17 April
2024
Bradda Head Lithium
Ltd
("Bradda Head",
"BHL" or the "Company")
Drilling Progress At Basin Lithium in Clay
Project
Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI,),
the North America-focused lithium development group, is pleased
to provide an update on work at its Basin Project in
Arizona. This current drilling program is focused on resource
expansion at the Basin North portion of the project. The target is
a resource expansion from 1.08 to a minimum of 2.5 million tons
(MT) of lithium carbonate equivalent (LCE). Achievement of this
would generate a US$ 3.0 million royalty payment from Lithium
Royalty Company (LRC).
The first four holes have been logged, sampled,
and shipped to the laboratory while drilling of the fifth hole is
in progress. Results on all four holes are pending. A further 3
holes are planned.
Highlights:
· The
Company has completed four widely spaced holes for a total of 4,330
feet (1,320m) from a planned program of 8,800 feet/2,680 meters
(See RNS 12 March, 2024)
· The
average Upper Clay thickness, based on visual inspection of the
drill core extracted, between the four holes is 85 meters, ranging
from 73m to 103m (previous average thickness, excluding Basin East,
is 80m)
· Hole 19
has encountered the thickest-ever Upper Clay sequence at 103
meters, potentially demarking the depositional center
· Holes 16
and 18 have encountered Upper Clay shallower than anticipated, yet
maintain good thicknesses, hole 17 was abandoned due to poor
drilling conditions at a shallow depth and has now been offset and
currently being redrilled as hole number 20.
· The four
holes (BND24-15, 16, 18, & 19) have encountered between 7 and
37 meters of Lower Clay, a strong indication of continuity from
Basin East, located 2.0km to the southeast
· A
7th hole will be added to the south of Basin North,
twinning last year's sonic hole BES23-11 (See RNS 21 August, 2023),
which cut 88.70m of upper clay averaging 903ppm and 12.51m of high
grade at 1,427ppm, but did not penetrate the Lower Clay
· The
programme is scheduled to complete in early May with an updated
43-101 Resource to follow once all assays have been received, for
which Bradda Head is targeting early June.
Ian Stalker,
Executive Chair, commented:
"Drilling the Basin
North clays has been an exciting and promising program. Thus far;
we're finding excellent clay thicknesses, as expected, and some
clay depths have been shallower than anticipated,which is an
encouraging result that supports the viability and potential of
this project.
"We have
successfully now completed nearly half of the planned program,
bringing Bradda Head increasingly closer to achieving the
significant milestone of our target of resource 2.5MT, and
unlocking the next royalty payment of US$3m from
LRC.
"We look forward to
providing further updates in due course."
Figure 1. Basin North drill hole distribution, currently on
hole BND24-20. Figure shows 2023 sonic holes in blue, Basin East
drill holes on the lower right-hand corner, property boundary in
blue, gravity/air photo image base.
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. 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
|
|
|
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Beaumont Cornish
(Nomad)
|
+44 (0) 2076 283 396
|
James Biddle / Roland Cornish
|
|
|
|
Panmure Gordon
(Joint Broker)
|
+44 (0) 2078 862 500
|
Hugh Rich
|
|
|
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Shard Capital (Joint
Broker)
|
+44 (0) 2071 869 927
|
Damon Heath / Isabella Pierre
|
|
|
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Red Cloud (North
American Broker)
|
+1 416 803 3562
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Joe Fars
|
|
|
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Tavistock (Financial
PR)
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+ 44 20 7920 3150
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Nick Elwes / Adam Baynes
|
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.