14 June
2024
Bradda Head Lithium
Ltd
("Bradda Head",
"BHL" or the "Company")
Drilling Results for Basin Lithium-in-Clay
Project, Lithium Discovered in All Holes
Bradda Head Lithium Ltd (AIM:BHL,
TSX-V:BHLI), the North America-focused lithium development
group, is pleased to provide drill hole geochemical results for its
Basin Project in Arizona.
The lithium-in-clay, resource-expansion drilling programme has
concluded with the completion of eight drill holes on the Basin
North target portion of the Basin project and all assays have been
received. A resource expansion exceeding 2.5 MT of lithium
carbonate equivalent (LCE) would generate a US$3 million royalty
payment to Bradda Head from Lithium Royalty Company
(LRC).
Basin North
Drill Programme Highlights:
·
Upper Clay unit thickness at 103m in the center of the drill
pattern discovered in hole BND24-19, encountering nearly 100m
(99.82m) at 839 ppm Li with a higher-grade interval of 32.52m at
1,030 ppm Li
·
Five out of the eight holes contain abundant lithium in the
Lower Clay, significant as we are now able to connect the Lower
Clay in Basin North with holes drilled at Basin East, 2km to the
south
·
Drill hole BND24-22 encountered 24.05m at 845 ppm Li in the
lower clay, ending in 822 ppm Li due to hole collapsing
·
Additional surface geological mapping and surface sampling
further predict the expansion of clays (Upper and Lower) towards
the west onto Basin West, to the East onto a State of Arizona
Mineral Exploration Permit (MEP), and well to the north where clays
have been discovered 1.8km north of hole BND24-20
· New
surface sampling detects up to 1,241 ppm Li in clays 1.8km to the
north of hole BND24-20, interpreted to represent the Upper
Clay
·
Program completed without environmental or safety
incidents
· MRE
anticipated to be complete within the next few weeks, following
which the resource will be announced
Results from all eight drill holes contain
excellent lithium mineralization, with extensive amounts newly
discovered in the Lower Clay. The highlight of this year's drilling
is 99.82m containing 841 ppm Li
with a higher-grade interval of 32.52m containing 1,030 ppm Li in
drill hole BND24-19. Hole BND24-19 contains the thickest
Upper Clay thickness of 103m. Drill hole BND24-23 has strong lithium
mineralization in both the Upper Clay and Lower Clay, highlighted
by 69.80m of 976 ppm Li
in the Upper Clay with 11.74m at
1,583 ppm Li in the High-Grade zone within the Upper Clay and
11.43m of 864 ppm in the Lower Clay. See Table 1 for a full
summary of drilling results and Figure 1 for drill hole
locations.
All of the geochemical data, including a
refined Leapfrog geologic 3-D model, are presently with the
Qualified Person, who is generating the 2024 MRE (Mineral Resource
Estimate). We anticipate the MRE will be completed within the next
few weeks, following which the resource will be
announced.
Rock chip samples were also collected in Basin
North around the north margin of the sedimentary basin, detecting
up to 1,241 ppm Li on the surface, proving the exceptional
expansion opportunities towards the north, along with what the
Company knows about the extensive potential at Basin West (See
Figure 1).
Ian Stalker,
Executive Chair, commented:
"This is a
particularly exciting juncture in the Company's trajectory, as we
await the updated resource which could unlock a significant royalty
payment from the LRC. Now, with all the results received and the
notable expansion into the Lower Clay, we await calculation by our
QP on the MRE expansion, which we anticipate proving significant
growth from 1.08 MT of LCE. Since last year's sonic drilling and
expansion from 371KT to 1.08MT of LCE, we have remained steadfast
in our prediction that we will achieve what is an important
increase. We tripled the resource last year and are optimistic we
may achieve something similar with the conclusion of this 2024
program. We look forward to providing an update on the Basin MRE
for all our stakeholders in short order."
Figure 1. Basin drill hole distribution, land, surface
geochemistry, 2023 resource boundaries (inferred and
indicated).
Table 1 Below, 2024 Drill Hole
Intercepts
Drill Hole
|
From_m
|
To_m
|
Interval_m
|
Li in ppm
|
Clay
Sequence
|
Comments
|
BND24-15
|
164.44
|
254.20
|
88.44
|
811
|
Upper
Clay
|
1.52m of cave material, not
included
|
Inc.
|
221.89
|
234.70
|
12.81
|
1,250
|
Upper Clay_High
Grade
|
|
|
282.82
|
311.54
|
*27.75
|
737
|
Lower
Clay
|
* 0.97m Interval lost at 307.18 due
to re-drill
|
Inc.
|
296.91
|
311.54
|
*12.29
|
1,024
|
Lower Clay_High
Grade
|
* 0.97m Interval lost at 307.18 due
to re-drill
|
|
|
|
|
|
|
|
BND24-16
|
76.5
|
156.67
|
80.17
|
694
|
Upper
Clay
|
|
|
120.52
|
130
|
9.48
|
938
|
Upper
Clay
|
|
BND24-17
|
|
|
|
|
|
*Hole Lost at 76.2m
|
|
|
|
|
|
|
|
BND24-18
|
153.19
|
216.10
|
62.91
|
711
|
Upper
Clay
|
|
|
188.61
|
196.90
|
8.29
|
1,024
|
Upper
Clay
|
|
|
|
|
|
|
|
|
BND24-19
|
213.21
|
313.03
|
99.82
|
841
|
Upper Clay
|
|
Inc.
|
251.46
|
283.98
|
32.52
|
1,030
|
Upper Clay_High
Grade
|
|
|
347.32
|
362.41
|
15.09
|
635
|
Lower
Clay
|
|
|
|
|
|
|
|
|
BND24-20
|
198.39
|
275.2
|
76.81
|
749
|
Upper
Clay
|
|
|
244.24
|
257.83
|
13.59
|
946
|
Upper
Clay
|
|
|
|
|
|
|
|
|
BND24-21
|
80.41
|
163.98
|
83.57
|
871
|
Upper Clay
|
|
Inc.
|
107.05
|
127.19
|
20.14
|
1,114
|
Upper Clay_High
Grade
|
|
|
173.31
|
213.57
|
40.26
|
695
|
Lower Clay
|
|
|
206.36
|
211.53
|
4.88
|
1,123
|
Lower Clay_High
Grade
|
|
|
|
|
|
|
|
|
BND24-22
|
217.81
|
241.86
|
24.05
|
845
|
Lower Clay
|
Upper Clay not analyzed, twin of
BES23-11
|
|
|
|
|
|
|
|
BND24-23
|
98.82
|
168.25
|
69.80
|
976
|
Upper Clay
|
|
Inc.
|
136.43
|
148.07
|
11.74
|
1,584
|
Upper Clay_High
Grade
|
|
|
197.51
|
208.94
|
11.43
|
864
|
Lower Clay_High
Grade
|
|
*Drill hole BND24-17 was lost at a depth of 76.2 meters. A new
site was permitted 100m to the south as a replacement and drilled
hole BND24-20. All holes were drilled vertical.
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. All
standards passed QAQC metrics of less than 2 standard deviations
and validate the geochemical data used in this PR. 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.
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 / Josephine Clerkin
|
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
|
Ta2O5
|
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.