquired in 2012 when it purchased Talison Lithium, beating out Rockwood Holdings. However, it subsequently sold a 49 percent interest in Talison to Rockwood, which, as mentioned, is now owned by Albemarle. The company also developed a lithium hydroxide plant in the Kwinana Industrial Area south of Perth in Western Australia. The facility launched production in Q3 2019, and first output took place in mid-2021.
Ownership of Greenbushes became further divided in 2020, when Tianqi sold a stake in its Australian assets to IGO in a US$1.4 billion deal, giving a boost to the then financially troubled Chinese company. The deal gave IGO a 25 percent interest in Greenbushes and a 49 percent interest in Kwinana.
Rising lithium prices later helped further buoy Tianqi, which listed in Hong Kong in 2022, raising about US$1.7 billion in its debut. Commercial production at Kwinana began in December 2022 from Train 1 of the facility, and Train 2 is expected to be commissioned in 2024. The hydroxide plant is being fed by lithium from Greenbushes, and should have a production capacity of 48,000 MT per year once both trains are online.
In February this year, Tianqi Lithium updated its total mineral reserves at Greenbushes to 447 million MT with the average grade of lithium oxide at 1.5 percent, or approximately 16 million MT of lithium carbonate equivalent.
5. Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772)
Market cap: US$6.47 billion; share price: 28.07 Chinese yuan
Founded in 2000 and listed in 2010, Ganfeng Lithium has operations across the entire electric vehicle battery supply chain. Even though it is relatively new compared to some on the list, the company has become one of the world’s largest producers of both lithium metals and lithium hydroxide. This is due to its strategy of investing heavily in overseas projects to secure long-term lithium resources, with its first coming in 2014. Ganfeng now has interests in lithium resources around the world, from Australia to Argentina, China and Ireland; its operations include a 50/50 joint venture with Mineral Resources (ASX:MIN,OTC Pink:MALRF) for the Mount Marion mine in Western Australia.
In the last half decade alone, Ganfeng has made multiple significant deals. As mentioned, in 2018, the company bought SQM’s stake in Lithium Americas’ Caucharí-Olaroz lithium brine project in Argentina, and two years later it upped its interest in Caucharí-Olaroz to 51 percent, taking a controlling stake in the asset.
In 2021, Ganfeng continued to expand. The company agreed to buy the shares it did not already own in Mexico-focused Bacanora Lithium for US$264.5 million; it also bought a 50 percent stake in a lithium mine in Mali for US$130 million, as well as a 49 percent stake in a salt lake project in China owned by China Minmetals for 1.47 billion yuan.
The company continued its purchasing spree in 2022 when it bought private company LitheA, which owns the rights to two lithium salt lakes in Argentina's Salta province, for US$962 million. In May 2023, Ganfeng entered into a cooperation agreement with Leo Lithium (ASX:LLL,OTC Pink:LLLAF). The giant invested AU$106.1 million into Leo, which will go toward ramping up the latter company's Goulamina project in Mali. Ganfeng now holds a 9.9 percent interest in the company.
Ganfeng has supply deals with companies such as Tesla (NASDAQ:TSLA), BMW (OTC Pink:BMWYY,ETR:BMW), Korean battery maker LG Chem (KRX:051910), Volkswagen (OTC Pink:VLKAF,FWB:VOW) and most recently, Hyundai.
6. Pilbara Minerals (ASX:PLS,OTC Pink:PILBF)
Market cap: US$6.23 billion; share price: AU$3.15
Pilbara Minerals operates its 100 percent owned Pilgangoora lithium-tantalum asset in Western Australia, which achieved commercial production in 2019. The operation consists of two processing plants: the Pilgan plant, located on the northern side of the Pilgangoora area, which produces a spodumene concentrate and a tantalite concentrate; and the Ngungaju plant, located to the south, which produces a spodumene concentrate.
