Bradda Head Lithium Limited (AIM: BHL, OTCQB: BHLIF, TSX-V: BHLI) announced that a new mineral resource estimate for its Basin project in Arizona has initiated a US$2.5 million payment from Lithium Royalty Company (LRC).
The updated resource estimate indicates 17 million tonnes at 940 parts per million (ppm), carrying 85,000t LCE (lithium carbonate) and an additional 210 million tonnes in the inferred category at 900 ppm, amounting to 1 million tonnes of LCE.
Bradda Head disclosed that the 2023 drilling in the Basin has contributed an additional 729,000t to the LCE resource in the Inferred category.
Ian Stalker, the Chairman, commented, “The augmentation in LCE at Basin East Extension and into Basin North underscores the remarkable potential we have consistently perceived inherent in the Basin Project.”
He further noted, “The entirety of the drilled area at Basin East/Basin East Extension/Basin North currently encompasses only 2.5km2 of our 41km2 license area at Basin and Wikieup.”
Stalker expressed optimism for 2024, envisioning it as another promising year of resource growth for Bradda Head, potentially across both project areas – San Domingo Pegmatites and the Basin Clays.
He revealed plans for additional drilling at Basin North and Basin West, anticipating the Environmental Assessment (EA) from the BLM in the latter half of 2024.
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