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Upgraded JORC resource- Francisco Basin Li Project
Upgraded JORC resource- Francisco Basin Li Project.
About this update from Cleantech Lithium Plc
[{"type":"text","content":"\n\n24.08.23\nCleanTech Lithium PLC (\"CleanTech Lithium\" or the \"Company\")\n \nFrancisco Basin JORC resource increases 74% to 0.92 million tonnes of LCE of which\n0.44 million tonnes is upgraded to Indicated, with significant expansion potential\n \nCleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition, announces an upgraded JORC resource estimate of 0.92 million tonnes of lithium carbonate equivalent (\"LCE\") at an average grade of 207mg/L lithium at the Company´s second project - Francisco Basin. The resource estimate now includes 0.44 million tonnes at an average grade of 221mg/L lithium in the Indicated category.\nAlthough not yet categorised as a Reserve, this resource is considered sufficient for a production rate of 20,000 tonnes per annum of battery grade lithium carbonate for up to a possible 20-year operation, which will be used in the Scoping Study which is nearing completion. The Scoping Study is expected to reinforce the project's path to production, capital requirements and will support CleanTech Lithium's engagement with potential strategic partners.\nSummary of the resource upgrade:\n\nTable 1: Comparison of Francisco Basin JORC Resource Estimates: October 2022 and August 2023\nHighlights:\n· Following an exploration drilling programme completed in 1H 2023, the JORC resource estimate at Francisco Basin has been upgraded to 0.92 million tonnes of LCE including an Indicated resource of 0.44 million tonnes LCE\n· The drilling programme encountered challenges with a late start due to heavy snow in the 2022 winter, and drill holes in the east of the resource zone encountered a loose sand unit affecting well completion and sampling in this prospective area\n· For the upcoming exploration season (commencing late Q4 2023) modifications to the drilling programme are planned to successfully complete these wells and the Board believes there is large upside to the resource size and grade at Francisco Basin\n· A pumping test programme completed at the project recorded a high transmissivity that corresponds to a modelled flow rate of approximately 80L/s in an operation stage well design, providing a potentially positi...