In 2021, the company acquired Altura Lithium following a cash payment of US$155 million. Pilbara has partnerships with Ganfeng Lithium, General Lithium, Great Wall Motor Company (OTC Pink:GWLLF,HKEX:2333), POSCO (NYSE:PKX), CATL (SZSE:300750) and Yibin Tianyi. In the December quarter of 2023, Pilbara announced commissioning activities at its South Korean-based lithium hydroxide processing plant, a joint venture with partner POSCO. Early in 2024, Pilbara extended its offtake agreements with Gangeng and Chengxin Lithium Group.
Pilbara is currently working on multiple expansion projects at Pilgangoora. Its P680 expansion is for a primary rejection facility and a crushing and ore-sorting facility; while the P1000 expansion is targeting a spodumene production increase at the site to 1 million MT per year.
In August 2023, Pilbara and its joint venture partner Calix made a final investment decision to develop a midstream demonstration plant at Pilgangoora for value-added lithium output. Using Calix's electric kiln technology, the plant's goals include "decarbonising spodumene processing, decreasing transport volumes and improving value-add processing at the mine site." The plant is on track to reach initial production in the June quarter of the company's 2025 fiscal year.
In the company’s recent quarterly results, production rose 2 percent over the prior quarter to 179,000 dry metric tons. Sales were also up by 3 percent to 165,100 dmt for the period ending on March 30.
7. Arcadium Lithium (NYSE:ALTM)
Market cap: US$3.43 billion; share price: US$3.19
Arcadium Lithium was formed in January 2024 following the US$10.6 billion merger of equals between Allkem and Livent. Both a lithium miner and lithium processor, this vertically integrated company’s business model spans hard-rock mining, conventional pond based brine extraction, direct lithium brine extraction (DLE) and lithium chemicals manufacturing.
Its broad range of lithium chemicals products target the growing demand for portable electronics, electric vehicles and large-scale energy storage. Aside from that, Arcadium Lithium has operating resources in Argentina and Australia, as well as downstream conversion assets in the United States, China, Japan and the United Kingdom. Multiple development projects are underway in Argentina and Canada. In North Carolina, the company operates the only integrated high-purity lithium mine-to-metal production facility in the Western Hemisphere.
For 2024, Arcadium plans to increase its lithium carbonate and lithium hydroxide production by 40 percent to between 50,000 MT and 54,000 MT of lithium carbonate equivalent. It is ramping up lithium carbonate expansion activities at several assets including its Olaroz and Fénix brine operations in Argentina.
However, there will be reduced spodumene production at Mt. Cattlin in Australia due to lower lithium prices. Hard rock lithium operations typically have lower margins than brine.
Other lithium-mining companies
Aside from the world’s top lithium producers, a number of other companies are producing this key electric vehicle raw material. These include: Jiangxi Special Electric Motor (SZSE:002176), Yongxing Special Materials Technology (SZSE:002756), Sinomine Resource (SZSE:002738), Livent and Youngy (SZSE:002192).
FAQs for investing in lithium
Is lithium a metal?
Lithium is a soft, silver-white metal used in pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. It’s also used in lithium-ion batteries, which power everything from cell phones to laptops to electric vehicles.
How much lithium is there on Earth?
Lithium is the 33rd most abundant element in nature. According to the US Geological Survey, due to continuing exploration, identified lithium resources have increased to about 105 million MT worldwide. Global lithium reserves stand at 28 million MT, with production reaching 180,000 MT in 2023.
How is lithium produced?
Lithium is found in hard-rock deposits, evaporated brines and clay deposits. The largest hard-rock mine is Greenbushes in Australia, and most lithium brine output comes from salars in Chile and Argentina.
There are various types of lithium products, and many different applications for the mineral. After lithium is extracted from a deposit, it is often processed into lithium carbonate, lithium hydroxide or lithium metal. Battery-grade lithium carbonate and lithium hydroxide can be used to make cathode material for lithium-ion batteries.
What country produces the most lithium?
The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are Australia, Chile and China, with production reaching 86,000 metric tons, 44,000 metric tons and 33,000 metric tons, respectively.
Global lithium production reached 180,000 metric tons of lithium in 2023, up from 146,000 MT in 2022, according to the US Geological Survey. About 87 percent of the lithium produced currently goes toward battery production, but other industries also consume the metal. For example, 4 percent is used in ceramics and glass, while 2 percent goes to lubricating greases.
