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- Argosy Minerals (ASX:AGY) announces a significant upgrade to the total MRE at its Rincon lithium project in Salta Province, Argentina
- The upgraded MRE comprises 686,875 tonnes of lithium carbonate with a weighted mean average lithium concentration of 329mg/L.
- This marks a substantial 180 per cent increase from the previous MRE
- The company reported that the MRE increase would form the basis for increased lithium production for commercial targets over the long-term life of the mine
- Shares last traded at 12.5 cents
Argosy Minerals (ASX:AGY) has announced a significant upgrade to the total mineral resource estimate (MRE) at its Rincon lithium project in Salta Province, Argentina.
The upgraded MRE comprises 686,875 tonnes of lithium carbonate with a weighted mean average lithium concentration of 329mg/L. This marks a substantial 180 per cent increase from the previous MRE.
This includes an indicated MRE of 606,313 tonnes of lithium carbonate with a weighted mean average lithium concentration of 326mg/L and an inferred MRE of 80,562 tonnes of lithium carbonate with a weighted mean average lithium concentration of 351mg/L.
The company reported that the MRE increase would form the basis for increased lithium production for commercial targets over the long-term life of the mine.
AGY is utilising dynamic modelling works to develop an increased production forecast and optimise its brine bore field design.
“With 88 per cent of the Total MRE in the Indicated category, the updated resource will support our future increased production targets and long-term mine life estimates, following the completion of current dynamic modelling works,” AGY Managing Director Jerko Zuvela said.
“The significant MRE upgrade further validates Argosy’s ambitions and the near-term growth phase to fully develop the Rincon lithium project.”
The resource remains open at depth and extends 102.5 metres deep in the northern area of the project, 350 metres deep in the central area, and 210 metres within the southernmost tenement.
Argosy is using recently completed ancillary studies, including deep aquifer pumping tests conducted during its last exploration program, as a strategy for dynamic modelling.
Shares last traded at 12.5 cents.
