- Leo Lithium (LLL) reports a “substantial” 31 per cent increase to the mineral resource estimate (MRE) at the Goulamina lithium project in Mali
- This comes as the Danaya Domain’s resource rose 152 per cent to 56.1 million tonnes at 1.24 per cent lithium oxide, following a 2022 drilling program
- Results have supported the potential extension of the 23-year mine life
- Drilling continues at Northeast Domain, with further mineral resource updates expected in H1 2023
- LLL shares are up 2.7 per cent, trading at 57 cents at 1:27 pm AEDT
Leo Lithium (LLL) has revealed a “substantial upgrade” to the mineral resource estimate (MRE) at the Goulamina lithium project in Mali.
Drilling results from the second half of 2022 have increased the Danaya Domain’s MRE by 152 per cent from 22.3 million tonnes to 56.1 million tonnes. Danaya’s total MRE now reads 56.1 million tonnes at 1.24 per cent lithium oxide.
As a result, the total Goulamina resource base rose 31 per cent from 108.5 million tonnes at 1.45 per cent lithium oxide to 142.3 million tonnes at 1.38 per cent lithium oxide.
Leo Lithium Managing Director Simon Hay said the results indicate the potential of the project.
“An increase in Danaya of 33.8 million tonnes from a moderate drilling campaign of approximately 12,700 metres, is a fantastic outcome,” he said.
“This significant upgrade also supports the possible extension of the 23-year mine life of the Goulamina project.”
In last year’s drilling program, LLL drilled 60 reverse circulation holes for a total of 9292 metres and 17 diamond holes for a total of 3428 metres.
Significant intersections were reported by the company on November 3 2022 and December 14 2022.
The revised Danaya resource model provides new drilling targets and further exploration potential.
Drilling continues at Northeast Domain, with mineral resource updates expected in first half 2023. Results from the drilling will also be announced shortly.
“These results are encouraging ahead of first spodumene concentrate product in Q2 2024 and the early revenue opportunity from the target export of direct shipped ore in H2 2023.”
The Danaya MRE has indicated opportunities to further extend the Danaya mineral resource with additional resource drilling.
LLL shares were up 2.7 per cent, trading at 57 cents at 1:27 pm AEDT.