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Neometals Ltd.
Summary
| Project: | Mt Marion | |
|---|---|---|
| Deposit: | Mt Marion | |
| Location: | Australia | |
| Commodities: | Lithium-Iron | |
| Date: | 7/5/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-7-2016: 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”), Neometal | |
| Resources: | (Resource, I+I): 60.5Mt @ 1.36% Li2O, 1.09% Fe 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 (SZSE: 002460) are pleased to provide a new Mineral Resource Estimate for the Mt Marion Lithium Project (‘Mt Marion’), prepared by Snowden Mining Industry Consultants (“Snowden”). The results of the study have increased the Mineral Resource Estimate to Indicated and Inferred Mineral Resources of 60.5Mt at 1.36% Li2O and 1.09% Fe, at a cut-off grade of 0.3% Li2O (Table 1 and Appendix A), compared to 23.24Mt at 1.39% Li2O, at a cut-off grade of 0% Li2O previously. This represents a substantial increase in the size of the mineral resource, equating to a 160% increase in the total contained lithium at the Project. The 0.3% cut-off grade reflects the strategy of mining to the lithium-bearing pegmatite contacts. The Mt Marion lithium mineralisation is hosted within a number of sub-parallel, northeast to northwest trending pegmatite intrusive bodies which dip at between 10° and 30° to the west. Individual pegmatites vary in strike length from approximately 300 m to 1,500 m and average 15 m to 20 m in thickness, but vary locally from less than 2 m to up to 35 m thick, excluding the 2W feeder area where latest intercepts include 186m @ 1.82% Li2O, 139m @ 1.69% Li2O and 92m @ 1.54% Li2O. MRL notes that the 2W feeder zone is at an early stage of exploration and not well understood at this stage. Further work is required to develop the geological interpretation in this area. The pegmatites intrude the mafic volcanic host rocks of the surrounding greenstone belt. | |
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