For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240417:nRSQ8758Ka&default-theme=true
RNS Number : 8758K Bradda Head Lithium Ltd 17 April 2024
17 April 2024
Bradda Head Lithium Ltd
("Bradda Head", "BHL" or the "Company")
Drilling Progress At Basin Lithium in Clay Project
Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI,), the North America-focused
lithium development group, is pleased to provide an update on work at its
Basin Project in Arizona. This current drilling program is focused on resource
expansion at the Basin North portion of the project. The target is a resource
expansion from 1.08 to a minimum of 2.5 million tons (MT) of lithium carbonate
equivalent (LCE). Achievement of this would generate a US$ 3.0 million royalty
payment from Lithium Royalty Company (LRC).
The first four holes have been logged, sampled, and shipped to the laboratory
while drilling of the fifth hole is in progress. Results on all four holes are
pending. A further 3 holes are planned.
Highlights:
· The Company has completed four widely spaced holes for a total of
4,330 feet (1,320m) from a planned program of 8,800 feet/2,680 meters (See RNS
12 March, 2024)
· The average Upper Clay thickness, based on visual inspection of the
drill core extracted, between the four holes is 85 meters, ranging from 73m to
103m (previous average thickness, excluding Basin East, is 80m)
· Hole 19 has encountered the thickest-ever Upper Clay sequence at 103
meters, potentially demarking the depositional center
· Holes 16 and 18 have encountered Upper Clay shallower than
anticipated, yet maintain good thicknesses, hole 17 was abandoned due to poor
drilling conditions at a shallow depth and has now been offset and currently
being redrilled as hole number 20.
· The four holes (BND24-15, 16, 18, & 19) have encountered between 7
and 37 meters of Lower Clay, a strong indication of continuity from Basin
East, located 2.0km to the southeast
· A 7(th) hole will be added to the south of Basin North, twinning last
year's sonic hole BES23-11 (See RNS 21 August, 2023), which cut 88.70m of
upper clay averaging 903ppm and 12.51m of high grade at 1,427ppm, but did not
penetrate the Lower Clay
· The programme is scheduled to complete in early May with an updated
43-101 Resource to follow once all assays have been received, for which Bradda
Head is targeting early June.
Ian Stalker, Executive Chair, commented:
"Drilling the Basin North clays has been an exciting and promising program.
Thus far; we're finding excellent clay thicknesses, as expected, and some clay
depths have been shallower than anticipated,which is an encouraging result
that supports the viability and potential of this project.
"We have successfully now completed nearly half of the planned program,
bringing Bradda Head increasingly closer to achieving the significant
milestone of our target of resource 2.5MT, and unlocking the next royalty
payment of US$3m from LRC.
"We look forward to providing further updates in due course."
Figure 1. Basin North drill hole distribution, currently on hole BND24-20.
Figure shows 2023 sonic holes in blue, Basin East drill holes on the lower
right-hand corner, property boundary in blue, gravity/air photo image base.
QAQC
Core samples were cut and sampled at the core shed under the supervision of
Joey Wilkins, the Company's COO. The drill core was cut in half and one-half
bagged, labelled, and tied-off. Samples were placed in a secure container
until the hole was complete then shipped direct to SGS Laboratories in
Burnaby, B.C., Canada where they prepped then analysed all samples using
4-acid digest with ICP-AES. Certified standards were inserted into the sample
stream to ensure quality control at the laboratory. Mr. Wilkins 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 Chief Operating Officer 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 38 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.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
For further information please visit the Company's
website: www.braddaheadltd.com (http://www.braddaheadltd.com/) .
ENDS
Contact:
Bradda Head Lithium Limited +44 (0) 1624 639 396
Ian Stalker, Executive Chairman
Denham Eke, Finance Director
Beaumont Cornish (Nomad) +44 (0) 2076 283 396
James Biddle / Roland Cornish
Panmure Gordon (Joint Broker) +44 (0) 2078 862 500
Hugh Rich
Shard Capital (Joint Broker) +44 (0) 2071 869 927
Damon Heath / Isabella Pierre
Red Cloud (North American Broker) +1 416 803 3562
Joe Fars
Tavistock (Financial PR) + 44 20 7920 3150
Nick Elwes / Adam Baynes 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 Project, and the Basin West Project) and the Wikieup
Project.
The Basin East Project has an Indicated Mineral Resource of 17 Mt at an
average grade of 940 ppm Li and 3.4% K for a total of 85 kt LCE and an
Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and
2.8% K (potassium) for a total of 1.09 Mt LCE. In the rest of the Basin
Project SRK has determined an Exploration Target of 250 to 830 Mt of material
grading between 750 to 900 ppm Li, which is equivalent to a range of between 1
to 4 Mt contained 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.
Sn Tin
Ta(2)O(5) Tantalum pentoxide
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.
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END UPDEAPLKFLALEFA