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RESULTS INCLUDE 11m @ 1.42 LI2O, 9m @ 1.09 LI2O AND 7m @ 1.82% LI2O
Growing multi-asset West Australian lithium company, Global Lithium Resources Limited (ASX: GL1, Global Lithium or the Company) is pleased to report continued encouraging lithium assay results from its Q1/Q2 CY2022 Exploration Program at the Company’s wholly owned MBLP, located 150km southeast of Port Hedland in the Pilbara region of Western Australia.
- Significant intervals of lithium mineralisation continue to be intersected from the ongoing drilling at the Marble Bar Lithium Project (MBLP) in the Pilbara Region of Western Australia.
- Results include:
- 11m @ 1.42% Li2O and 62ppm Ta2O5 from 25m in MBRC0258
- 12m @ 0.88% Li2O and 44ppm Ta2O5 from 82m in MBRC0269
- 9m @ 1.09% Li2O and 61ppm Ta2O5 from 44m in MBRC0270
- 10m @ 0.81% Li2O and 80ppm Ta2O5 from 40m in MBRC0271
- 7m @ 1.00% Li2O and 71ppm Ta2O5 from 24m in MBRC0300
- 7m @ 1.82% Li2O and 66ppm Ta2O5 from 20m in MBRC0310
- Wide intervals from the drilling continue to demonstrate the robustness of the MBLP and enhance the opportunities for increasing the resource base in proximity to the current Archer deposit and along strike further to the south and east • Ongoing drilling will target these lithium mineralised pegmatites to establish their prospectivity both along strike and down dip.
- Mapping and soils work has delineated three distinct target areas for further exploration (refer to Figure 1).
- Additional outcropping lithium targets remain untested by drilling and these areas will form part of the ongoing focus for the CY2022 drilling program.
Global Lithium Head of Geology, Stuart Peterson commented,
“Commencing in February 2022, our 60,000m exploration drilling program has continued to build momentum at the MBLP, with lithium intercepts continuing along the >6km strike of the mineralisation already identified within the project area. The results highlight the prospectivity of the area, particularly as the drilling moves to the southern and eastern areas of GL1’s tenement package.”
“The drilling program supports the targeting effort by the Global Lithium and CSA Global geology teams and provides a strong platform for future growth.”
“Our immediate exploration focus, to add shareholder value across our two assets, remains clearly defined. Firstly, deliver the ongoing CY2022 program at MBLP, including the highly prospective targets that remain untested and secondly, safely execute a 20,000m drilling and exploration campaign at the Manna Lithium Project in the Goldfields region. To our knowledge, we are the only lithium company to be drilling at two independent lithium project sites in the globally recognised, tier 1 lithium mining jurisdiction of Western Australia.”
The majority of MBLP drilling has been designed and targeted to test geochemical trends and mapped pegmatite targets, particularly along the greenstone belt and also several granite hosted pegmatite targets that are located between the Archer deposit and the area to the east near the major regional structural feature of the Brockman Zone.
The drilling intersection highlights reported above have been recorded from drilling to the south and to the east of the Archer pegmatite resource. The drill target locations with prospective mineralised zones are detailed in Figure 1. The target zones extend over distances from 500m to 1.2km with a majority of the drilling being undertaken on a nominal grid pattern with a line spacing of 160m and a hole spacing of 80m.
Figure 1 - Pegmatite Exploration Target Areas
This article includes content from Global Lithium 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.
A mining asset’s jurisdiction is often more critical than the deposit itself. A mining-friendly and politically stable jurisdiction allows mining companies to develop assets to their full potential without interruption or shifting regulations. Conversely, assets in riskier jurisdictions face several risks: becoming nationalized, significantly increased royalties, or political upheaval.
The Fraser Institute, a globally recognized research organization, recently released its annual report on top mining jurisdictions in the world. Western Australia earned the top spot for mining investments due to geologic attractiveness and government policies. The Australian state produces roughly 37 percent of the world’s iron, and its mining industry accounts for approximately half of all national gold experts. Mining companies with assets in Western Australia are in an excellent position to become world-class operations.
