Canada Lithium doubles conceptual target estimate to 29-30 million tonnes
grading 1.1%-1.2% Li2O
TSXV: CLQ
The modeling by CCIC has increased the target estimate for the mine area to 29-30 million tonnes grading 1.1%-1.2% Li2O.
"We are extremely encouraged by the modeling for the project as it has doubled the 15 million tonnes of the historical estimate previously reported when the mine closed in the 1960s," said
"The modeling suggests that the
In order to upgrade the conceptual estimate to a National Instrument 43-101 compliant, classifiable resource estimate, the Company recently commenced a 7,000-metre verification/delineation drill program at the
Core from this drilling program will also be used to provide a bulk metallurgical sample for ongoing metallurgical testing. This work program is part of the pilot metallurgical test work that will be used for a Bankable Feasibility Study and also to deliver additional marketing samples to Mitsui in
The 29-30 million tonne potential tonnage estimate by CCIC was based on previous drill results that defined the approximate length, thickness, depth and grade of the historic estimate. This incorporated over 60 surface diamond drill holes, 340 underground drill holes and 21 underground stopes. A three-dimensional geological model was developed from this data to aid in deposit evaluation. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in the discovery of a mineral resource.
As noted, the historical estimate outlined 15 million tonnes at 1.14% Li2O. This resource is not compliant with NI-43-101 due to the fact that the original core samples from the historic drilling programs were lost when the mine closed down in 1965 and the assay data cannot be verified. This resource estimate cannot, therefore, be considered current and reliable.
A technical report describing the potential tonnage estimate will be filed on SEDAR within 45 days of this release. It is expected that the NI-43-101-compliant resource estimate will be completed during the first quarter of 2010.
The potential tonnage exploration target was prepared by
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Information
The statements made in this press release may contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of
For further information: Peter Secker, President and CEO, (416) 361-2821; Olav Svela, Director, Investor Relations, (416) 361-2821, [email protected]; Dan Symons, Renmark Financial Communications Inc., (514) 939-3989, [email protected]; Or visit our new updated Canada Lithium website at www.canadalithium.com
Share this article