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Corporate Spotlight

Liontown Resources is an ASX-listed, battery metals exploration and development company with substantial lithium discoveries at two projects and an advanced vanadium opportunity.
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Interview with David Richards, Liontown Resources

STRONG START

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Strong start to new phase of resource expansion drilling at Kathleen Valley as high-grade intercepts extend mineralised system 400m north

ASX Announcement 8 October 2019 


Thick, high-grade lithium mineralisation now intersected over a strike length of 1.4km, with the mineralised trend still open to the north-west and up- and down-dip


HIGHLIGHTS 

  • Strong results from the first three holes completed as part of recently commenced 15,000m Reverse Circulation (RC)/diamond drilling program – new intersections include:

  • The new phase of drilling is aimed at expanding the current Mineral Resource Estimate (MRE) and defining potential underground Resources and Reserves1 . 
  • Latest intercepts are interpreted to be up-dip of the thick, high grade feeder zone partially defined to the south which returned multiple outstanding intercepts including 83m @ 1.5% Li2O in KVRC0249, 53m @ 1.6% Li2O in KVRC0207A, 74m @ 1.3% Li2O in KVRC0250 and 90m @ 1.3% Li2O in KVRC02202 . 
  • Current drill program will test for extensions of the feeder zone over 1.4km of strike.
  • Kathleen Valley is Australia’s 5th largest lithium deposit with an MRE of 74.9Mt @ 1.3% Li2O and 140ppm Ta2O5, 83% of which is in the Measured and Indicated categories. 
  • Work on a Pre-Feasibility Study (PFS) is well advanced and scheduled for completion by the end of 2019. 
  • Latest assays highlight the potential to substantially increase the Mineral Resource Estimate (MRE) at Kathleen Valley. 
  • Data from the current drill program will be used to prepare an updated MRE which will be incorporated into a Definitive Feasibility Study (DFS) planned to commence immediately after the PFS.


Liontown Resources Limited (ASX: LTR, “Liontown” or “Company”) is pleased to advise that it has made a strong start to the recently commenced 15,000m resource expansion drilling program at its 100%-owned Kathleen Valley Lithium-Tantalum Project in WA with results from the initial holes extending the mineralised system up to 400m to the north-west. 


The current drilling program is designed to test for a resource extension Exploration Target of 25 – 50Mt @ 1.2 – 1.5% Li2O, which was defined based on testing for extensions of the current Mineral Resource estimate from the limits of previous drill data to a vertical depth of ~500m below surface. This Exploration Target is in addition the current 74.9Mt MRE.


(The potential grade and tonnage of the Exploration Target is conceptual in nature and there has been insufficient exploration to estimate an expanded Mineral Resource. It is uncertain if further exploration will result in the estimation of an expanded Mineral Resource. See Table 1 for full explanation of assumptions used to estimate ranges.)


The latest assays (see Appendix 1 for full listing of drill statistics) confirm the north-western extension of high-grade mineralisation beneath shallow soil cover (Figures 1 and 2) and are interpreted to be up-dip and along strike of a thick (up to 75m) feeder zone partially defined to the south and formed by the coalescence of multiple, outcropping pegmatites at depth to form a continuous, moderately dipping pegmatite body (Figure 3). 


This body remains open both along strike and at depth, has been intersected over a strike length of at least 600m, and is part of larger high-grade mineralised system which has now been defined over a minimum strike length of 1.4km and to depth of 400m below surface.


The larger mineralised system remains open to the north-west and up and down-dip and future drilling, which will take into account ongoing results, is estimated to take another 2-4 months to complete.


In addition to the ongoing drilling program, a Pre-Feasibility Study based on the current MRE is scheduled for completion in Q4 2019 and will incorporate: 


  • Comprehensive metallurgical test work; 
  • Pit optimisation and scheduling; 
  • Review of infrastructure requirements; 
  • Financial analyses of open pit mining; and 
  • A Scoping Study on potential additional underground Resources.


Due to positive results from a Scoping Study completed earlier this year on a smaller, maiden MRE (see ASX release dated 29th January 2019), Liontown envisages transitioning into a Definitive Feasibility Study (DFS) immediately following the PFS. Results from the latest drilling will be used to prepare an updated MRE for the DFS which will include open pit and underground resources and reserves.


Since drilling re-commenced in late August 2019, 3 RC and 2 diamond core holes have been drilled, for 1,836m. This brings the total amount of drilling completed by Liontown at Kathleen Valley to 311 holes for 49,471m, comprising 267 RC holes for 43,953m and 44 diamond core holes for 5,518m. 


