• June 21, 2023

Goulamina Mineral Resource Experiences Major Upgrade, Surging by 48% to Reach 211 MT

Published on June 21st, 2023

Substantial increase in the Goulamina Resource to 211 Mt at a grade of 1.37% Li2O highlights Goulamina’s status as a world class lithium pegmatite project and now the 5th largest global spodumene deposit. The result of this Mineral Resource update is the product of a highly successful drilling campaign.

  • Total Goulamina Resource tonnage increased by 48.2% to 211.0 Mt grading 1.37% Li2O
  • The Measured and Indicated Mineral Resource categories increased in tonnage by 26% to 102.3 Mt at a grade of 1.45% Li2O
  • Scope for further exploration potential as large parts of the resource remain open along strike and at depth
  • Resource upgrade elevates Goulamina to the 5th largest global spodumene deposit
  • Updated Mineral Resource sets the foundation for a new Ore Reserve estimate for Goulamina, scheduled to be completed in August 2023
  • Encouraging results ahead of accelerated Direct Shipping Ore (DSO) revenue in Q4 2023, and first spodumene concentrate in H1 2024

Leo Lithium Limited (ASX: LLL) (Leo Lithium or the Company) is pleased to announce a substantial upgrade to the Mineral Resource Estimate (MRE) at its Goulamina Lithium Project (Goulamina or the Project).

A resource definition drilling campaign was undertaken in the second half of 2022 and continued into the first half of 2023. The recently completed assessment of drilling results and the updated

MRE for the Goulamina project has expanded the total Goulamina resource tonnage by 48.2%, from 142.3 Mt at 1.38% Li2O to 211.0 Mt at 1.37% Li2O (Table 1).

Leo Lithium Managing Director, Simon Hay, commented:

“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. An increase at Goulamina of 68.6 Mt 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 Leo Lithium Limited cooperation agreement is for Leo Lithium to conduct an engineering study into raising Goulamina Stage 2 capacity to 500 ktpa, lifting overall Goulamina to 1 mtpa of spodumene concentrate1.

Independent resource consultancy CSA Global (an ERM Group Company) was commissioned to update the MRE resulting in the classification of Measured, Indicated, and Inferred Mineral Resources. The reported resources in this MRE are constrained below the TOFR (Top of Fresh Rock) surface and reported within a US$1500 optimised pit shell. Mineralised pegmatite material
within the optimised pit shell is considered to have reasonable prospects for eventual economic extraction (RPEEE).

Read the full ASX Announcement 

SOURCE: Leo Lithium Limited
DATE: 20 June 2023

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