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Drilling Confirms Significant New Discovery at Colina West
Intersection of 18.75m Thick Spodumene Pegmatite
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to provide the following update on resource definition drilling and other studies currently ongoing at the Company’s 100% owned high-grade Colina Prospect (“Colina”) (Appendix 1 and Figure 1).
HIGHLIGHTS OF RESOURCE DEFINITION DRILLING
- Recently completed drilling in hole SADD033 has confirmed the prospectivity of the area approximately 500m to the west of the Colina Prospect, with the intersection of a swarm of spodumene bearing pegmatites including one of 18.75m thickness (assay results pending).
- Regional mapping has also highlighted a third outcropping pegmatite system further to the west, and the potential convergence of the Colina and Colina West pegmatite systems.
- Latest assay results from the Colina resource definition drilling continue to return strong results including:
SADD021: 20.40m @ 0.97% Li2O from 120.60m
Inc: 10.00m @ 1.20% Li2O from 120.60m
5.81m @ 1.53% Li2O from 188.93m
SADD022: 20.09m @ 1.35% Li2O from 71.00m
Inc: 2.00m @ 2.17% Li2O from 73.00m
and: 2.00 @ 2.32% Li2O from 80.00m
The Salinas exploration team has reported a new lithium spodumene discovery with the recently completed hole of SADD033 approximately 500 metres west of the Colina Prospect. The drilling has discovered an intersection of a new swarm of spodumene bearing pegmatites including one of 18.75m in thickness. This discovery at Colina West has significant scale implications for the Salinas Lithium Project, if drilling confirms the presence of additional parallel mineralised pegmatite systems in close vicinity to the main Colina Prospect.
In addition to this significant discovery at Colina West, the Company’s regional mapping campaign has highlighted a third outcropping pegmatite system one kilometre further out to the west of the new Colina West discovery hole, as well as a potential convergence of several pegmatites, including the main Colina and new Colina West systems. The Company will look to systematically drill test both of these additional high priority target areas in due course.
Latin Resources’ Exploration Manager, Tony Greenaway, commented:
“The intersection of these significant spodumene pegmatites in drill hole SADD033, is an impressive new discovery for the Salinas exploration team. This hole is testing an area approximately 500m to the west of Colina, well outside of our current resource definition drilling focus. We knew there were additional parallel pegmatite systems out to the west, getting these spodumene intersections confirms the very high prospectivity of the wider project area.
“While we will continue to focus on the resource definition drilling for Colina to ensure that we deliver our maiden JORC Resource as planned, we are preparing additional drill site at Colina West for drill testing in due course.
“This spodumene pegmatite discovery at Colina West may have the potential to deliver additional shallow resource tonnes for the project with further drill testing.”
Click here for the full ASX Release
This article includes content from Latin Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Galan’s HMW Project Phase 1 & 2 Unaffected by Provincial Court Ruling
Galan Lithium Limited (ASX:GLN) (Galan or the Company) wishes to provide a response to speculation about any impact of the recent court ruling at its 100% owned Hombre Muerto West (HMW) lithium brine project, with lithium chloride production expected in H1 2025. Galan continues its steady progress in advancing its low cost, high grade HMW project to production in a timely manner.
- A recent court ruling by the Court of Justice in the Province of Catamarca has temporarily halted the issuance of new environmental permits and authorizations for the Los Patos River area until the provincial government completes an environmental impact assessment that takes into consideration the cumulative impact of all projects in the area.
- The resolution relates to the use of fresh water in the south-east part of the Hombre Muerto Salar, where the Los Patos River runs. The ruling has no impact on Galan’s existing and granted Phase 1 HMW permits and Environmental Impact Assessments (EIAs). Phase 1 construction continues.
- The resolution is also not expected to have any impact on Galan’s HMW Phase 2 development plans or permitting process, as Galan is not planning to source water from the Los Patos River. Galan is confident that the Phase 2 permitting application process remains on track with continued strong support from both local communities and government.
- Galan’s proposed HMW production process to produce a high grade lithium chloride concentrate (6% Li or 32% LCE) uses very little fresh water and considerably less water than the subsequent conversion to lithium carbonate or hydroxide, underpinning the low environmental impact of Galan’s chloride strategy. Furthermore, water for the HMW Project is to be sourced directly from in situ dedicated non-potable water wells.