Breaker Resources (ASX:BRB) is an exploration and development mining company with a rapidly growing 1.7 million ounce gold resource within a newly discovered gold district in Western Australia, 100km east of Kalgoorlie, in the heart of Australia's gold mining. The company has been focusing on exploration and is now transitioning to developing its assets while continuing drilling to keep expanding the Resource. Breaker Resources has six years of de-risking under its belt by conducting thorough metallurgical tests and comprehensive exploration programs. The company has an experienced management team and significant investors moving its assets towards full development.
The company has accounted for many of the high-risk elements involved with taking an asset from exploration to development. During an interview with INN, Managing Director of Breaker Resources Tom Sanders notes, "The discovery journey takes about seven years, from initial discovery to mine development. We're already six years into that. And all the work we've done indicates a large open project that will transition to underground mining."
Breaker’s flagship asset is the Lake Roe Gold Project, which holds an estimated 1.7 million ounces of gold. To date, the Company has identified a 9-kilometer-long gold system within 50 kilometers of prospective strike. Additionally, the company has a track record of consistent resource growth since 2018, generating one ounce of gold for every $40 spent after 315,00m of RC & diamond drilling.
One of Lake Roe’s key deposits, Bombora, is shaping up as a 3-kilometer-long single open pit operation that will transition to an underground mine. This deposit is the company’s focus for early development, and the ability to transition to underground operations, offering a longer mine life and the ability to blend higher grade ore with material coming from the open pit.
Breaker Resources has two additional projects that add substantial depth and optionality to the Company’s portfolio. The company has a 20 percent free-carried interest in the Manna Lithium Project, with Global Lithium Resources carrying all costs to completion of a positive bankable feasibility study (BFS). Breaker is also entitled to milestone payments of up to $20 million (ASX:GL1). A maiden Mineral Resource of 9.9Mt @ 1.14 percent Li2O was announced on 17 February 2022 and drilling is expected to continue growing the Resource. The Ularring Project located 100km east of Perth, and just 45km east of Chalice’s Julimar project has indications of a large gold-copper system and potential for a nickel-PGE discovery on an untested 20-30 kilometer long ultramafic/mafic belt, with soil anomalies and electromagnetic targets. Both of these projects offer significant exploration upside to Breaker as they develop Lake Roe.
An experienced team leads the company with diverse backgrounds. Peter Cook, non-executive chairman, is a trained geologist with over 35 years of experience in developing gold mines and corporate management. Tom Sanders, managing director, is a geologist with decades of experience in exploration, mining and management within the natural resources sector. Mark Edwards, non-executive director, has over 25 years of experience in resources and corporate law. Additional experienced managers round out the team and build confidence in their ability to lead Breaker Resources towards its ambitions.
- Breaker Resources is an exploration and development mining company with a 1.7Moz gold resource and a portfolio of quality assets in Western Australia, the world’s top mining jurisdiction for investment attractiveness.
- The company has been conducting exploration programs and metallurgical testing that has significantly de-risked its asset portfolio. As a result, the company believes it has addressed the significant high-risk elements involved in taking a project into production.
- Lake Roe Gold, the company’s flagship project, has a track record of consistent resource growth dating back to 2018. It also contains a 9-kilometer gold system within a 50-kilometer prospective strike.
- The company’s other projects have potential to add a lot of value, including the potential to fund a significant component of the capex for a gold development.
- A strong, proven management team with decades of experience leads the company towards its ambitious goals.
Lake Roe Gold Project
Breaker Resource’s 100 percent owned greenfields gold project covers 700 square kilometers and is estimated to contain 1.7 million ounces of gold. The project is located between two operational gold mines and is 100 kilometers east of Kalgoorlie. The company plans to expand the known 1.7 million ounce deposit to develop a large, open pit and underground gold mine.
- Promising Potential Growth: The project contains a 9-kilometer-long gold system still growing along strike and at depth as exploration continues. The primary Bombora gold deposit occurs in a 150-meter-wide zone and starts 5 meters from the surface.
- Interim Resource Estimate Reveals Additional Deposits: The company commissioned an interim resource estimate that expanded the known estimate by 40 percent.
- Open Pit and Underground Resources Still Growing: The open-pit resources are still growing and are currently 7.9 kilometers long and remain open at depth. Additionally, high-grade lodes have been discovered at scale, creating high-grade underground growth for long-term production.
