Infill drilling intersects thick, high-grade lithium at North Aubry
Results demonstrate strong continuity of mineralisation and will likely lead to a resource upgrade at the Seymour project
Maiden drilling for the Junior lithium project planned for 2H 2024
DFS for Seymour remains on track for release in Q4 2024
Special Report: Green Technology Metals has reported drilling grades up to 2.92% Li2O, demonstrating the strong continuity of mineralisation at the North Aubry deposit within its Seymour project in Ontario.
The advanced Seymour is central to the company’s strategy of becoming the first lithium concentrate and chemicals business in the Canadian province.
Green Technology Metals (ASX:GT1) recently completed an operational review focused on optimising expenditure and cash outlay on to critical path workstreams in line with current market conditions.
This identified numerous opportunities and led the company to revise its budget to efficiently manage cash flow and uphold operational financial stability, whilst advancing its critical projects to take advantage of the next lithium cycle, which will be supported by how keen North America is to build its own supply chain.
As part of this, GT1 continues to progress its well optimised Preliminary Economic Assessment (PEA) and definitive feasibility studies that will take Seymour to construction readiness.
The PEA released last year had identified two options for development, the first being a mine and concentrator development (Seymour and Root) producing saleable 5.5% spodumene concentrates, while the second is a broader integrated project that adds a converter facility to produce lithium hydroxide and other spodumene concentrates.
Key permitting activities are also well advanced with a focus on the final closure plan submission and obtaining overall benefit agreements, while applications for multiple Canadian Government initiative funding schemes are ongoing.
GT1 is also continuing further offtake agreements and asset-level investment discussions as part of its financing strategy.
This work is aimed at ensuring Seymour is in a state of readiness to make a final investment decision by the end of 2024 if all market and funding considerations are right.
North Aubry resource upgrade likely
GT1’s now completed infill drilling at the North Aubry deposit has returned more thick, high-grade lithium intersections such as 19.3m @ 2.47% Li2O from 198m and 11.9m @ 2.08% Li2O from 211.9m.
These results are expected to assist the company with an upgrade to resources for the broader Seymour project.
This is likely to include an increase in resource confidence category levels that will allow GT1 to feed more tonnes into the upcoming DFS.
“These recent results from infill drilling at Seymour are some of the highest grade and thickness ever defined, further proving the robust nature and quality of the North Aubry pegmatite which is amenable to both open pit mining and simple dense media separation,” GT1 chief executive Luke Cox said.
“The team will now start modelling an updated MRE for Seymour increasing the resource confidence level, that will be used in the upcoming feasibility study.
“Looking ahead to the second half of 2024, we have plans to expand our regional resource base and look forward to commencing our maiden exploration drilling campaign at the nearby highly prospective Junior lithium project, which sits in the same proven fertile greenstone belt as Seymour.”
The road ahead
In line with the company’s goals of advancing its lithium projects despite the current downturn to ensure it is positioned to take advantage of the next positive cycle, maiden drilling is planned for the Junior project in H2 2024.
GT1 is also progressing the various work streams that will enable it to release the DFS on schedule in Q4 2024.
This article was developed in collaboration with Green Technology Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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