A maiden Mineral Resource has been declared containing:
36Mt grading at 1.17% Li2O (425,000t contained Li2O)
31Mt grading at 1.22% Li2O (Measured, Indicated and Inferred), classified as fresh rock
19Mt grading at 1.17% Li2O (Measured and Indicated), classified as weathered and fresh rock
SUMMARY
Definition of a Maiden Mineral Resource estimate of 36Mt grading 1.17% Li2O and 107ppm Ta2O5 (for 425 000t of contained Li2O and 9 Mlb of Ta2O5);
Measured, Indicated and Inferred Mineral Resources of 31 Mt grading @ 1.22% Li2O declared, comprising 86% of Total Mineral Resource (fresh rock)
Measured and Indicated Mineral Resources of 19 Mt grading @ 1.17% Li2O declared, comprising 53% of Total Mineral Resource (weathered and fresh rock)
Revised Exploration Target is 80 - 100Mt @ 1.1 - 1.4% Li2O*
Following the definition of the Mineral Resource estimate, work has begun on a provisional mine plan, which will underpin the Scoping Study aiming for completion by the end of 2016.
This maiden Mineral Resource estimate is based on the results of the Phase 1 diamond drilling programme (1,387m) and the Phase 2 Reverse Circulation (RC) drilling programme (2,070m). Phase 3 drilling with 3 diamond drill rigs and 2 RC drill rigs has been active since early October with the aim of increasing confidence in, and extending the Mineral Resource along strike (both to the south west and northeast) , and down-dip.
Less than 20% of the area under mining license has been drilled to date Numerous surface targets have been identified and are being tested
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