BRITISH VIRGIN ISLANDS / ACCESSWIRE / August 14, 2024 / Bradda Head Lithium Ltd (AIM:BHL)(TSX-V:BHLI), the North America-focused lithium development group, announces that, further to its press release of 1 July 2024, it has, on 14 August 2024, filed the complete Technical Report by ABH (“Report”) on SEDARplus for the updated Mineral Resource Estimate (“MRE”) at the Company’s Basin Project (“Basin”) asset in Arizona. The MRE in the Report is materially unchanged from that announced on 1 July 2024.
The Report is available to be downloaded from Bradda Head’s profile on SEDARplus at www.sedarplus.ca/landingpage/. A copy of the Report is also available on the Company’s website, www.braddaheadltd.com.
The Basin East MRE, reported by ABH Engineering Inc (“ABH”) was updated in July 2024 (see RNS dated 1 July 2024).
Highlights:
The total Mineral Resource comprises 20 million tonnes in the Measured category at 929ppm Li consisting of 99kt LCE, 122 million tonnes in the Indicated category at 860 ppm Li consisting of 560kt LCE and 499 million tonnes in the Inferred category at 810 ppm Li, carrying 2,150 kt LCE (1% lower than the July 1 Inferred category following adjustments in the model);
The resource contains 20 million tonnes of 929ppm lithium for 99Ktons of LCE in the Measured category, the first ever in this category at Basin;
As per the Company’s Royalty Agreement with the Lithium Royalty Company (“LRC”), the updated MRE triggered the final royalty payment of US $3.0 million, which BHL has since requested and received from LRC;
The results of the 2024 drilling programme demonstrate extensive lateral continuity from Basin East through to Basin North, identifying impressive consistency in the stratigraphic continuity of the Upper Clay and grade profile over a 3.0 x 2.0 km area that remains open to the north, east, and west;
It’s important to note that the Upper Clay Unit includes a continuous High-Grade layer which has an average grade of some 1,190 ppm Li, and is on average 15m thick and crops-out in Basin East potentially forming part of a phased mining processing operation that would clearly enhance early stages of mining and overall project economics;
Five out of the eight drill holes encountered lithium mineralized “Lower Clay” which makes a significant contribution to the overall resource, particularly as the Company is able to connect the Lower Clay mineral resource from Basin East to the northern edge of Basin North, a distance of 3.0km;
The average in-situ grade of the Inferred Basin East Mineral Resource has decreased slightly from 900 to 822 ppm Li, a 9% decrease;
ABH applied a new cut-off grade of 550ppm Li to report the Mineral Resources and demonstrate reasonable prospects of eventual economic extraction (“RPEEE”). This is the same cut-off grade previously used by SRK Consulting (550 ppm; effective 28th September 2023);
Following the 2024 drill program and new geologic mapping, the Company’s understanding of the Basin project has increased significantly, resulting in renewed encouragement of extensive exploration opportunities for growth over the remainder of Basin North and all of Basin West where the Company continue working on permits.
Qualified Person (ABH)
The Mineral Resource statement has been authored by Mr. Damir Cukor, Qualified Person who works for ABH Engineering Inc, an independent mining consultancy. Mr. Cukor has over 28 years’ experience as a professional geologist (P.G.) and 20 years as a Qualified Person (QP), undertaking and reviewing Mineral Resource Estimates and has worked on lithium clay estimates for over 5 years. Mr. Cukor consents to the inclusion of the technical information in this release and context in which it appears.
Qualified Person (BHL)
Joey Wilkins, B.Sc., P.Geo., is Head of North America at BHL and the Qualified Person who reviewed and approved the technical disclosures in this news release. Mr. Wilkins is a graduate of the University of Arizona with a B.Sc. in Geology with more than 37 years of experience in mineral exploration and is a qualified person under the AIM Rules and a Qualified Person as defined under NI-43-101. Mr. Wilkins consents to the inclusion of the technical information in this release and context in which it appears.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ENDS
Contact:
Bradda Head Lithium Limited
+44 (0) 1624 639 396
Ian Stalker, Executive Chairman
Denham Eke, Finance Director
Beaumont Cornish (Nomad)
James Biddle / Roland Cornish
+44 20 7628 3396
Panmure Liberum (Joint Broker)
+44 20 7886 2500
Kieron Hodgson / Rauf Munir
Shard Capital (Joint Broker)
+44 207 186 9927
Damon Heath / Isabella Pierre
Red Cloud (North American Broker)
+1 416 803 3562
Joe Fars
Tavistock (PR)
+ 44 20 7920 3150
Nick Elwes / Josephine Clerkin
braddahead@tavistock.co.uk
About Bradda Head Lithium Ltd.
Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East, Basin North, and Basin West targets) and the Wikieup Project. The Basin East Project has a Measured Mineral Resource of 20 million tonnes consisting of 929ppm lithium for 99kt LCE, an Indicated Mineral Resource of 122 million tonnes at an average grade of 860 ppm lithium for 560 kt LCE and an Inferred Mineral Resource of 506 million tonnes at an average grade of 808 ppm lithium for a total of 2,175 kt LCE. The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head’s licences are held on a 100% equity basis and are in close proximity to the required infrastructure. Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL, and on the TSX Venture Exchange with a ticker of BHLI.
Technical Glossary
kt
Thousand tonnes
ppm
Parts per million
Exploration Target
An estimate of the exploration potential of a mineral deposit in a defined geological setting where the statement or estimate, quoted as a range of tonnes and a range of grade (or quality), relates to mineralisation for which there has been insufficient exploration to estimate a Mineral Resource.
Inferred Mineral Resource
That part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
Indicated Mineral Resource
That part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered.
Measured Mineral Resource
That part of a Mineral Resource for which mineralization or other natural material of economic interest may be classified as a Measured Mineral Resource by the Qualified Person when the nature, quality, quantity and distribution of data are such that the tonnage and grade or quality of the mineralization can be estimated to within close limits and that variation from the estimate would not significantly affect potential economic viability of the deposit. This category requires a high level of confidence in, and understanding of, the geology and controls of the mineral deposit.
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “intends to”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, following: The Company’s objectives, goals, or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: failure to identify mineral resources; failure to convert estimated mineral resources to reserves; delays in obtaining or failures to obtain required regulatory, governmental, environmental or other project approvals; political risks; future operating and capital costs, timelines, permit timelines, the market and future price of and demand for lithium, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices; delays in the development of projects, capital and operating costs varying significantly from estimates; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDARplus. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Nominated Adviser
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Bradda Head Lithium Limited
View the original press release on accesswire.com
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Publish date : 2023-11-14 18:22:00
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