REG - Bradda Head Lithium - Basin East MRE Uploaded to SEDARplus

Bradda Head LithiumAnnouncement

14/08/2024 07:00

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RNS Number : 4025A  Bradda Head Lithium Ltd  14 August 2024

14 August 2024

 

Bradda Head Lithium Ltd

("Bradda Head", "BHL" or the "Company")

 

Basin East Mineral Resource Estimate Uploaded to SEDARplus

 

Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI), the North America-focused
lithium development group, announces that, further to its press release of 1
July 2024, it has, on 14 August 2024, filed the complete Technical Report by
ABH ("Report") on SEDARplus for the updated Mineral Resource Estimate ("MRE")
at the Company's Basin Project ("Basin") asset in Arizona. The MRE in the
Report is materially unchanged from that announced on 1 July 2024.

 

The Report is available to be downloaded from Bradda Head's profile on
SEDARplus at www.sedarplus.ca/landingpage/. A copy of the Report is also
available on the Company's website, www.braddaheadltd.com
(http://www.braddaheadltd.com) .

 

The Basin East MRE, reported by ABH Engineering Inc ("ABH") was updated in
July 2024 (see RNS dated 1 July 2024).

 

Highlights:

·    The total Mineral Resource comprises 20 million tonnes in the
Measured category at 929ppm Li consisting of 99kt LCE, 122 million tonnes in
the Indicated category at 860 ppm Li consisting of 560kt LCE and 499 million
tonnes in the Inferred category at 810 ppm Li, carrying 2,150 kt LCE (1% lower
than the July 1 Inferred category following adjustments in the model);

 

·    The resource contains 20 million tonnes of 929ppm lithium for 99Ktons
of LCE in the Measured category, the first ever in this category at Basin;

 

·    As per the Company's Royalty Agreement with the Lithium Royalty
Company ("LRC"), the updated MRE triggered the final royalty payment of US
$3.0 million, which BHL has since requested and received from LRC;

 

·    The results of the 2024 drilling programme demonstrate extensive
lateral continuity from Basin East through to Basin North, identifying
impressive consistency in the stratigraphic continuity of the Upper Clay and
grade profile over a 3.0 x 2.0 km area that remains open to the north, east,
and west;

 

·    It's important to note that the Upper Clay Unit includes a
continuous High-Grade layer which has an average grade of some 1,190 ppm
Li, and is on average 15m thick and crops-out in Basin East potentially
forming part of a phased mining processing operation that would clearly
enhance early stages of mining and overall project economics;

 

·    Five out of the eight drill holes encountered lithium mineralized
"Lower Clay" which makes a significant contribution to the overall resource,
particularly as the Company is able to connect the Lower Clay mineral resource
from Basin East to the northern edge of Basin North, a distance of 3.0km;

 

·    The average in-situ grade of the Inferred Basin East Mineral Resource
has decreased slightly from 900 to 822 ppm Li, a 9% decrease;

 

·    ABH applied a new cut-off grade of 550ppm Li to report the Mineral
Resources and demonstrate reasonable prospects of eventual economic extraction
("RPEEE"). This is the same cut-off grade previously used by SRK Consulting
(550 ppm; effective 28th September 2023);

 

·    Following the 2024 drill program and new geologic mapping, the
Company's understanding of the Basin project has increased significantly,
resulting in renewed encouragement of extensive exploration opportunities for
growth over the remainder of Basin North and all of Basin West where the
Company continue working on permits.

 

Qualified Person (ABH)

The Mineral Resource statement has been authored by Mr. Damir Cukor,
Qualified Person who works for ABH Engineering Inc, an independent mining
consultancy. Mr. Cukor has over 28 years' experience as a professional
geologist (P.G.) and 20 years as a Qualified Person (QP), undertaking and
reviewing Mineral Resource Estimates and has worked on lithium clay estimates
for over 5 years. Mr. Cukor consents to the inclusion of the technical
information in this release and context in which it appears.

 

Qualified Person (BHL)

Joey Wilkins, B.Sc., P.Geo., is Head of North America at BHL and the
Qualified Person who reviewed and approved the technical disclosures in this
news release. Mr. Wilkins is a graduate of the University of Arizona with
a B.Sc. in Geology with more than 37 years of experience in mineral
exploration and is a qualified person under the AIM Rules and a Qualified
Person as defined under NI-43-101. Mr. Wilkins consents to the inclusion of
the technical information in this release and context in which it appears.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

ENDS

 

 

Contact:

 

 Bradda Head Lithium Limited        +44 (0) 1624 639 396
 Ian Stalker, Executive Chairman

 Denham Eke, Finance Director

 Beaumont Cornish (Nomad)           +44 20 7628 3396

 James Biddle / Roland Cornish

 Panmure Liberum (Joint Broker)     +44 20 7886 2500
 Kieron Hodgson / Rauf Munir

 Shard Capital (Joint Broker)       +44 207 186 9927
 Damon Heath / Isabella Pierre

 Red Cloud (North American Broker)  +1 416 803 3562
 Joe Fars

 Tavistock (PR)                     + 44 20 7920 3150
 Nick Elwes / Josephine Clerkin     braddahead@tavistock.co.uk

 

 

 

About Bradda Head Lithium Ltd.

