- West African lithium miner Mali Lithium (MLL) has reported more strong results from its Goulamina project
- The results from the latest round of assays have revealed more high-grade lithium oxide intersections
- The company plans to use the assay results to update the Mineral Resource and Ore Reserve of the area and put together a definitive feasibility study
- Results from roughly 70 per cent of assays have now been received
- After today’s news, Mali Lithium is up a healthy 14 per cent and trading shares for just under six cents each
Small-cap lithium miner Mali Lithium (MLL) has reported more high-grade intercepts in the latest round of assay results from its Goulamina Lithium Project.
The company has been sharing the assay results from reverse circulation (RC) drilling at the West African project as it works to update the Mineral Resource and Ore Reserve of the area and put together a definitive feasibility study (DFS).
With roughly 70 per cent of assays having now been received, Mali Lithium said the quality of lithium oxide intercepts continues to improve with each new set of results.
Two of the best intercepts from today’s results include 72 metres at 1.66 per cent lithium oxide from 23 metres and 71 metres at 1.73 per cent lithium oxide from 126 metres.
Mali Lithium Managing Director Chris Evans said the company is planning to publish the updated Mineral Resource “shortly”, with the Ore Reserve and DFS to follow in May.
“Through this drilling program, we continue to improve our confidence in the ore body and encounter high-grade intersections particularly from the Sangar l and Sangar ll domains,” Chris said.
The company warned shareholders that the final assay results could be somewhat delayed given the unprecedented economic conditions around the globe due to the COVID-19 pandemic.
Nevertheless, Mali Lithium said it would be making every effort to get the updated resource, reserve, and DFS out as per schedule.
Moving forward, the company has begun some data validation and statistic analysis for a new Mineral Resource Estimate (MRE) for five key domains in the Goulamina project area.
This data will be used to inform the DFS.
After today’s news, Mali Lithium is up a healthy 14 per cent and trading shares for 5.7 cents each. The company has an $18.09 million market cap.