The inferred mineral resource estimate of the Mina do Barroso lithium project, in northern Portugal, has increased by 200%, project developer Savannah Resources said on Monday.
The Aim-listed company reported an inferred mineral resource estimate of 9.1-million tonnes at 1.03% lithium oxide containing 94 100 t Li2O using a 0.5% cutoff grade.
The resource estimate covers three – Rervatorio, Grandao and NOA – of at least eight known pegmatites on the Mina do Barroso mining lease.
Savannah has also defined an initial exploration target for the Grandao and Reservatorio deposits of 8-million to 12-million tonnes at 1.0% to 1.2% Li2O. This gives a project target of 17-million to 21-million tonnes at 1.0% to 1.2% Li2O.
The mineral resource estimate defined from our 2017 drill programme supports our belief that Mina do Barroso is one of Europe’s most promising lithium projects. While we are delighted with the results to-date, the exploration target underscores the potential to increase the aggregate mineral resource estimate over the coming months, especially as we now have two drilling rigs on site,” said Savannah CEO David Archer.
“This potential is matched by excellent first pass metallurgical test results with conventional processes, the spodumene dominant nature of the deposits, open-cut potential, access to excellent infrastructure including roads and ports, and the premier nature of the jurisdiction.
“Looking ahead, we are progressing with more detailed, second pass metallurgical testwork and hope to shortly commission a scoping study to lead into a definitive feasibility study later this year,” Archer added.
The company aims to make a development decision by the end of the year.