As previously announced, the HMW project was separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate by H1 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The very positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, stated:
“We wish to confirm that a recent ruling by the Court of Justice in the Province of Catamarca, Argentina will have no impact on Galan's Phase 1 project and no expected impact on our Phase 2 development plans at Hombre Muerto West. We are not located in the area under dispute and there is no river running close by to Hombre Muerto West, that could be affected by similar rulings in the future. We are confident that this is a localised issue which may potentially impact some other projects operating on the Hombre Muerto Salar but has no impact on Galan.”
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Avenira Completes Placement
Avenira Limited (ASX: AEV) (“Avenira” or “the Company”) advises that it has completed a placement of approximately 137 million new fully paid ordinary shares at an issue price of A$0.008 per share, raising approximately A$1 million (before costs) (“Placement”).
Placement Details
137,125,000 fully paid ordinary shares will be issued under the Company’s existing Listing Rule 7.1A placement capacity at an issue price of A$0.008 per share to raise approximately A$1million, before costs.
Proceeds from the Placement will be used to replace working capital that was utilised to repay the outstanding secured convertible loan of A$3.7 million (including capitalised interest) from Au Xingao Investment Pty Limited that matured on 8 March 2024. Avenira is currently in discussions with several parties in relation to new note funding.
Commenting on the Placement, Avenira Chairman and Chief Executive Officer, Brett Clark stated:
“We are pleased that we have completed this small placement, with funds to be used for our ongoing working capital requirements. We are looking forward to providing shareholders with further progress on our projects in the coming weeks.”
Petra Capital Pty Ltd acted as Sole Lead Manager and Bookrunner to the Placement.
An indicative timetable for the Placement is set out below. The timetable remains subject to change at the Company’s discretion, subject to compliance with applicable laws and listing rules.
Indicative Timetable
This timetable is indicative only and the Company may, at its discretion, vary any of the above dates, subject to the ASX Listing Rules and the Corporations Act 2001 (Cth) and other applicable laws.
This announcement was authorised for release by the Chairman.
Click here for the full ASX Release
This article includes content from Avenira Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Jindalee Lithium
Overview
Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based exploration and development company advancing North America’s largest lithium deposit. After a spinout of its Australian assets, Jindalee has become a pure-play lithium company focused exclusively on its promising 100-percent-owned McDermitt project. Jindalee recognises the vast opportunity for lithium projects in the US as the country progresses towards its sustainable energy transition and developing a robust domestic supply chain for critical minerals.
As the US strives to transition to clean energy, demand for lithium will continue to increase as this critical mineral is necessary to achieve the country’s net-zero goals. With its favorable mining policies and infrastructure, the US actively supports the advancement of new projects to strengthen its domestic supply chain.Jindalee’s McDermitt asset, located in southeast Oregon, contains a unique type of lithium mineralisation. Most lithium projects in North America are lithium brine or pegmatite deposits; however, the McDermitt project is an unconventional sediment-hosted lithium asset.
Sediment-hosted lithium deposits such as McDermitt are long-life assets with low strip ratios and low mining costs. Jindalee can leverage this advantage over other lithium assets, both in terms of reaching production faster and reducing operating expenses.
There is currently no commercially operating sediment-hosted lithium project in North America. Two recently announced projects, however, are under development and demonstrate McDermitt’s future trajectory as both companies move toward production.
The 2023 mineral resources estimate (MRE) for McDermitt contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 million tons (Mt) lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the US by contained lithium in mineral resource, and a globally significant resource, with the deposit remaining open to the west and south.
In June 2023, Jindalee commenced a pre-feasibility study (PFS) on the McDermitt Lithium Project appointing Fluor Corporation as lead engineer. The company expects completion of the PFS by mid-2024. Jindalee also announced initial metallurgical results from acid leaching of the beneficiated samples of McDermitt ore. Lithium extraction from composite samples averaged 93 percent (250 micron (µm)) and 94 percent (75 µm) while lithium extraction from all units exceeded 98 percent with higher acid additions.
An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalise on the potential of its assets.
Company Highlights
- Jindalee Lithium is a pure-play lithium exploration and development company focusing on its flagship McDermitt lithium project, currently the largest lithium deposit in North America.
- The United States has ambitious electrification goals but lacks the critical minerals to reach them. Jindalee aims to strengthen the North American supply chain to enable the country to reach net-zero emissions targets.
