Join our daily newsletter At The Bell to receive exclusive market insights
- Leo Lithium (LLL) sees “substantial” increase to the mineral resource estimate (MRE) at its Goulamina lithium project in Mali
- Total tonnage for the project increased by 48.2 per cent to 211 million tonnes at 1.37 per cent lithium oxide
- Goulamina is now the fifth largest spodumene deposit in the world
- The company plans to establish a new ore reserve estimate for the site which is expected to be complete in August
- Shares is up 4.42 per cent, trading at $1.12 at 4:10 pm AEST
Leo Lithium’s (LLL) shares have risen on a “substantial” increase to the mineral resource estimate (MRE) at its Goulamina lithium project in Mali.
The total tonnage for the project increased by 48.2 per cent from 142.3 million tonnes (Mt) at 1.38 per cent lithium oxide to 211 Mt at 1.37 per cent lithium oxide.
This makes the Goulamina project the fifth largest spodumene deposit in the world.
The MRE was conducted by independant resource consultancy company, CSA Global.
Resources at the site were reported within a US$1500 optimised pit shell, which were contained below the top of fresh rock surface.
This update comes just weeks after Leo Lithium secured a $106.1 million strategic placement and cooperation agreement with Chinese lithium producer Ganfeng to develop the Goulamina project.
Leo Lithium Managing Director Simon Hay said there is potential for “additional growth” on the site as it continues to be explored.
With this updated MRE, the company plans to establish a new ore reserve estimate for the site which is expected to be complete in August.
LLL was up 4.42 per cent, trading at $1.12 at 4:10 pm AEST.
