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Neometals Ltd.
Summary
| Project: | Mt Marion | |
|---|---|---|
| Deposit: | Mt Marion | |
| Location: | Australia | |
| Commodities: | Lithium-Iron | |
| Date: | 10/27/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-10-2016: Neometals Ltd. announces a Resource Estimation report for its Mt Marion deposit at the Mt Marion project. JV with Mineral Resources and Ganfeng Lithium - Updated mineral resource estimation. Mineral Resources Limited (ASX: MIN) (“MRL”), Neomet | |
| Resources: | (Resource, I+I): 77.8Mt @ 1.37% Li2O, 1.09% Fe for 1066000t Li2O contained at Mt Marion | |
| CP/QP: | [Resources]: John Graindorge (Snowden Mining Industry Consultants Pty Ltd.) | |
| ABSTRACT: | Mineral Resources Limited (ASX: MIN) (“MRL”), Neometals Ltd (ASX: NMT) (“Neometals”) and Ganfeng Lithium Co. Ltd (SZAE: 002460) (“Ganfeng”) are pleased to announce results of recent infill and extensional drilling at the Mt Marion Lithium Project (“Mt Marion”) carried out since July 2016. Snowden Mining Industry Consultants (“Snowden”) has reviewed results of recent drilling and provided a revised Mineral Resource estimate as at 21 October 2016 resulting in increases to Indicated and Inferred Mineral Resources now totalling 77.8Mt at 1.37% Li2O and 1.09% Fe; reported above a cut‐off grade of 0.5% Li2O. The previous Mineral Resource estimate released on 5 July 2016 was 60.5Mt at 1.36% Li2O and 1.09% Fe; reported above a cut‐off grade of 0.3% Li2O. The revised estimate represents an increase in contained Lithium content of 29.5% with a slightly increased cut‐off grade to align with pit optimisation parameters as applied by Snowden (refer to Table 1 below). The drill program undertaken from July 2016 through September 2016 comprised 18,915m over 105 holes bringing total drilling for the resource to 83,819m over 931 holes. The recent RC and diamond drilling focused largely on identifying lateral extensions in Area 4 and deep drilling in the previously identified sub‐ vertical feeder zone of Area 2W; as well as a portion of infill drilling to improve resource classification to Indicated status (as depicted by the red drill hole collar locations in Figure 1 below). The revised Grade‐ Tonnage curve is shown below in Figure 2. | |
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