Highlights 

  • Maiden JORC inferred resource estimate of 0.53 million t lithium carbonate equivalent (LCE) at a grade of 305 mg/l.
  • Estimate is based on the first well (FB01) completed before the Chilean winter break of a four well resource drill programme.
  • FB01 encountered a brine aquifer from 99 m to 311 m, an aquifer thickness of 212 m starting from relatively shallow depths.
  • 34 brine samples were collected from regular intervals with a peak lithium grade of 324 mg/l and an average grade of 305 mg/l.
  • Further three wells to commence in coming weeks to expand and upgrade the resource estimate to measured and indicated categories.
  • Scoping study will commence at Francisco Basin in 4Q22 for an expected base case production rate of 20 000 tpy LCE.
  • Francisco Basin is located within 100 km of CleanTech Lithium's more advanced Laguna Verde project (1.51 million t LCE at a grade of 206mg/l lithium).
  • Total resources now exceed 2 million t LCE at the two projects, which CleanTech Lithium is developing concurrently, as it targets producing battery-grade, carbon neutral lithium for the EU battery market.

Commenting, Aldo Boitano, Chief Executive Officer, of Cleantech Lithium PLC, said:

“We are delighted with the maiden JORC inferred resource estimate of 0.53 million t of LCE at a grade of 305mg/l Lithium from our first well at Francisco Basin. The resource estimate provides the basis for a scoping study with a base case production rate of 20 000 tpy of LCE, expected to utilise 100% renewable energy for process power providing green lithium to the EV industry. Two of our three projects in Chile now have resource estimates, with the total lithium resource exceeding 2 million t LCE.

“Further upgrades are planned in 1Q23 based on fieldwork to commence in the next few weeks. We look forward to continuing to update the market on our progress.”