14
August 2024
Bradda Head Lithium
Ltd
("Bradda
Head", "BHL" or the "Company")
Basin East Mineral Resource
Estimate Uploaded to SEDARplus
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:
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Bradda Head Lithium
Limited
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+44 (0) 1624 639 396
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Ian Stalker, Executive Chairman
Denham Eke, Finance Director
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Beaumont Cornish
(Nomad)
James Biddle / Roland Cornish
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+44 20 7628 3396
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Panmure Liberum
(Joint Broker)
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+44 20 7886 2500
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Kieron Hodgson / Rauf Munir
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Shard Capital (Joint
Broker)
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+44 207 186 9927
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Damon Heath / Isabella Pierre
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Red Cloud (North
American Broker)
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+1 416 803 3562
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Joe Fars
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Tavistock
(PR)
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+ 44 20 7920 3150
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Nick Elwes / Josephine Clerkin
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braddahead@tavistock.co.uk
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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
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kt
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Thousand tonnes
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ppm
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Parts per million
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Exploration
Target
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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.
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Inferred Mineral
Resource
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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.
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Indicated Mineral
Resource
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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.
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Measured Mineral
Resource
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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.
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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.