Lithium Power (ASX: LPI), and JV partner Minera Salar Blanco have reported a 90% increase in measured and indicated resources at the Stage One development of their Maricunga Lithium Brine Project in Chile.
The project’s measured and indicated resource now stands at 1,905,000 tonnes of Lithium Carbonate Equivalent (LCE) for the Stage One properties at an average grade of 953 mg/l lithium, almost doubling the previous figure of 1,020,000 tonnes LCE.
This increase sits in addition to the 2018 measured and indicated resource of 979,000 tonnes LCE at Maricunga’s Stage Two development to a depth of 200m.
“We are very pleased with these updated results, which confirm Maricunga as one of the world’s richest lithium brine deposits”
Addressing the update, Lithium Power CEO Cristobal Garcia-Huidobro said: “We are very pleased with these updated results, which confirm Maricunga as one of the world’s richest lithium brine deposits. Technical activities continue towards the completion of an updated DFS in Q4 2021. The financing for Stage One is now a priority, with preliminary indications of interest received from international financial institutions and private funds for debt and equity financing of the project.”
LPI reports that the Maricunga resource remains open at depth, with a new exploration target for further resource expansion between 400m-550m, with potential to deliver between 1,200,000 to 2,100,000 tonnes of LCE.
The Stage One development comprises the Old Code properties of Cocina 19-27, Salamina, Despreciada, and San Francisco, which have a total combined area of 1,125 hectares.
These properties were constituted under the 1932 Chilean mining law and have grandfathered rights for the exploitation, production, and sale of lithium.
Work on an updated DFS for Stage One is continuing as planned by Worley, GEA Messo, and Atacama Waters, with delivery expected in Q4 2021.