Mineral Resources (ASX: MIN) has announced, in conjunction with Neometals and Ganfeng Lithium CO, an update at the Mt Marion lithium project. The update delineates a previously poorly defined pegmatite lense occurring adjacent to the Area 1 pegmatite. Infill drilling has increased the size of this lense from 0.1 million tonnes to 0.6Mt, grading at 1.31% Li2O and 0.68% Fe. The Mt Marion mineral resource is currently 71.3Mt at 1.37% Li2O.
EXECUTIVE SUMMARY
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Mt Marion Mineral Resource is currently 71.3Mt at 1.37% Li2O as at 1 October 2018
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0.6Mt spodumene bearing pegmatite lense was delineated with infill drilling in April 2018
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Mt Marion Mineral Resource has been depleted by 6.9Mt through mining between 21 October 2016 and 1 October 2018
MINERAL RESOURCE UPDATE FOR THE MT MARION PROJECT
Mineral Resources Limited (ASX: MIN) (“MRL”), Neometals Ltd (ASX: NMT) (“Neometals”) and Ganfeng Lithium Co. Ltd (SZAE: 002460) (“Ganfeng”) are pleased to announce an update at the Mt Marion Lithium Project (“Mt Marion”) as of the 1 July 2018. This was based on an update in May 2018 of Mineral Resource model which was carried out by the MRL Competent Person, Mr Matthew Watson using the Snowden 2016 modelling parameters. The update delineates a previously poorly defined pegmatite lense occurring adjacent to the Area 1 pegmatite. Infill drilling has increased the size of this lense from 0.1Mt to 0.6Mt grading at 1.31% Li2O and 0.68% Fe; reported above a cut‐off grade of 0.5% Li2O.
Mineral Resources Limited has updated the previous reported Mineral Resource dated 21 October 2016. Taking account of the additional delineated mineralisation and mining depletion during the period finishing 30 September 2018, indicated and inferred resources now total 71.3Mt at 1.37% Li2O and 1.09% Fe; reported above a cut‐off grade of 0.5% Li2O.
The previous Mineral Resource estimate as at 21 October 2016 was 77.8Mt at 1.37% Li2O and 1.09% Fe; reported above a cut‐off grade of 0.5% Li2O. The changes reflect an addition of 0.5Mt of spodumene bearing pegmatite and mining depletion of 6.9Mt over the intervening period.
Note: Small discrepancies may occur due to rounding.
