5th resource increase at Savannah's Mina do Barroso in 15 months
The mineral resource at the Mina do Barroso lithium project, in northern Portugal, has been expanded by another 15% to 27-million tonnes at 1.06% lithium oxide (Li₂O) for 285 900 t of contained Li₂O.
This is the fifth major mineral resource increase in 15 months.
The continued resource expansion is confirming the project’s position as Western Europe’s most significant spodumene lithium mineral resource, explorer and developer Savannah Resources reported on Friday.
The company has also upgraded its exploration target for Mina do Barroso to between 11-million tonnes and 19-million tonnes at 1.0% to 1.2% Li₂O, giving a potential project mineral inventory range of 38-million tonnes to 47-million tonnes.
"With the project's development and commissioning targeted for next year, Mina do Barroso is moving closer to meeting its objective of becoming a key strategic supplier of lithium spodumene for the fast-growing European lithium-ion battery and electric vehicle industries - by the year 2025, European lithium-ion batteries are expected to represent a market worth €250-billion annually. Mina do Barroso has the potential to supply 40% of the forecast lithium demand from Europe's automotive industry in 2025, and this latest resource and exploration target upgrade supports this potential,” commented CEO David Archer.
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