- Globally, most of the lithium is currently sourced from either pegmatite or lithium brine deposits. The company’s McDermitt deposit, however, is sediment-hosted, an emerging style of lithium deposit with the potential to be a long-life, low-cost source of lithium.
- There are presently no sediment-hosted lithium assets in North America that have reached production. Jindalee is ideally positioned to help fill this void in the market.
- Other companies in North America are moving towards production, and their progress indicates Jindalee’s future trajectory.
- An experienced management team leads Jindalee towards capitalising on the potential of its assets.
Key Project
McDermitt Lithium Project
The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera. Following positive results from its 2022 drill campaign, the resource at McDermitt has increased to 21.5 Mt LCE, making McDermitt the largest lithium deposit in North America.
Project Highlights:
- Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
- Resource Increased by 62 percent early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium. The updated resource released by the company contains a combined indicated and inferred total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
- Memorandum of Understanding (MOU) with POSCO Holdings: Jindalee entered into an MOU with POSCO Holdings (NYSE:PKX), under which POSCO will fund metallurgical testwork on McDermitt ore and undertake joint research for the asset. POSCO is partnering with General Motors to supply cathode active material (including lithium) for its electric vehicles.
- Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
- Highly encouraging metallurgical testwork: Results from beneficiation and acid leaching tests have exceeded expectations. Beneficiation testwork completed in late 2023 (on sample representing a nominal life-of-mine average feed) recovered 92 percent of the lithium to leach feed and rejected 25.3 percent of the mass at a cut size of 250 µm. Additionally the acid leach test work announced in early 2024 demonstrated very high lithium extraction rates on beneficiated ore. Specifically, the calculated lithium extraction for a composite sample using 250 µm leach feed was 92.9 percent which compares favourably with the extraction rate (94 percent) achieved through testwork from the finer (75 µm) leach feed using 500 kg/t acid. Further testwork is now underway.
- PFS in progress: Jindalee has appointed Fluor Corporation to commence the PFS for McDermitt, set to be completed by mid-2024.
Management Team
Ian Rodger - Chief Executive Officer
Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Lindsay Dudfield - Executive Director
Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).
Wayne Zekulich - Non-executive Chair
Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro Limited (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.
Darren Wates - Non-executive Director
Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT) since 2016, having previously been employed as legal counsel of Neometals. Wates holds Bachelor's degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.
Paul Brown - Non-executive Director
Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Hastings Technology Metals (ASX:HAS). He holds a Master in Mine Engineering.
Brett Marsh - VP Geology and Development (US)
Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.
Carly Terzanidis - Company Secretary
Carly Terzanidis has 20 years of prior experience in the financial services industry, having been employed by Euroz Hartleys, DJ Carmichael and Shaw and Partners. Terzanidis’ recent experience has been in corporate services and in the role of company secretary for resources-focused entities. Terzanidis acts as company secretary for Alchemy Resources (ASX:ALY), Kalamazoo Resources (ASX:KZR) and Viridis Mining and Minerals (ASX:VMM). Terzanidis holds a Bachelor of Commerce with majors in Accounting and Corporate Administration and a Graduate Diploma in Applied Corporate Governance.
Coniagas Battery Metals: World-class critical minerals project in Quebec for the energy transition
Coniagas Battery Metals is advancing its Graal nickel-copper-cobalt project in Quebec towards production, potentially becoming the next new nickel mine in the Canadian province. With nearly 16,000 meters of diamond drilling (in addition to the 6,885 meters of historic drilling) completed at the project, Coniagas plans to undertake an aggressive drilling program to expand the deposit area and deliver a maiden NI 43-101 resource report.
The Graal project is in line with the Canadian government’s Critical Minerals Strategy that aims to create domestic supply sources of critical minerals in the country. Currently, the supply of these critical minerals is dominated by countries such as China, Russia, Indonesia, Peru, Chile and Congo. Graal is in a much safer jurisdiction and is ideally positioned to become a reliable supplier of clean energy metals.
The company is also planning to build a processing facility in Quebec leveraging its proprietary Re-2Ox process, a closed-loop hydrometallurgical process that extracts metals without any discharge or smelting, thereby exceeding environmental compliance standards. The processing facility will help Coniagas convert the mined minerals into battery-grade metals.
Company Highlights
- Coniagas Battery Metals is a Canadian company focused on developing critical minerals such as nickel, copper and cobalt.