Who is the largest miner of lithium?
The world's largest lithium-producing mine is Talison Lithium and Albemarle's Greenbushes hard-rock mine in Australia, which put out 37,000 metric tons of lithium in concentrate in 2022. Coming in second place is SQM's Salar de Atacama operations in Chile, with 2022 production of 29,500 metric tons of lithium. The latter is also the world's top-producing lithium brine operation.
Who are the top lithium consumers?
The top lithium-importing country is China by a long shot, and second place Korea is another significant importer. China is also the top country for lithium processing, and both are home to many companies producing lithium-ion batteries.
Why is lithium so hard to mine?
The different types of lithium deposits come with their own challenges.
For example, mining pegmatite lithium from hard-rock ore is known for being expensive, while extracting lithium from brines requires vast amounts of water and processing times that can sometimes be as long as 12 months. Lithium mining also comes with the difficulties associated with mining other minerals, such as long exploration and permitting periods.
What are the negative effects of lithium?
Both major forms of lithium mining can have negative effects on the environment. When it comes to hard-rock lithium mining, there have been incidents of chemicals leaking into the water supply and damaging the local ecosystems; in addition, these operations tend to have a large environmental footprint.
As mentioned, lithium brine extraction requires a lot of water for the evaporation process, but it's hard to understand the scope without numbers. It's estimated that approximately 2.2 million liters of water are required to produce 1 MT of lithium, and that can sometimes mean diverting water from communities that are experiencing drought conditions. This form of lithium extraction also affects the condition of the soil and air.
Will lithium run out?
Although future demand for lithium is expected to keep rising due to its role in green energy, the metal shouldn't run out any time soon, as companies are continuing to discover new lithium reserves and are developing more advanced extraction technologies. Additionally, there are companies working on technology to recycle battery metals, which will eventually allow lithium from lithium-ion batteries to re-enter the supply chain.
What technology will replace lithium?
Researchers have been working on developing and testing a variety of lithium alternatives for batteries. Some of these options include hydrogen batteries, liquid batteries that could be pumped into vehicles, batteries that replace lithium with sodium or magnesium and even batteries powered by sea water. While nothing looks ready to replace lithium-ion batteries right now, there is potential for more efficient or more environmentally friendly options to grow in popularity in the future.
How to buy a lithium stock?
Investors are starting to pay attention to the green energy transition and the raw materials that will enable it.
When it comes to choosing a stock to invest in, understanding lithium supply and demand dynamics is key, as there are unique factors to watch for in lithium stocks. The main demand driver for lithium is what happens in the electric vehicle industry, which is expected to keep growing, and also the energy storage space. Analysts remain optimistic about the future of lithium, with many predicting the market will be tight for some time.
Investors interested in lithium stocks could consider companies listed on US, Canadian and Australian stock exchanges. They can also check out our guide on what to look for in lithium stocks today.
This is an updated version of an article first published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: Melissa Pistilli and Georgia Williams hold no direct investment interest in any company mentioned in this article.
Expressions of Interest Submitted
Highlights:
- The Company's subsidiaries, Atacama Salt Lakes SpA, CLS Chile SpA and CleanTech Antofagasta SpA, have submitted RFIs to the Chilean Government in-line with the updated CEOL application procedure, part of the National Lithium Strategy.
- It is expected that the Chilean Government will release an update on the RFIs process on or around 9th July 2024, where the Government will elaborate on how projects are expected to move forward with the process leading to the award of a CEOL, a key contract required to becoming a new lithium producer in Chile subject to environmental impact assessments and possibly further consultation with local communities.
- RFIs have been submitted for CTL's two most advanced projects; Laguna Verde and Viento Andino (previously known as Francisco Basin) and three additional RFIs have been submitted for projects in partnership with other parties which are subject to confidentiality.
- The RFIs highlight the advanced progress CTL has made developing its projects based on using Direct Lithium Extraction, early and groundbreaking community engagement, and full alignment with Chile´s National Lithium Strategy.