Liontown’s Managing Director, David Richards, said: “We’re off to an excellent start with the new phase of drilling at Kathleen Valley, with the results generated by the first three holes demonstrating the enormous upside and growth potential at this high-quality deposit.


“We have now confirmed that the overall mineralised system extends over at least 1.4km strike length, with the high-grade zones intersected in these initial holes believed to represent the up-dip extension of the very thick feeder zone delineated in drilling earlier this year,” he said.


“This feeder zone will be further evaluated with ongoing drilling in the coming weeks, and we look forward to reporting more results as the drilling advances. This phase of drilling is aimed at expanding the current Mineral Resource and providing a clearer picture of the strong emerging underground mining potential at Kathleen Valley, which we expect to scope out as part of the upcoming Pre-Feasibility Study this year and then in more detail in the DFS next year.”


Click here to view the full announcement

SEPTEMBER PRESENTATION

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FURTHER HIGH-GRADE LITHIUM ASSAYS

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Liontown on track for maiden Resource at Buldania following receipt of further high-grade lithium assays 

ASX Announcement 17 September 2019 


Geological modelling well advanced with maiden Mineral Resource Estimate due November 2019


HIGHLIGHTS 

  • Latest intersections from recently completed RC drill program include:


  • >1.4km long mineralised zone remains open both along strike and at depth. 
  • New data will be incorporated into the preparation of a maiden Mineral Resource Estimate (MRE) due in November 2019. 
  • The new intersections build on the strong results reported previously, which included:



Liontown Resources Limited (ASX: LTR) is pleased to advise that it has received all final assay results from the recently completed Reverse Circulation (RC) resource drilling program at its 100%-owned Buldania Lithium Project in WA’s Norseman region (Figure 1). 


Buldania is Liontown’s second WA lithium project, which is being advanced alongside its flagship Kathleen Valley Project where the Company has recently resumed drilling to grow the existing Mineral Resource (ASX Release, 27th August 2019), currently Australia’s 5th largest hard rock lithium deposit.


Since drilling re-commenced at Buldania in May 2019, 72 additional RC holes have been drilled for 12,613m, with drilling at the Project now totalling 168 RC holes for 23,622m and three diamond core holes for 548.5m.


Drilling has returned significant lithium results at the main Anna prospect over an extended strike length of 1.4km, averaging 150 – 250m in width, in a NW/SE orientation (Figure 2) 


Recent modelling indicates that the mineralisation is hosted by multiple, stacked, shallow south-east dipping (10-150 ), 5 – 25m thick, spodumene-bearing pegmatites which locally merge to form zones >50m thick (Figure 3).


Mineralisation remains open along strike, down-dip and, in places, up-dip.


Geological modelling is well advanced and data from all holes completed at Anna will be used to prepare a maiden Mineral Resource Estimate (MRE), which is scheduled for completion in November 2019. 


Assays have also been received for all 17 RC holes (BDRC0097-0105, BDRC144-0151) drilled into the NW Pegmatite target area, located 5-10km north-west of Anna (Figure 1). Assays from this area have confirmed the potential for significant lithium mineralisation, with better intersections including 5m @ 1.2% Li2O from 20m in BDRC0104 and 6m @ 1.5% Li2O from 54m in BDRC0105.


Preliminary Metallurgical Test Work 

A programme of scoping test work has been completed on ~300kg of mineralised sample collected from three exploration core holes (BDDD0001-0003/Appendix 2) drilled in to the north-western, outcropping part of the Anna pegmatite in 2018. The test work was completed at Nagrom Laboratory and supervised by Lycopodium Minerals Pty Ltd.


Comminution testing showed moderate competency, SAG specific energy and abrasion index typical of spodumene-bearing pegmatites. Dense media and flotation test work on shallower samples showed a combined concentrate grade of 6% Li2O at an estimated recovery of 60%. Further work is required on the deeper pegmatites. This work was preliminary in nature and further testwork and optimisation of the flowsheet is required once representative drill core is available.


Liontown’s Managing Director, David Richards, said the recent RC drilling program had confirmed the quality and potential of the Buldania Project while generating the data we need to underpin the estimation of a maiden Mineral Resource.


“Buldania continues to emerge as an attractive asset in an excellent location which complements our flagship project at Kathleen Valley. We are also pleased with the positive initial results from preliminary metallurgical test work, although further drilling will be required to undertake a more comprehensive assessment of processing requirements.”


“In the meantime, Resource extension drilling is well underway at Kathleen Valley and we look forward to reporting further results in due course.” 


Click here to view the full announcement

JULY PRESENTATION

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