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(Kitco News) – Leo Lithium (ASX: LLL) today reported a substantial upgrade to the mineral resource estimate (MRE) at its Goulamina lithium project in Mali.
The company said that the recently completed assessment of drilling results and the updated MRE for the Goulamina project has expanded the total resource tonnage by 48.2%, from 142.3 Mt at 1.38% Li2O to 211.0 Mt at 1.37% Li2O.
“Substantial increase in the Goulamina resource to 211 Mt at a grade of 1.37% Li2O highlights Goulamina’s status as a world class lithium pegmatite project and now the 5th largest global spodumene deposit. The result of this mineral resource update is the product of a highly successful drilling campaign,” the company noted in a press release.
Importantly, Leo Lithium said the updated MRE “sets the foundation” for a new ore reserve estimate for Goulamina, scheduled to be completed in August 2023, adding that these results are also “encouraging” ahead of first spodumene concentrate product in Q2 2024 and the early revenue opportunity from the targeted export of direct shipping ore in H2 2023.
Leo Lithium is developing the world-class Goulamina lithium project in Mali. Goulamina represents the next lithium project of significant scale to enter production. The hard rock lithium project will be the first of its kind in West Africa. Early stage development is underway and first production targeted for H1 2024.
The project is being developed in 50/50 partnership with Ganfeng, the world’s largest lithium chemical producer by production capacity, providing funding, offtake and operational support to de-risk development.