- Coniagas Battery Metals was demerged from its parent, Nord Precious Metals Mining (formerly Canada Silver Cobalt Works), which announced the separation of its business in two – Nord Precious Metals (focused on silver-cobalt) and Coniagas Battery Metals (focused on copper-nickel-cobalt).
- Coniagas’ flagship project is the Graal nickel-copper-cobalt property in Quebec, Canada, with excellent infrastructure in terms of low-carbon hydroelectricity, road access and proximity to major battery manufacturing facilities in eastern North America.
- Coniagas intends to use a proprietary Re-2Ox processing technology, a closed-loop hydrometallurgical process that extracts metals without any discharge or smelting, thereby exceeding environmental compliance standards.
- $6 million has been spent so far on the project with historic drillings that produced extremely encouraging results, with geologists excited that it has the potential to be a large mine. The company will focus on exploration drilling in 2024 to expand the mineralized deposit zone and deliver a maiden resource report.
- Critical minerals are in high demand, driven by their application in electric vehicles. Coniagas intends to develop into a supplier to the electric vehicle (EV) market.
- The Graal project fits perfectly into the Canadian government’s Critical Minerals Strategy that plans to create domestic supply sources of critical minerals in the country.
This Coniagas Battery Metals profile is part of a paid investor education campaign.
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CEO Transition Plan
Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) today announced a transition plan that will see CEO, Richard Taylor, step down from the role on 31 May 2024 after the completion of the demerger implementation plan, commencement of lithium exploration and Richard’s desire to move into the next phase of his career.
An executive search has commenced for the next Managing Director & CEO of Premier1. The transition period announced today will facilitate that process and an orderly handover.
Commenting on the announcement, Nic Limb, Chair of Premier1, said:
“The Board, including Richard, felt it was time to commence the transition, now that Premier1 has a clear new strategy in place regarding its lithium tenements and joint-ventures. The announcement today reinforces our focus on these priorities.
Nic Limb said:
“Richard has steered the company through its formative years. His contribution and efforts are recognised by the Board and staff and we wish him well in his future endeavours.”
Click here for the full ASX Release
This article includes content from Premier1 Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Battery Recycler Li-Cycle Secures US$75 Million Investment from Glencore
In a move toward making battery production more sustainable, Swiss mining conglomerate Glencore (LSE:GLEN,OTC Pink:GLCNF) has announced a US$75 million investment in Li-Cycle Holdings (NYSE:LICY).
The investment underscores Glencore's commitment to promoting circularity within the battery materials space and further solidifies its partnership with Li-Cycle, a lithium-ion battery resource recovery company.
Glencore made an initial US$200 million investment in Li-Cycle in June 2022, designating the company as one of its preferred recycling partners and laying the foundation for a long-term partnership.
This week's agreement amends the convertible note that Glencore purchased from Li-Cycle at that time.
Under the new deal, Glencore will purchase a senior secured convertible note from Li-Cycle with an aggregate principal amount of US$75 million. It is structured to mature on the fifth anniversary of the closing date, and is convertible into common shares of Li-Cycle at an initial conversion price of US$0.53 per share.
The liquidity injection from Glencore comes after Li-Cycle paused construction of its Rochester Hub project in October 2023. Due to rising costs, the company decided to take a step back to re-evaluate its approach. While the initial budget was set at US$560 million, Li-Cycle said in November 2023 that costs could range from US$850 million to US$1 billion.
Li-Cycle also said at the time that it is actively engaged in working with the US Department of Energy (DOE) to satisfy the conditions for closing a loan for gross proceeds of up to US$375 million.
In Tuesday's (March 12) announcement, Li-Cycle CEO Ajay Kochhar said Glencore's investment will support the company’s ongoing review of Rochester, and confirmed that it continues to communicate with the DOE.
“We are pleased to secure an additional $75 million investment from Glencore, following Glencore’s June 2022 investment, to improve our liquidity position while we continue our ongoing comprehensive review process," he said.
Li-Cycle's share price surged following the news, rising as high as US$0.85 on Thursday (March 14).
Battery recycling plays a pivotal role in mitigating environmental impact and reducing reliance on primary resource extraction. As demand for electric vehicle batteries continues to surge, recycling initiatives are becoming increasingly crucial in minimizing waste and conserving valuable resources.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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