Lithium Power International (ASX:LPI) ups resources by 90pc

• Lithium Power International (LPI) says it has nearly doubled the the initial resource of its jointly owned Maricunga Stage One project in Chile since 2019
• LPI reported an updated measured and indicated resource for the project, which stands at at 1,905,000 tonnes of lithium carbonate equivalent
• The company says this marks a 90 per cent increase on its definitive feasibility study completed in 2019
• Lithium Power International shares are up 5.36 per cent to trade at 29.5 cents at 12:13 pm AEST

Lithium Power International (LPI) has announced that it has nearly doubled the the initial resource of its jointly owned Maricunga Stage One project in Chile since 2019.

The company reported an Updated Measured and Indicated resource for the project, which it said confirmed a 90 per cent increase compared with its 2019 Definitive Feasibility Study.

The Stage One project is held via LPI’s joint venture company Minera Salar Blanco and comprises a total combined area of 1,125 hectares.

LPI’s measured and indicated resource for the project stands at 1,905,000 tonnes of lithium carbonate equivalent at an average grade of 953 mg/l lithium compared to its initial resource of 1,020,000 tonnes.

The company said its Maricunga resource remained open at depth and includes a new exploration target tipped for further resource expansion between 400 metres to 550 metres in the Stage One concessions.

Lithium Power International Chief Executive Officer Mr Cristobal Garcia-Huidobro said he was very pleased with the results.

“Technical activities continue towards the completion of an updated Definitive Feasibility Study in Q4 2021,” Mr Garcia-Huidobro said.

“The financing for Stage One is now a priority, with preliminary indications of
interest received from international financial institutions and private funds for debt and equity financing of the project.”

Lithium Power International shares were up 5.36 per cent to trade at 29.5 cents at 12:13 pm AEST.