*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource (ASX: 7 August 2023)Advancing from Exploration to Development:•100,000m drilling program in progress•Maiden Mineral Resource Estimate expected in Q1 2024
That answers my own question - no JORC and now an offer at a A$1.6bill. valuation. As I posted two days ago, using Azure's top end of its exploration target of 240mill t and the mid point of grade at 1.25% lithium oxide, they could define 3 mill tonne of lithium oxide or 7.4mill t of LCE. Even the top end of the exploration target at max grade would be 8.9mt LCE. Perhaps more likely would be the mid point of the exploration target which would result in 5.2mill t LCE. The bottom end of the exploration target (100mt at 1%) would result in 1mt of lithium oxide which is 2.5mt LCE. I.e. a potential resource of 2.5mt to an unlikely maximum of 8.9mt LCE. Compare to Phoenix's JORC resource of 12.4mt with a 1.9mt reserve for East Brawley and what would the exploration target be for areas outside of East Brawley? It should be quite large. Current M&A valuations are looking very promising for Phoenix.
