BURRO CREEK LITHIUM CLAY PROJECT – ARIZONA USA (Zenith 45%, subject to JV partner meeting funding obligations)
  • Widespread, near surface lithium results were intersected in the maiden drill program at the Burro Creek project including: 22.9 metres @ 1088ppm lithium and 2.94% potassium from 4.68m depth, and 24.4 metres @ 1361ppm lithium and 3.23% potassium from 19.8m depth (ZNC – ASX Release 19th June 2018).
  • Depending on the cut-off grade used the lithium mineralised portion of the clay averages 23 to 54 metres in thickness, whilst recent testwork indicates a bulk density of 1.6 to 1.8 g/cm3.
  • Drilling to date has tested only a small portion of the total project area that has recently been expanded by staking claims to the west;
  • Mapping and sampling in the western claim area returned further widespread, high-grade lithium clays at surface with two new areas identified each equal in size to the zone of lithium mineralisation discovered in the current drill program;
  • Maiden Inferred Mineral Resource estimate of 42.6 million tonnes @ 818 ppm Li (lithium) and 3.3% K (potassium) using a lower cut-off grade of 300 ppm Li for the near surface lithium clay mineralisation at the Burro Creek East area (as announced to ASX on 12th Aug 2019).
  • Exploration Target* of between 20 to 60 Mt of material grading between 600 and 1,000 ppm Li for the Burro Creek East area only (as announced to ASX on 12th Aug 2019).
  • Metallurgical testwork has returned positive results.

*The potential quantities and grades are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource.  It is not certain that further exploration will result in the determination of a Mineral Resource under the “Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves, the JORC Code” (JORC 2012). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.