Join our daily newsletter At The Bell to receive exclusive market insights
Lithium Plus Minerals Ltd (ASX:LPM) has ticked off a suite of development activities at its 4.09 million-tonne Bynoe Lithium Project in the Northern Territory, including metallurgical testing, planning for its mine and crucial infrastructure, and discussions about offtake.
The project – located close to Darwin – is built around the Lei deposit, which carries a mineral resource estimate (MRE) of 4.09 million tonnes at 1.43% Li2O (lithium oxide), numbers which LPM believes put it among the top deposits for this commodity in Australia.
The company is considering the development of an underground mine at Lei, but also the possibility of a development pathway focused on direct shipping ore (DSO).
Recent planning activities have included completion of preliminary designs for mine and surface infrastructure, an initial assessment of the haulage route which included Traffic Impact Assessment (TIA) studies, and preliminary studies regarding water management.
LPM intends to run advanced stage modelling for water management alongside environmental impact assessments – both required under the Supplementary Environmental Report (SER) process.
Development activity also sought to boost and define the quality of the resource. This included a 51% uplift in head-grade (to 2.52% Li2O) at 57.8% mass yield for 87% lithia recovery – achieved through ore sorting trails – which allowed for the reduction of about 42% of low-grade material into a waste stream.
This work mainly sought to enhance the economics of the planned DSO operation.
LPM has also conducted metallurgical test work on the ore, achieving 85.3% recovery to a concentrate of 6.12% Li2O from DMS and fines and middlings flotation on a high-grade sample.
The company has progressed offtake opportunities, signing an MOU (memorandum of understanding) with Canmax which will provide exposure to processing margins for lithium hydroxide/carbonate, in addition to consideration of potentially non-dilutive development financing for the project.
Finally, it lodged a mineral lease application (MLA 33874) – stretching over 295 hectares, including the territory connected to Lei’s MRE; currently under assessment. LPM is encouraged by prospective zones of mineralisation close to the deposit, including a second pegmatite which is not counted.
LPM shares have been trading at 6.1 cents.
Join the discussion: See what HotCopper users are saying about Lithium Plus Minerals and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
