Lepidico Ltd, a vertically integrated lithium and other critical metals developer has provided an update on its ore reserve estimate at its 80%-owned Karibib project, which has added a further 1.16 million tonnes into its probable reserves. The estimate was prepared by Australian Mine Design and Development Pty Ltd (AMDAD) while the estimation work is reported in accordance with the requirements of the JORC Code (2012).
Over the course of 2022, Lepidico completed a series of work programmes at the Helikon 4 pegmatite deposit and over-the-surface stockpiles at the historical Rubicon mine to enable the reclassification of Inferred Resources as Indicated Resources, as reported on 30 January.
Of the 1.31 million tonnes grading 0.46% lithium oxide (Li2O) in Indicated Mineral Resource at Helikon 4, just over 62% of the tonnes fall within the current pit design and thereby convert into Probable Ore Reserves. The 2023 resource development drilling programme, scheduled to start imminently, will target down-dip extensions to the mineralisation and provide geotechnical data, with the objective of both expanding the Indicated Resource base and increasing conversion to Probable Reserves. The programme will also include infill and extensional drilling at Helikon 2 and 3, which together host an Inferred Mineral Resource of 0.51 million tonnes grading 0.52% Li2O.
Managing director Joe Walsh said: “The Helikon 2-4 line of mineralisation will now be drill tested for both continuity along strike between the deposits and down dip to the south, with the objective of extending the Phase 1 operating life to well over 20 years. In addition, a new occurrence of lepidolite bearing pegmatites was identified in the last quarter within EPL5439, with intermittent outcrop and historical workings extending over a 1.5 km strike. Site access is being arranged to drill this priority new target.” The Mineral Resources Estimates were prepared by Snowden Mining Industry Consultants in January 2020 for the Rubicon and Helikon 1 deposits, by Cube Consulting Pty Ltd for the Helikon 4 deposit and surface stockpiles and by Resource Evaluation Services for the tailings. Details are, as set out in the Australian Stock Exchange (ASX) announcement, Helikon 4 and Rubicon Stockpiles upgrade to Mineral Resources dated 30 January 2022. The resource block models were used as the basis of the pit optimisation, pit design and production schedule.