Business
Updated Mineral Resource Expansion Basin Project
Updated Mineral Resource Expansion Basin Project.
About this update from Bradda Head Lithium Limited
[{"type":"text","content":"\n\n\n\n\n\n\n\n1 July, 2024\nBradda Head Lithium Ltd\n(\"Bradda Head\", \"Bradda\", \"BHL\" or the \"Company\")\n \n Updated Mineral Resource Expansion, Basin Clay Project \n \nBradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI), the North America-focused lithium development group, is pleased to announce a new Mineral Resource Estimate (\"MRE\") at the Company's 100% owned Basin Project, Arizona (see Table 1 below). The updated MRE was prepared in accordance with Canadian National Instrument 43-101 (Standards of Disclosure for Mineral Projects) (\"NI-43-101\") by ABH Engineering Inc. (\"ABH\").\n \nThe Company is reporting a new MRE consisting of 99kt of of lithium carbonate equivalent (\"LCE\") at an average grade of 929 ppm lithium in Measured classification, 560kt of LCE at 860ppm Li in the Indicated classification; and 2,175kt of LCE at 808ppm Li in the Inferred classification following the completion of drilling, reception and analysis of geochemical results, and new modeling of the Basin project. As per the Gross Overriding Royalty Agreement (\"Royalty Agreement\") with the Lithium Royalty Company (\"LRC\"), the new contained LCE Tonnage surpassed the contracted threshold of 2.5Mt and has enabled the Company to trigger the payment of US$3.0 million from LRC to Bradda Head. The Company has requested this payment be made, and therefore expects to be well funded for the future, including our drilling plans at San Domingo Arizona, our near surface Spodumene bearing pegmatite opportunity.\n \n Highlights:\n \n· The total new Mineral Resource now comprises 20 million tonnes in the Measured category at 929ppm Li consisting of 99kt LCE, 122 million tonnes in the Indicated category at 860 ppm Li consisting of 560kt LCE and 506 million tonnes in the Inferred category at 808 ppm Li, carrying 2,175 kt LCE\n \n· The resource now contains 20 million tonnes of 929ppm lithium for 99Ktons of LCE in the Measured category, the first ever in this category at Basin\n \n· As per the Royalty Agreement, BHL has formally requested payment of US $3.0 million from LRC; do...