Manna Lithium Project
Breaker’s Resources lithium project is located only 15 kilometers south of its Lake Roe Project. The lithium-bearing pegmatites were discovered while exploring the Lake Roe Project. Additional exploration confirmed the presence of multiple spodumene-rich pegmatites covering a 750-meter by 130-meter area. The project is being explored in partnership with Global Lithium Resources (ASX:GL1).
- Exploratory Drilling Returns Positive Results: Breaker Resources drilled five RC holes and four diamond holes throughout the property. Each hole returned several lithium intercepts with results up to 17 meters at 1.8 percent lithium.
- Assay Results Pending: A follow-up 2,000-meter program of RC drilling was completed in September 2021.
- Significant Deposits Discovered: The known lithium resources on the asset continue to grow and are currently estimated at 10 million tonnes and 1.14 percent lithium. A 20,000-meter RC drilling program has just been completed.
Ularring Gold Project
The Ularring Gold Project covers 228 square kilometers and is roughly 100 kilometers away from Perth. The asset has polymetallic deposits, including gold-copper and nickel-PGE. The project has received minimal historical exploration and presents another opportunity for significant growth. Breaker Resources is currently exploring the asset and has identified drill targets.
- Drill Targets Identified: The company has identified nickel-PGE drill targets in an undrilled 20-kilometer mafic-ultramafic belt. Drilling is scheduled for late Q2 2022.
- Encouraging Historical Results: Portions of the asset have received historical attention. Results include 61 meters at 0.81 g/t gold and 0.18 percent copper. However, these results were not significant enough to establish the size and potential of the deposit.
- Situated on the Long Shear Zone: The project contains a 7-kilometer-long trending shear zone with copper-gold soil anomalies. Known as the Centre Forest, a groundwater tungsten anomaly has also been discovered in the area.
Peter Cook - Non-Executive Chairman
Peter Cook is a Geologist (BSc (Applied Geology)) and a Mineral Economist (MSc (Min. Econ)), MAusIMM with over 35 years of experience in the field of exploration, project, operational and corporate management of mining companies. He is currently Non-Executive Chairman of Westgold Resources Limited (ASX: WGX) (“Westgold”), Non-Executive Chairman of Castile Resources Limited (ASX: CST) (“Castille”) and Non-Executive Chairman of Titan Minerals Limited (ASX: TTM). Over the past two decades, Cook has founded and served as Managing Director or Chairman on many Boards and successful miners and developers in gold and base metals. He has served and continues to serve as Chairman of Castile, Managing Director of Westgold and later as its Executive Chairman before recently stepping back from all executive roles. He also served as Non-Executive Chairman of Nelson Resources Limited (ASX: NES) until February 2019. Over his distinguished career, he has been recognised by industry being awarded the GMJ Mining Executive of the year in 2001, the Asia – Mining Executive of the year in 2015 awarded at the Mines and Money Conference in Hong Kong in 2015, the Mining News CEO of the Year award in 2017 and the Gavin Thomas Mining Award in 2019.
Tom Sanders - Managing Director
Tom Sanders is a geologist with over 35 years’ experience in the Australian mining industry. He has extensive experience in project generation, exploration, feasibility, mining and corporate management with a strong emphasis on gold and nickel in Western Australia. Sanders has published works on nickel and gold in WA, in addition to regional mineralisation studies on the eastern Kimberley region under contract to the Geological Survey of WA. Sanders has managed a large number of exploration projects, several of which he progressed into production during a 23 year period based in the Kalgoorlie region in WA. He has extensive production experience on several underground and open pit gold and nickel operations. Sanders was responsible for identifying Breaker’s initial projects and guiding the Company to a successful ASX listing in 2012. Sanders previously founded Navigator Resources Limited and steered that company from initial project acquisition to ASX-listing. He then managed the building of a two million ounce gold resource inventory through discovery and acquisition and identified the Cummins Range rare earth resource.
Mark Edwards - Non-Executive DirectorMark Edwards is a solicitor with over 25 years’ experience in resources and corporate law. Edwards has advised a range of ASX-listed companies active in the resources sector. He has advised on a range of resources projects in Australia and overseas, including significant nickel, gold and iron ore projects. His professional work has involved him in many facets of the resources industry ranging from ASX listings, exploration and mining joint ventures, project development agreements and project financing.
