Lithium Exploration Group (LEXG.ob) have finally released their maiden resource estimate!!! I found it amusing that they avoided saying directly the resource was NI43-101 compliant.
Authors of the NI43-101 report: Roy Eccles, M.Sc., P. Geol. Michael Dufresne, M.Sc., P. Geol. Kyle McMillan, M.Sc., Geol. I.T. Jim Touw, B.Sc., P. Geol. Roger John Clissold, M.Sc., P. Geol.
LMAO... So the company did ZILCH exploration on its own behalf.
"No past or recent drilling has been conducted by LEXG or any other entity at the Valleyview Property for the intent to explore for Li in formation water. However, Maxxam (though Barrick Energy) did sample existing and producing oil and gas wells in the region for Li and other associated elements at the request of LEXG’s 2011 formation water sampling program." "During 2011, formation water samples were collected from a number of wells producing hydrocarbons from the Devonian Leduc Formation aquifer. Maxxam Analytics (“Maxxam”), which is located in Edmonton, Alberta, provided three 100 mL viles and a one litre bottle along with chemical stabilizers for the collection of samples by personnel from Maxxam. The samples were collected on behalf of the oil and gas companies operating the sampled wells."
In short, 12,000 tons of Lithium can be extracted over the course of 20 years at a grade of 68mg/L.
I do wonder how much the authors were paid to put in this pearl in the conclusions:
"The presence of significant concentrations of Li and other elements in the brine validates the project’s potential to support a multi-product brine processing operation."
If you want my professional opinion, it's just salty underground water. The Great Salt Lake has better Li values and MUCH MUCH easier to extract. I wouldn't be surprised if these cowboys advised Teddy Bailleu: "Forget about the brown coal, let's go after the Lithium in Port Phillip bay."