Bradda Head Lithium Ltd. is a North America-focused lithium development
group. The Company currently has interests in a variety of projects, the most
advanced of which are in Central and Western Arizona: The Basin
Project (Basin East, Basin North, and Basin West targets) and the Wikieup
Project. The Basin East Project has a Measured Mineral Resource of 20 million
tonnes consisting of 929ppm lithium for 99kt LCE, an Indicated Mineral
Resource of 122 million tonnes at an average grade of 860 ppm lithium for
560 kt LCE and an Inferred Mineral Resource of 506 million tonnes at an
average grade of 808 ppm lithium for a total of 2,175 kt LCE. The Group
intends to continue to develop its three phase one projects in Arizona,
whilst endeavouring to unlock value at its other prospective pegmatite and
brine assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head's
licences are held on a 100% equity basis and are in close proximity to the
required infrastructure. Bradda Head is quoted on the AIM of the London
Stock Exchange with the ticker of BHL, and on the TSX Venture Exchange with
a ticker of BHLI.

 

Technical Glossary

 

 kt                          Thousand tonnes
 ppm                         Parts per million
 Exploration Target          An estimate of the exploration potential of a mineral deposit in a defined

                           geological setting where the statement or estimate, quoted as a range of
                             tonnes and a range of grade (or quality), relates to mineralisation for which
                             there has been insufficient exploration to estimate a Mineral Resource.

 Inferred Mineral Resource   That part of a Mineral Resource for which quantity and grade (or quality) are

                           estimated on the basis of limited geological evidence and sampling. Geological
                             evidence is sufficient to imply but not verify geological grade (or quality)
                             continuity. It is based on exploration, sampling and testing information
                             gathered through appropriate techniques from locations such as outcrops,
                             trenches, pits, workings and drill holes.  An Inferred Mineral Resource has a
                             lower level of confidence than that applying to an Indicated Mineral Resource
                             and must not be converted to an Ore Reserve.  It is reasonably expected that
                             the majority of Inferred Mineral Resources could be upgraded to Indicated
                             Mineral Resources with continued exploration.
 Indicated Mineral Resource  That part of a Mineral Resource for which quantity, grade (or quality),

                           densities, shape and physical characteristics are estimated with sufficient
                             confidence to allow the application of Modifying Factors in sufficient detail
                             to support mine planning and evaluation of the economic viability of the
                             deposit.  Geological evidence is derived from adequately detailed and
                             reliable exploration, sampling and testing gathered through appropriate
                             techniques from locations such as outcrops, trenches, pits, workings and drill
                             holes, and is sufficient to assume geological and grade (or quality)
                             continuity between points of observation where data and samples are gathered.
 Measured Mineral Resource   That part of a Mineral Resource for which mineralization or other natural
                             material of economic interest may be classified as a Measured Mineral Resource
                             by the Qualified Person when the nature, quality, quantity and distribution of
                             data are such that the tonnage and grade or quality of the mineralization can
                             be estimated to within close limits and that variation from the estimate would
                             not significantly affect potential economic viability of the deposit. This
                             category requires a high level of confidence in, and understanding of, the
                             geology and controls of the mineral deposit.

 

 

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This News Release
includes certain "forward-looking statements" which are not comprised of
historical facts. Forward-looking statements include estimates and statements
that describe the Company's future plans, objectives or goals, including words
to the effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by such terms as
"believes", "anticipates", "intends to", "expects", "estimates", "may",
"could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management's
expectations. Risks, uncertainties, and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects, and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward looking information in
this news release includes, but is not limited to, following: The Company's
objectives, goals, or future plans. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not
limited to: failure to identify mineral resources; failure to convert
estimated mineral resources to reserves; delays in obtaining or failures to
obtain required regulatory, governmental, environmental or other project
approvals; political risks; future operating and capital costs, timelines,
permit timelines, the market and future price of and demand for lithium, and
the ongoing ability to work cooperatively with stakeholders, including the
local levels of government; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets, inflation,
changes in exchange rates, fluctuations in commodity prices; delays in the
development of projects, capital and operating costs varying significantly
from estimates; an inability to predict and counteract the effects of COVID-19
on the business of the Company, including but not limited to the effects of
COVID-19 on the price of commodities, capital market conditions, restriction
on labour and international travel and supply chains; and the other risks
involved in the mineral exploration and development industry, and those risks
set out in the Company's public documents filed on SEDARplus. Although the
Company believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than
as required by law.

Nominated Adviser

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

 

 

 

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