Figure 2. Dragon South channel and rock chip samples, geology, access routes
Several exposures are found at Dragon North (Figure 4) and courtesy of historic mining plus excavation on lithium bearing pegmatites. The south end of the northeast-southwest trending pegmatite contains spodumene>lepidolite whereas the northern extent has lepidolite>spodumene, noting the very coarse nature of muscovite (pink lepidolite) intergrown with quartz and minor feldspar. Recent excavations contain 4.80 meters at 0.41% Li2O, 336 ppm Cs, and 121 ppm Ta2O5 in a lepidolite dominated zone adjacent to a 9.00m interval containing 0.29% Li2O, 325 ppm Cs, and 134 Ta2O5. A separate pegmatite 30 meters to the northwest has excavations exposing lithium bearing pegmatite with channel samples running 4.70m at 0.28% Li2O with 176 ppm Cs and 103 ppm Ta2O5. Further to the north on the same pegmatite, a small prospect contains minor spodumene and lepidolite, carrying 2.50 meters at 0.19% Li2O, 27 ppm Cs, 134 ppm Sn, and 534 ppm Ta2O5, revealing localized very elevated tantalum values.
Figures 3a & 3b above. Dragon South Li2O ppm (left) in channel samples 8.80m @ 0.97% Li2O upper left channel, 10.40m @ 0.68% Li2O lower right, and Cs ppm (right) in channel samples, upper left 8.80m, 174ppm Cs, lower right 10.40m, 341 ppm Cs
Figure 4. Dragon North channel and rock chip samples, geology, access routes
Additional and new surface grab rock samples include 2.40%, 1.72%, 1.64%, 1.51%, 1.30% and 1.20% Li2O from various outcrops across both Dragon South and North targets. Other elements of significant interest are Cs with values up to 1,317 ppm, Sn up to 358 ppm, and Ta up to 437 ppm from select samples across Dragon. Surface sampling continues across the property to support the potential for channel sampling.
Dozens of muscovite (“mica”) samples were collected across the project and scanned by a third party with a Libs hand-held scanning device, resulting in identification of several highly fractionated pegmatites, including the Dragon area pegmatites. Libs are widely used across the industry and provide lithium, potassium, and rubidium geochemistry of mica minerals within pegmatites. The Libs data helps identify and prioritize the targets across the project. Further work into the results will continue and possibly expanded where rock geochemistry is inconclusive.
Table 1.
Dragon South
Interval_m
Li2O %
Cs_ppm
Sn_ppm
Ta2O5
8.80
0.970
174
131
45
10.40
0.680
341
107
89
6.20
0.004
509
25
26
1.90
0.290
609
253
137
4.70
0.070
300
25
57
Dragon North
13.30
0.130
139
60
92
2.30
0.040
42
330
132
4.80
0.410
336
25
121
2.50
0.190
27
134
534
4.70
0.280
391
25
103
5.60
0.150
391
25
138
QAQC
Channel samples were cut in the field under the supervision of Joey Wilkins. Sample location sites were labelled, rock channels were bagged, tied-off, then transported to the core shed under lock and key. Samples were shipped by the Company directly to SGS Laboratories in Burnaby, B.C., Canada where SGS prepped then analysed all samples using sodium peroxide fusion combined ICP-AES and ICP-MS, method GE_ICM90A50. Certified standards were inserted into the sample stream and reviewed by the Qualified Person. Mr Wilkins consents to the inclusion of the technical information in this release and context in which it appears.
Qualified Person (Bradda Head)
Joey Wilkins, B.Sc., P.Geo., is Chief Operating Officer at Bradda Head 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 38 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.
Share Option Repricing
The Company also announces that pursuant to its share option plan, it has reduced the exercise price of 9,000,000 outstanding share options (“Existing Options”).
The repricing applies to Existing Options previously granted to, amongst others, certain Directors and Management of the Company pursuant to the Company’s share option plan. The Existing Options will be repriced from an exercise price of £0.06 (CA$0.10), £0.09 (CA$0.15), £0.105 (CA$0.15), and £0.18 (CA$0.29), as applicable, per ordinary share to £0.017 (CA$0.03) per ordinary share. No other terms of the Existing Options are being amended. The repricing is being taken in response to the current market challenges impacting the lithium sector, a reduction in the ensuing Company’s share price, and to better align with the recent share options granted to certain officers and directors of the Company.
The repricing of the Existing Options is subject to the approval the TSX Venture Exchange, as well as by a majority of votes cast at a meeting of shareholders of the Company, excluding the votes cast by shareholders who are subject to the repricing of the Existing Options. In the event that any of such approval is not obtained, the Existing Options will not be repriced. No Options may be exercised until such approvals are obtained. Disinterested shareholder approval is expected to be sought at the Company’s next annual and special meeting of shareholders, anticipated to be held in November 2024.
Directors and persons discharging managerial responsibilities (“PDMRs”) included in the repricing are detailed in the table below:
Director/ PDMR
Options Subject to Repricing
Total Options Held
Ian Stalker
5,250,000
19,250,000
Joey Wilkins
1,500,000
2,500,000
Piotr Schabik
500,000
1,500,000
The repricing of the Existing Options previously issued to insiders of the Company constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The repricing is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to subsection 5.5(b) of MI 61-101 as no securities of the Company are listed on certain exchanges specific by MI 61-101. It is also exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Section 5.7(a) of MI 61-101 insofar as the fair market value of such repricing is less than 25% of the Company’s market capitalisation (as such term is defined in MI 61-101).
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
For further information please visit the Company’s website: www.braddaheadltd.com.
ENDS
Contact:
Bradda Head Lithium Limited
+44 (0) 1624 639 396
Ian Stalker, Executive Chair
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
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 Project, and the Basin West Project) and the Wikieup Project.
The Basin East Project has a Measured Mineral Resource of 20 Mt at an average grade of 929 ppm Li for a total of 99 kt LCE and an Indicated Mineral Resource of 122 Mt at an average grade of 860 ppm Li and an Inferred Mineral Resource of 499 Mt at an average grade of 810 ppm Li for a total of 2.81 Mt 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
%
Percent
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.
Sn
Tin
Li2O %
Lithium Oxide
Cs
Cesium
Ta2O5
Tantalum pentoxide
K
Potassium
Rb
Rubidium
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.
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 [email protected] or visit www.rns.com.
SOURCE: Bradda Head Lithium Limited
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