WC8 has been busy drilling this emerging discovery and has quickly defined the main Leia pegmatite over 2km long, up to 180m wideand down to 350m vertical depth. Suffice to say, we think this is the emergence of yet another Tier 1 lithium asset in the Pilbara, hence MIN’s eagerness to get an early foothold perhaps. We have taken publicly available drill data from the 148 drill holes with assays at Tabba Tabba and modelled mineralisation in Micromine. Our interpretation implies a mine inventory of ~80Mt from the Central and Northern pegmatite clusters. Given the main Leia pegmatite appears to be getting thicker and grades increasing as it plunges to the north beneath a sedimentary unit, we view a resource in the region of 100Mt as a realistic initial goal for Leia, Chew, Han and the Hutt over time, and use this as the basis for our EV/Resource multiple.
This 100Mt does not include any potential repeats of the host sequence under cover in the east of the tenement package.
For now, we centre our valuation on 100Mt and await further success but concede that +120Mt is not inconceivable for Tabba Tabba over time.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)