PERTH (miningweekly.com) – ASX-listed Leo Lithium has reported a 48% increase in the mineral resource estimate (MRE) at its Goulamina project, in Mali.
The resource now stands at 211-million tonnes grading 1.37% lithium oxide, with the measured and indicated mineral tonnage increasing by 26% to 102.3-million tonnes at a grade of 1.45% lithium oxide.
The resource upgrade elevated Goulamina to the fifth-largest global spodumene deposit.
“We are excited to report a very significant resource upgrade which confirms the outstanding scale, high-grade nature, and further growth potential of the Goulamina project,” said Leo Lithium MD Simon Hay.
“An increase at Goulamina of 68.6-million tonnes from a very moderate drilling campaign, is a fantastic outcome. Furthermore, there is scope for additional growth as the deposit remains open at depth and along strike, creating new drilling targets for the geology team. This significant upgrade also supports the possible extension of the 23-year mine life of the Goulamina project and the recent cooperation agreement with Ganfeng.
“A key aspect of the cooperation agreement is for Leo Lithium to conduct an engineering study into raising Goulamina Stage 2 capacity to 500 000 t/y, lifting overall Goulamina to one-million tonnes a year of spodumene concentrate.”
Hay said on Tuesday that results from the MRE upgrade would now flow into the planned ore reserve estimate upgrade, which was due in August this year.