TIDMCTL
RNS Number : 2793Z
CleanTech Lithium PLC
13 September 2022
13.09.22
CleanTech Lithium PLC ("CleanTech Lithium" or the "Company")
Resource Upgrade at Laguna Verde Project to 1.51 Million Tonnes
of Lithium
CleanTech Lithium PLC (AIM:CTL), an exploration and development
company advancing the next generation of sustainable lithium
projects in Chile, announces an upgraded JORC resource estimate of
1.51 million tonnes of lithium carbonate equivalent ("LCE") at a
grade of 206mg/L lithium at its Laguna Verde project, with the
majority of the resource upgraded from Inferred to the higher
confidence categories of Measured and Indicated.
The upgraded resource estimate provides the basis for
undertaking a Pre-feasibility Study ("PFS") at Laguna Verde,
planned to commence 4Q 2022, as the Company continues to develop
its projects towards producing carbon neutral lithium for the EV
market. The PFS is expected to evaluate a base case production rate
of 20,000 tonnes per annum of battery grade lithium, with the
resource of 1.51 million tonnes LCE providing the basis for a
>30-year operation.
Highlights:
-- Resource drill programme, comprising four holes, was
completed 1H 2022 with the resource upgrade based on three of the
four holes sampled prior to the Chilean winter break
-- JORC compliant resource estimate increased by 22% to 1.51
million tonnes LCE at a grade of 206mg/L with 53% of the resource
now in the Measured and Indicated category (0.803 million tonnes
LCE)
-- On track to be further upgraded as follows:
o in Q4 2022 based on data from all four holes which is expected
to increase both resource size and grade, and
o in 1H 2023 from an infill drill programme planned to commence
in the next few weeks
-- The deepest hole in the programme recorded lithium grades up
to 409mg/L at the bottom of the hole indicating drilling to depth
provides further upside
-- Laguna Verde is globally the shallowest lithium resource with
a geothermal heat source with brine temperatures of 20(o) C - 30(o)
C starting within 65m of the surface
-- This is in the optimal temperature range for the direct
lithium extraction ("DLE") adsorption process based on test-work by
key technical partners SunResin and Beyond Lithium
-- Heating brine can be a significant component of a DLE plant's
energy consumption and operating costs
-- Feasibility studies will evaluate the impact of this
geothermal influence on reducing operating costs and the
environmental footprint of the project
-- A Scoping Study for the project is expected to be completed in October/November 2022
-- For the Company's second project, Francisco Basin, a maiden
Inferred resource estimate is expected in the coming weeks, based
on the results of the first drill hole completed at the project,
which had an average lithium grade of 305mg/L
Commenting, Aldo Boitano, Chief Executive Officer, of Cleantech
Lithium PLC, said: "We are very pleased with this upgrade in the
Laguna Verde resource estimate to 1.51 million tonnes of LCE with
more than half of the resource now in the Measured + Indicated
category, providing much higher confidence in the resource
potential of the asset. The resource estimate now provides the
basis for a Pre-feasibility Study with a base case production rate
of 20,000 tonnes LCE per annum, expected to utilise 100% renewable
energy for process power providing green lithium to the EV
industry. Laguna Verde is unique in being a geothermal influenced
brine resource starting from near surface, which we think will
positively impact operating costs and reduce the environmental
footprint.
"Further upgrades are planned in 4Q 2022 and 1H 2023 based on
fieldwork to commence in the next few weeks. We look forward to
continuing to update the market on our progress."
Please click on the following link to see the entire
announcement:
http://www.rns-pdf.londonstockexchange.com/rns/2793Z_1-2022-9-13.pdf
For further information contact:
CleanTech Lithium PLC
Aldo Boitano/Gordon Stein Jersey office: +44 (0) 1534 668
321
Chile office: +562-32239222
Or via Celicourt
Celicourt Communications +44 (0) 20 8434 2754
Felicity Winkles/Philip cleantech@celicourt.uk
Dennis
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish +44 (0) 207 628 3396
Fox-Davies Capital Limited +44 20 3884 8450
(Joint Broker)
Daniel Fox-Davies daniel@fox-davies.com
Canaccord Genuity Limited +44 (0) 207 523 4680
(Joint Broker)
James Asensio
Gordon Hamilton
Competent Person
The information in this release relates to drilling results,
geology, brine assays reports, sediment sampling / specific yield
calculation and resource calculation are based on information
compiled by Christian Gert Feddersen Welkner, who is an independent
Qualified Person to the Company and is a Member of Comision
Calificadora de Competencias en Recursos y Reservas Mineras Chile
that is a 'Recognised Professional Organisation' (RPO). Mr
Feddersen has sufficient experience that is relevant to the style
of mineralization and type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves'. Mr
Feddersen consents to the inclusion in the press release of the
matters based on his information in the form and context in which
it appears.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this inside information is now
considered to be in the public domain. The person who arranged for
the release of this announcement on behalf of the Company was
Gordon Stein, Director and CFO.
Notes
CleanTech Lithium (AIM:CTL) is an exploration and development
company, advancing the next generation of sustainable lithium
projects in Chile. The Company's mission is to produce material
quantities of battery grade lithium by 2024/2025, with near zero
carbon emissions and low environmental impact , offering the EU EV
market a green lithium supply solution.
CleanTech Lithium has two prospective lithium projects - Laguna
Verde and Francisco Basin projects located in the l ithium
triangle, the world's centre for battery grade lithium production .
They are situated within basins entirely controlled by the Company,
which affords significant potential development and operational
advantages. The projects have direct access to excellent
infrastructure and renewable power. The Company has also further
applied for an additional 119 exploration licences at Llamara, as a
low cost and commitment greenfield project to complement the
existing more advanced projects.
CleanTech Lithium is committed to using renewable power for
processing and reducing the environmental impact of its lithium
production by utilising Direct Lithium Extraction. Direct Lithium
Extraction is a transformative technology which only removes
lithium from brine, with higher recoveries and purities. The method
offers short development lead times, low upfront capex, with no
extensive site construction and no evaporation pond development so
there is no water depletion from the aquifer or harm to the local
environment.
**ENDS**
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