TIDMBHL
RNS Number : 0219R
Bradda Head Lithium Ltd
24 October 2023
24 October 2023
Bradda Head Lithium Ltd
("Bradda Head", "Bradda", "BHL" or the "Company")
Receipt of US$2.5 Million Royalty Payment and Next Basin
Drilling Programme Design Underway to Target a Further US$3 Million
Royalty Payment
Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI, OTCQB:BHLIF), the
North America-focused lithium development group, is pleased to
announce receipt of the US$2.5 million payment from the Lithium
Royalty Corporation ("LRC") upon confirmation of the Mineral
Resource Estimate ("MRE") surpassing 1.0Mt Lithium Carbonate
Equivalent ("LCE") at the Company's Basin Project, Arizona
(September 28, 2023 PR). BHL has initiated a new drill plan for
Basin with a particular focus on placing sites to reduce surface
impact and meet the Company's objective of defining an inferred
total MRE of +2.5Mt LCE. The Company has also expanded the claim
block to the north by adding an additional 2.84km(2) of claims over
open ground which has exceptional exploration potential.
Overview :
-- BHL received payment of US$2.5 million from LRC following
expansion of the Basin resource by drilling 2,355m and 14 sonic
holes tripling the resource from 0.371Mt to 1.085Mt LCE.
-- The next plan and strategy for continued MRE expansion at
Basin North is underway with an emphasis on drilling holes at
approximately 800m spacings. The anticipated programme is for
approximately 10 holes or +/- 3,000m of drilling. The programme is
pending Notice of Intent permit expansion with the Bureau of Land
Management ("BLM").
-- The Company has also expanded its land package, adding
2.84km(2) of mining claims to the north of the Basin North claims,
where land was open for staking, increasing the Basin land package
to 19.7km(2) .
-- Our Exploration team in Arizona had identified the same
stratigraphy of clays plus silica nodules along the northern
boundary of the new claims as seen to the southwest in Basin West,
a distance of over 4.0km.
-- The Company has confidence in achieving the next milestone of
2.5Mt of LCE in situ, enabling BHL to receive a further US$3.0
million payment from LRC under the Royalty Agreement.
-- SRK Consulting (UK) Ltd indicated that the Basin project has
potential to grow another 1.0 to 4.0Mt LCE but notes that this is
prior to the new license area added at Basin.
Ian Stalker, Executive Chair, commented:
"The receipt of our first royalty payment is a significant
event, substantiating the Company's confidence in its resource size
and demonstrating the value of the Basin project, in particular.
Following this, we are confident in proving up more than 2.5Mt of
resource and triggering the final royalty payment of US$3 million
from LRC.
"In addition to resource expansion, we are also expanding our
claims, with indications that similarly positive geology extends to
the north, into the new claims. These new claims will also feed
into the high-grade potential of future resource expansion and will
enable us to reach the 2.5Mt threshold for the next royalty payment
more quickly.
"Diamond core drilling continues at the San Domingo Pegmatite
project with approximately 50% of the program completed, where many
of the holes have encountered long intervals of pegmatite with
visible spodumene mineralization. Assay results have been slow to
arrive due to the summer rush at the laboratory, but drilling
progress is good. Additional permits were received from the State
and BLM, sites are being constructed at the historic Morning Star
lithium mine and we understand drilling there is planned to
commence within the next week. The Company hopes to have news on
San Domingo within the next few weeks as preliminary results have
started to arrive."
For further information please visit the Company's website:
www.braddaheadltd.com
Qualified Person (BHL)
Joey Wilkins, B.Sc., P.Geo., is Head of North America 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 37
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.
S
Contact:
+44 1624 639
Bradda Head Lithium Limited 396
Ian Stalker, Executive Chairman
Denham Eke, Finance Director
Beaumont Cornish (Nomad) +44 20 7628
James Biddle/Roland Cornish 3396
+44 20 7886
Panmure Gordon (Joint Broker) 2500
John Prior / Hugh Rich
+44 207 186
Shard Capital (Joint Broker) 9927
Damon Heath / Isabella Pierre
Red Cloud (North American +1 416 803
Broker) 3562
Joe Fars
+ 44 20 7920
Tavistock (PR) 3150
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 1.0 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 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, on the TSX Venture Exchange
with a ticker of BHLI, and on the US OTCQB market with a ticker of
BHLIF.
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 That part of a Mineral Resource for which
Resource quantity and grade (or quality) are estimated
based on 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 That part of a Mineral Resource for which
Resource 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.
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.
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END
MSCFEWFMDEDSEIS
(END) Dow Jones Newswires
October 24, 2023 02:05 ET (06:05 GMT)
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