- The name of the Company´s Francisco Basin project has been changed to Viento Andino, in line with the RFI submission, to highlight the project area is outside the area of a national park of similar name located in the basin.
- The award in due course of CEOLs will help CTL secure investment for the construction of the Projects thus contributing to the future supply of sustainable lithium from Chile.
Expressions of Interest Submitted
CleanTech Lithium submitted the Laguna Verde and Viento Andino Expressions of Interest ahead of the deadline of 17th June 2024 set by the Chilean government. The RFI process is for the Government to collate interest from all companies and review the suitability of developing a lithium project on all the salars in Chile that were identified as open for development. The Government will consider if consultation with local communities is needed before proceeding with the process to award a CEOL. CTL has maintained open dialogue with local communities since inception of its projects and signed a collaboration agreement with key local communities in December 2023, receiving their strong support for the development of CTL's sustainable lithium projects.
A third RFI submitted relates to the exploration licences CTL holds in the basin of the Salar de Atacama, which are significantly outside the salar margin, and the area designated as strategic under the National Lithium Strategy. This has been designated as the ´Arenas Blancas´ project. The Company has submitted a joint venture RFI with a private Chilean company with the combined licence area of the two companies having good prospectivity. The submission provides a compelling alternative for a sustainable lithium project in the region with a DLE based extraction-reinjection model that protects the hydrogeological balance of the subsurface aquifer and provides for innovative ways to work with the local community.
Two further RFIs have been submitted in joint venture with another party over salars that have been declared by the Government as open for lithium development. Details of these submissions remain, at this stage, confidential but if CEOLs are awarded for these an appropriate announcement will be made.
Project Name Change; Francisco Basin to Viento Andino
Francisco Basin has been CTL´s second priority project after the more advanced Laguna Verde project. The project is located in the vicinity of the Nevada Tres Cruces national park, which extends from the southern part of the Maricunga basin to the northern part of the Laguna del Negro Francisco basin, otherwise referred to as Francisco Basin. In March 2024, as part of the National Lithium Strategy, the Chilean Government further clarified that national parks would be protected from lithium development.
The Company has made the decision to change the name of the Francisco Basin Project to Viento Andino to remove any doubt as to which area the project covers and underlining that all previous exploration programmes and planned works are undertaken outside of the protected area and additionally applying a buffer zone.
For further information contact:
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 cleantech@celicourt.uk |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Fox-Davies Capital Limited (Joint Broker) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
High Grade Gold Trenching Program and Reassessment of Shuttered Gold Mines – Central Queensland
QX Resources Limited (ASX: QXR, ‘QXR’) announces a new program of trenching to extend known high grade gold mineralisation at Big Red Project, where prior trenching including mineralised widths of 9m @ 5.9g/t Au. The trenching is an initial phase, prior to drilling, as part of a plan of reassessment around potentially reopening closed open pit gold mines and further drill targets with the aim of future gold production scenarios.
- A follow-up trenching program has been planned at the Big Red Gold Project, Queensland.
- Previous trenching at Big Red returned high grade gold results including 9m @ 5.9g/t Au, with gold mineralisation remaining open along strike.
- Interpreted strike length over Big Red currently exceeds 450m with probable further concealed extensions beneath sandy loam surficial cover.
- The Company’s Gold projects are located in the Drummond Basin in central Queensland – an under- developed region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces.
- A reassessment of two shuttered open pit gold mines within QXRs ground has commenced as these mines were last operated when the gold price was less than A$500/oz.
- QXR has numerous gold and copper-gold targets which will be developed towards further drilling leading to potential production scenarios with updated permitting guidelines.
