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- Upgraded total MRE increased to 790,000 tonnes of Li2CO3
- Indicated MRE of 600,000 tonnes Li2CO3
- Substantial increase to exploration target
- MRE upgrade works part of extensive hydrogeology scope to support current DFS activities
Argosy Minerals (ASX: AGY) has unveiled an upgrade to the total mineral resource estimate (MRE) and exploration target estimate for the Rincon lithium project in Argentina.
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The upgraded total MRE has increased to 790,000 tonnes of lithium carbonate with a lithium concentration of 348mg/L and contained in a brine volume of 0.428 cubic km3 which comprises;
- an Indicated MRE of 600,000 tonnes of Li2CO3 with a lithium concentration of 332mg/L); and
- an Inferred MRE of 190,000 tonnes of Li2CO3 with a lithium concentration of 411mg/L.
As part of the MRE upgrade, a JORC compliant exploration target was also prepared, increasing to an estimated 390,000 tonnes to 1,030,000 tonnes of Li2CO3, based on a lithium concentration range between 377mg/L and 425mg/L.
The upgraded exploration target is a significant increase on the previously stated exploration target 0 noting the upgraded resource and brine aquifer remain open at depth, providing excellent scope for resource expansion from deeper drilling.
The MRE upgrade works were conducted as part of the more extensive hydrogeology work scope – to deliver a detailed brine production wellfield design and JORC ore reserve, supporting the broader definitive feasibility study (DFS) works for the 12,000 tonnes per annum (tpa) Rincon lithium project.
“We are delighted to further increase the Total Mineral Resource Estimate at our Rincon lithium project to 790,000 tonnes of lithium carbonate,” MD, Jerko Zuvela, said.
“In addition, we are very excited about the substantial increase of the Exploration Target estimate, demonstrating the substantial upside potential that exists at our Rincon project to further increase the MRE.
“These works were conducted as part of our current DFS works, achieving another significant milestone and further validating Argosy’s ambitions and near-term growth phase to realise the development of our 12ktpa Rincon lithium project.”
A total of 4,459m of drilling has been completed and drill holes comprise mineral exploration, monitoring and production bores.
AGY was up 3.85% to 2.7¢. Mkt cap $42.29M.
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