Altura Mining Ltd. (ASX:AJM) has announced a new resource estimate at their 100%-owned Pilgangoora Lithium project in Australia’s Pilbara region.
The total resource now stands at 25.2 million tonnes at 1.23% Lithium oxide, for 310,000 tonnes of contained lithium oxide. We are extremely happy with the tonnage, as 25 million tonnes was the high end of the exploration target the company revealed earlier this year. The average grade is lower than the expected 1.3-1.6% lithium oxide, but this lower grade is compensated by the longer life of mine.
Altura plans to release a Pre-Feasibility study before the end of this year, which should give us a better understanding about the viability of the project.
Read the full press release here (pdf)
Disclosure: The author holds no position. Please see our disclaimer for current positions.