Gold trenching is planned to extend current high grade gold results in trenches at the Disney-Big Red Project (ASX announcement 1 Nov 2021). Two elongate gold anomalous zones were defined over 650m and may extend up to 1200m long. Best historic trench results from hard rock at the base of trenches at Big Red were:
- Trench 1 - 9m @ 5.9 g/t Au within a mineralised zone 35m wide. Large zone 80m @1.2 g/t Au
- Trench 2- 3m @ 2.2 g/t Au within a mineralised zone 13m wide. Large zone 28m @ 1.8 g/t Au
- Trench 4 - 2m @ 23 g/t Au with a mineralised zone 7m wide. Large zone 32m @ 1.7 g/t Au
These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022). Further trenching is planned to extend the current zone of high-grade gold mineralisation prior to a drilling program over a number of shallow targets. The Company believes the potential of Big Red may be similar to nearby Twin Hills deposit with 1.0Moz (23.1Mt@1.5g/t Au) incl 49m @5.2g/tAu and Lone Sister 0.48Moz (12.5Mt@1.2g/t Au) incl. 28m @45.2g/t Au (c.f. ASX:GBZ announcement 5 Dec 2022, 28 Apr 2023, 9 Jun 2023)
Reassessment of Open Pit Gold Mines
A reassessment of the potential of past open pit gold mines is underway. The two open cut mines, Belyando and Lucky Break, were closed when gold was less than A$500/oz. Drilling data by QXR and previous explorers shows potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.
QXR Managing Director, Stephen Promnitz, said: “QXR has excellent potential for a gold discovery at Big Red in Queensland, which will be followed-up in the planned trenching program and followed later by a drill program, previously delayed due to inclement weather. Nearby closed open pit gold mines were operating at much lower gold prices and show potential for future production as part of a reassessment of their potential.”
Next Steps
Trenching
A new program of trenching at Big Red Project (Disney) is an initial phase to extend two north-east trending elongate zones previously encountered in QXR trenches with high grade gold results occurring over a strike length of 650 metres. The zones may potentially be up to 1200m long based on past soil sampling and geophysics (magnetic low zones within magnetic highs). Mineralised widths included 9m @ 5.9 g/t Au in trenches (ASX announcement 1 Nov 2021, 16 Feb 2022). Quartz breccias show textures similar to gold producing zones elsewhere in the region.
Figure 1: Big Red (Red Dog) Project –Past trenches; quartz breccias; area of past trenches (yellow rectangle) and planned extensions (orange rectangle)
Drill targets
Revised drill targets will be generated from the trenching results, merged with geophysical data. These results produced a drill ready target, but that drill program was delayed twice due to weather and soft ground (ASX announcement 13 July 2021, 31 April 2022).
Resource models
Updated resource modelling for Belyando and Lucky Break have been commissioned. Both mines show potential exists for down dip extensions to known gold mineralised zones and parallel features, as well as extensions along strike.
Background
QXR holds nearly 100,000 hectares of leases in the Drummond Basin of central Queensland – an under- developed region with a long history of ongoing gold mining region with an endowment of over 8.5 million ounces (1). Gold mineralisation is largely related to intrusives into the region with the largest producer – Pajingo (ex-Newmont) having produced 3.4 Moz since 1986 and was instrumental in the creation of gold miner Evolution when they purchased the mine from Newmont (Newcrest).
The QXR leases show potential for epithermal gold and porphyry related copper gold deposits and include two historical open pit gold mines, Belyando and Lucky Break, that were last producing when the gold price was under A$500/oz. QXR holds 85,800 Ha of exploration leases on a 100% basis and 11,500 Ha (70%QXR) in a JV with private company, Zamia Resources.
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This article includes content from QX Resources, 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.
Balkan Mining and Minerals Limited (ASX: BMM) – Trading Halt
Description
The securities of Balkan Mining and Minerals Limited (‘BMM’) will be placed in trading halt at the request of BMM, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 27 June 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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This article includes content from Balkan Mining, 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.
Further MOU Extension with Aleees and NT Government
Parties have now agreed a revised project development timeline below:
The MOU builds on the ongoing project development workstreams undertaken by Avenira, Aleees and the NT government. The extension is valid until 30 June 2025.
Avenira continues to pursue the LFP battery manufacturing project following the completion of a positive Scoping Study3, which demonstrated the strong economic and technical viability of the project.
