Lithium, News, Quarterly and half yearly results

Goulamina sees significant increase

MinRes lithium hub

Leo Lithium’s Goulamina lithium project has seen a high increase in its resource to 211 megatons (Mt) at a grade of 1.37 per cent lithium oxide (Li2O).

The Goulamina lithium project comprises a land holding of 100 square kilometres in the Bougouni region of southern Mali. It is a 50/50 joint venture between Leo Lithium and Ganfeng Lithium.

Leo Lithium said this substantial resource increase highlights the Goulamina project as a world class lithium pegmatite project and is now the fifth largest global spodumene deposit.

The result of this mineral resource update is due to a successful resource definition drilling campaign that was undertaken in the second half of 2022 and continued into the first half of 2023.

This drilling program resulted in other outcomes such as:

  • the measured and indicated mineral resource categories increasing in tonnage by 26 per cent to 102.3 Mt at a grade of 1.45 per cent Li2O
  • a scope for further exploration potential as large parts of the resource remain open along strike and at depth
  • an updated mineral resource sets the foundation for a new ore reserve estimate for Goulamina which is scheduled to be completed in August 2023
  • encouraging results lying ahead of an accelerated direct shipping ore (DSO) revenue in the fourth quarter of 2023 (Q4 2023), and the first spodumene concentrate in the first half of 2024 (H1 2024).

Leo Lithium managing director Simon Hay said Goulamina’s increase of 68.6 Mt from a moderate drilling campaign is a fantastic outcome.

“We are excited to report a very significant resource upgrade which confirms the outstanding scale, high-grade nature, and further growth potential of the Goulamina project,” Hay said.

“Furthermore, there is scope for additional growth as the deposit remains open at depth and along strike, creating new drilling targets for the geology team.

“This significant upgrade also supports the possible extension of the 23-year mine life of the Goulamina project and the recent cooperation agreement with Ganfeng.”

Send this to a friend