Reabold Resources PLC Investee Company Update (1684G)
May 25 2017 - 2:00AM
UK Regulatory
TIDMRBD
RNS Number : 1684G
Reabold Resources PLC
25 May 2017
For immediate release 25 May 2017
REABOLD RESOURCES PLC
"Reabold" or the "Company"
Investee Company Update: Maiden JORC resource on San Jose
Lithium-Tin Project
Reabold Resources Plc (LSE AIM:RBD) is pleased to provide an
update on its recently acquired investment in the advanced San Jose
Lithium-Tin Project in Spain (the "Investment"). The San Jose
Project ("Project") is a Joint Venture between Plymouth Minerals
Limited's ("Plymouth" ASX:PLH) subsidiary Tonsley Mining Pty
Limited ("Tonsley") and Sacyr, S.A,, the IBEX 35 Spanish listed
multinational infrastructures and services company. Reabold has a
2.0% interest in Tonsley which in turn has the right to earn a 75%
interest by spending EUR1.5 million for a first stage 50%, then
EUR2.5 million for the additional 25%, which is being funded by
Plymouth, in the San Jose Lithium-Tin Project.
Plymouth has, earlier today, published a JORC Code compliant
maiden lithium-tin Mineral Resource on the Project.
Jeremy Edelman, Reabold's Chairman, commented.
"The Maiden JORC resource of more than 1.3 million tonnes of
Lithium Carbonate Equivalent makes this one of the largest Lithium
projects in Europe. The JORC resource (Inferred and Indicated) has
exceeded historical estimates by 11% more tonnes and 16.5% more
contained lithium.
The potential to double the known mineralisation at the San Jose
Lithium-Tin project will begin in June with the commencement of
expansion drilling. The San Jose project continues to develop
quickly towards the lodgment of the Mining Licence Application
planned for Q3 2017."
Extracts from the Plymouth announcement are as follows:
"Maiden Mineral Resource Establishes
San Jose Lithium-Tin Deposit as One of the Largest in Europe
-- Maiden Lithium (Li) Mineral Resource contains an estimated
+1.3M tonnes of Lithium Carbonate Equivalent (LCE) - one of the
largest in Europe
92.3Mt at 0.6% Li(2) O and 0.02% Sn (0.1% Li cut-off)
With a higher-grade core:
16.5Mt @ 0.9% Li(2) O and 0.04% Sn (0.35% Li cut off)
-- Proven simple process flow-sheet and metallurgy to saleable lithium carbonate
-- Deposit is open along strike and at depth. Large Exploration
Target with the potential to double the Maiden Mineral Resource
-- Expansion drilling planned to commence in June and Mining
Licence Application planned for Q3 2017
Plymouth Minerals Limited (ASX: PLH) (Plymouth or the Company)
is pleased to announce in accordance with the JORC Code its maiden
lithium-tin Mineral Resource at the San Jose project in Spain.
Lithium (Li) at San Jose is hosted in mica minerals with tin (Sn)
hosted in associated quartz. Lithium-bearing micas are an
established source of lithium which is able to be directly
converted to lithium carbonate on site, bypassing the requirement
to trade in concentrate with off-site convertors. Lithium at San
Jose is hosted in a massive replacement style deposit, with
cross-cutting tin-bearing quartz veins. This is a common lithium
deposit style as seen in several other large lithium-tin deposits
in Europe which are historic lithium producers.
Plymouth and its Spanish Joint Venture partner, Valoriza Mineria
(VM), intend to produce lithium carbonate (LCE) on site. VM is a
subsidiary of +A$ billion market capitalisation, construction and
engineering company Sacyr S.A. Europe's only commercial lithium
production is currently sourced from Spain and Portugal. San Jose
has undergone extensive historical exploration and metallurgical
test work which culminated in a positive feasibility study to
produce lithium carbonate on site using open pit mining and proven
process technology.
The Resource outcrops and is open at depth and along strike
(Figure 1). Plymouth recently completed (Q1 2017) an infill
drilling programme of 10 holes (2 RC and 8 diamond) for
approximately 2,000m. This was designed to support historical
drilling in order to allow Mineral Resource estimation in
accordance with the JORC Code and provide high confidence for open
pit optimisation. The drilling and assay database for San Jose now
comprises in excess of 52 holes for approximately 10,400m of
drilling including 3,500m of diamond drilling. Plymouth drilling
was focussed on increasing the Mineral Resource category
classification for a 'core' of mineralisation that would be the
target of initial open pit mining.
The resource estimate for San Jose is as follows:
Classification Tonnes Li (%) Li(2) O Sn (%)
(Mt) (%)
================ ======= ======= ======== =======
Indicated 23.9 0.31 0.67 0.02
Inferred 68.3 0.26 0.56 0.02
TOTAL 92.3 0.27 0.60 0.02
================ ======= ======= ======== =======
An additional Exploration Target has been estimated, with
potential to double the known mineralisation at San Jose. This
would cement San Jose as a globally significant lithium
deposit.
Plymouth Executive Chairman Adrian Byass commented:
"We are extremely excited to release the Maiden JORC Resource
statement demonstrating that San Jose is a world class asset with
lithium mineralisation that is amenable to a simple, open pit
mining operation in part of Europe with good infrastructure. This
opens the door for the next phase of work which is based on
finalisation of confirmation testwork and open pit optimisations
prior to lodgement of the Mining Licence Application, planned for
September 2017."
A full copy of the Plymouth Minerals announcement can be viewed
as a pdf at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/1684G_-2017-5-24.pdf
For further information please contact:
Reabold Resources plc
Jeremy Edelman +44 (0) 207 440 0640
Antony Samaha
Beaumont Cornish Limited
Roland Cornish/ Felicity Geidt +44 (0) 20 7628 3396
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDAIMRTMBTTBJR
(END) Dow Jones Newswires
May 25, 2017 02:00 ET (06:00 GMT)
Reabold Resources (LSE:RBD)
Historical Stock Chart
From Apr 2024 to May 2024
Reabold Resources (LSE:RBD)
Historical Stock Chart
From May 2023 to May 2024