Under the September 2022 announcement, a tripartite non-binding MOU was signed whereby Avenira, Aleees and the NT Government would work towards the development of a LFP battery cathode manufacturing facility, with the NT Government assisting and advising where appropriate in relation to necessary infrastructure including water, energy, power, telecommunications, road, port and rail access and service requirements.
This agreement has been extended to 30 June 2025 to allow the NT Government to continue to provide Aleees and Avenira with support through to the completion of the next stage studies.
Commenting on the extension of the MOU, Avenira’s Charman and Chief Executive Officer, Brett Clark, said:
“The MOU extension demonstrates the continuing support of the Northern Territory Government and Aleees with this significant LFP cathode project in Darwin.”
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This article includes content from Avenira 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.
Substantial High-Grade Lithium Achieved Following Completion of Drill Hole 1 at Rio Grande Sur
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on its maiden Stage 1 Drilling Program with the first results and assay samples from drill hole 1 (“DDH- 1”) on the Maria Magdelena tenement.
HIGHLIGHTS
- Drillhole 1 (DDH-1) at the Maria Magdelena tenement of the Rio Grande Sur Project, has completed with substantial high grade intercepts of lithium brine discovered at depths as low as 557m.
- High-grade assays include the following intervals:
- 629mg/L (“milligrams per liter of Lithium”) from an interval of 512.75m to 518m
- 620mg/L from an interval of 115.5m to 117.5m
- 611mg/L from an interval of 258.25m to 260.25m
- 608mg/L from an interval of 495.25m to 497.25m
- 607mg/L from an interval of 369.25m to 371.25m
- Importantly, these grades over 600mg/L which were all discovered at depth are beneath the currently calculated mineral resource estimate and are expected to add to its size and grade.
- With completion of DDH-1, the crew is in the process of relocating to Sal Rio II to commence Drillhole 2 (DDH-2).
- The Stage 1 Drill Program is targeting resource growth to the existing inferred JORC resource of 251.3kt LCE @ 351mg/L1.
In relation to the progress of DDH-1 at the RGS Project, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The results from DDH-1 are substantial as we demonstrate the world class potential of the Rio Grande Sur Project. With completion of DDH-1, we are continuing the important advancements we have made in our understanding of the RGS Project mineralisation, with the results continuing to demonstrate the potential large scale of the project. With outstanding high grade brine intercepts of ~600mg/L at depths of 115.5m and those grades continuing to ~520m, the project is exceeding our expectations.
“We continue to progress with permitting for the drilling program in the north of the Rio Grande Sur Project, which we intend to include in our Stage 1 program works as we target a substantial mineral resource upgrade. This is in addition to works at our Lithium Carbonate Pilot Plant which remains on track to produce our first Lithium Carbonate in the coming months, with Pursuit advancing off-take discussions with multiple requests for product samples from potential off-take partners.”
High-Grade, Deep Depth Lithium Brine Assay Results
DDH-1 of the Stage 1 drilling program completed on site at the Rio Grande Sur Project in mid-June 2024 having reached a depth of 560m.
Throughout the drilling of hole 1, the on-site geologists and drilling team have been extremely encouraged by the geological units encountered across the depths of the hole. Of particular interest, at a depth of approximately 100-130m, a highly porous sandy unit was encountered with Lithium brine grades substantially above expectation, based on historical drilling results. This zone has been earmarked as the potential location of a pumping well due to its heightened porosity and average grade of 620mg/L. As drilling continued to depth, DDH-1 continued to deliver exceptional grades averaging above 600mg/L and the presence of good quality, porous and permeable sands.
Table 1 – Lithium Assays, Interval Data and Drillhole Collar
Intercepts from DDH-1 have shown highly favourable geology in line with, and exceeding expectations from historical drilling (to depths of 50m) carried out on the Rio Grande Salar. Lithium brine sample grades from the sampling of the hole are averaging above 600mg/L against the average grade of 351mg/L used to develop the current Mineral Resource Estimate (“MRE”). Additionally, the mineralisation extended to a depth of ~560m also well below the depth used to develop the MRE1.
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This article includes content from Pursuit Minerals, 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.
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