Mike Kitney - Non-Executive Director
Mike Kitney is a process engineer with over 40 years’ experience in the mining industry. He has participated in the development and construction of projects throughout Australia, Africa, south east Asia and the former Soviet Union. Kitney’s particular strengths are in production and mineral processing, all aspects of environmental management, project evaluation and assessment and leadership of interdisciplinary project teams. He brings to the Company vast project development expertise and practical experience in commissioning new projects. Kitney has previously held senior technical and project management positions with Alcoa Australia Limited, Minproc Engineers Limited, Property Company of London plc, British Phosphate Commissioners, Nelson Gold Corporation Limited and Avocet Mining plc. He is most recently the Chief Operating Officer of Kasbah Resources Limited and a technical consultant to Prospect Resources Limited.
Linton Putland - Non-Executive Director
Linton Putland holds degrees in mining engineering (Bachelor of Engineering, Western Australian School of Mines) and a masters in science (Mineral Economics, Western Australian School of Mines) and has over 30 years’ experience in mining operations, joint ventures and corporate management, in Australia, Africa and the Americas over a wide range of commodities. Putland is principal of LJ Putland & Associates, a private mining consultancy company which was founded in 2002, providing advisory and consultancy services in mining project and company evaluation and due diligence appraisals with a focus on corporate growth. During this period he has also been Managing Director of a privately owned exploration company, with joint venture interests in Africa. Prior to this he held corporate and senior management roles in IAMGOLD, AurionGold, Delta Gold and Pancontinental Mining. Putland is a Member of AusIMM and a Graduate Member of AICD.
Eric Vincent - Non-Executive Director
Eric Vincent is the President of Sarissa Capital, a healthcare-focused activist investment firm. Most recently, he served as the Head of Business Development at Mubadala Capital, the financial investment arm of the sovereign wealth firm Mubadala Investment Company. From 2012 through 2017, Vincent was Chief Executive Officer of Electrum Group. Vincent previously served as President of Ospraie Management, an investment firm focused on commodities and basic industries. From 2007 through October 2009, he served as Chairman of the Board of Directors of the Managed Funds Association, the leading trade association representing the US hedge fund industry. He began his career as an attorney at Cravath, Swaine & Moore and holds a Juris Doctor degree from Harvard Law School and a Bachelor of Arts degree from Williams College. Vincent was previously a member of the Global Markets Advisory Committee of the US Commodity Futures Trading Commission and a member of the Investor Advisory Group of the Public Company Accounting Oversight Board.
Sarah Sutcliffe - Corporate Affairs Manager & Company Secretary
Sarah Sutcliffe has over 10 years’ experience as a corporate governance and compliance professional, primarily in the technology and energy sectors. As well as extensive experience as a Company Secretary, Sarah has also been involved in numerous large company transactions including mergers and acquisitions, joint ventures and capital raisings. She holds a Certificate in Governance Practice and Business Administration and is a Member of the Governance Institute of Australia and Australian Institute of Company Directors.
Alastair Barker - Exploration Manager
Alastair Barker is a geologist with 20 years’ experience in the Australian mineral exploration and mining industry and has worked on a range of gold, platinum, uranium, manganese, nickel, copper and rare earth projects throughout Australia. He has operated successful geological contracting businesses in Kalgoorlie and more recently in the Northern Territory. He has extensive experience in all stages of regional and near-mine exploration project management, particularly in Western Australia, from conceptual targeting and ground acquisition to resource definition and open cut mining geology. He has held Senior Geologist and Project Leader roles with a variety of Australian companies including Thundelarra Exploration Ltd, Navigator Resources Ltd, Mining Projects Group, De Grey Mining Ltd, Croesus Mining NL and Hannans Reward Ltd. Barker has particular strengths in project management and evaluation in remote areas and broad exposure to a wide variety of geological settings and mineralisation styles in Australia. He played a key role at several discoveries including the Turner River Gold Belt and was a key team member at the Kalgoorlie operations of Croesus Mining NL and other mine developments including Mt Monger.