Eureka Drilling Permits Received

RNS Number : 8937E

Bradda Head Lithium Ltd

16 March 2022

 

16 March 2022

Bradda Head Lithium Ltd

("Bradda Head", "Bradda", or the "Company")

Eureka Drilling Permits Received

Bradda Head Lithium Ltd. (AIM:BHL, OTCQB:BHLIF), the North America-focused lithium development group, announces that it has received conditional permission to begin a drilling programme (the "Programme") at its Eureka project in Nevada.

Highlights:

·Bradda Head has received permission to commence a 23-hole drilling programme at its Eureka project, pending a 30-day bond payment adjudication.

· Previous surface sampling carried out by Bradda Head geologists identified grades of up to 550ppm Li at Eureka, this programme is designed to test the potential for a shallow clay project at surface, similar to Bradda's other clay assets in Arizona (Wikieup and Basin).

·Previous geophysics surveys carried out by Zonge Engineering and Terravision Exploration (PR dated 24/01/2022), results demonstrate the potential presence of both brine and clay deposits at Eureka, which is located in Central Nevada, not far from Tesla's Gigafactory and Albemarle's existing Silver Peak Lithium mine, notably the only US lithium mine in operation currently.

· Surveys also showed geothermal potential at Eureka, which could be used to lower the carbon footprint of lithium production at Eureka.

The permission received refers to a 23-hole, 1,050m exploration drilling programme at the Company's Eureka asset in Central Nevada, not far from Tesla's Gigafactory and Albemarle's existing Silver Peak Lithium mine, notably the only US lithium mine in operation currently.

Drilling at Eureka can begin once the bond payment is adjudicated. Bradda Head has posted the necessary bonding payment totalling US$7,870 required by the BLM as of 11/03/2022. Exploration permits should be issued within 30 days of bonding fees being received.

Zonge Engineering and Terravision Exploration previously carried out MT and GPRplus^TM surveys, respectively, at Eureka. The MT survey showed the presence of a potential brine reservoir at varying depths (300m to 2,000m) over a 12km strike length. (see https://www.braddaheadltd.com/media/image-library/), while the GPRplus^TM survey showed the presence of potential clay material, like that seen at Bradda's other sedimentary assets (Basin and Wikieup Projects) down to a depth of c.100m. Previous limited and shallow surface sampling returned grades of up to 550 ppm at Eureka.

Charles FitzRoy, CEO of Bradda Head, commented:

"The receipt of conditional drilling permissions represents the next stage of our exploration at Eureka and is yet another sign that Bradda Head is continuing to fast-track efforts to unlock the value of its assets.

"Having contracted widely respected Zonge Engineering and Terravision Exploration to carry out geophysics surveys, we are now moving to the next phase of exploration at Eureka, to test the potential for a clay project as well as brine.

"Eureka has additional benefits in that it has demonstrated considerable geothermal potential.  This is a key point as it could enable us to lower our carbon footprint and running costs for lithium extraction from Eureka - mirroring Bradda's vision and strategy."   

Background

Bradda Head commissioned two geophysical surveys (MT and GPRplus^TM) over its Eureka project to understand more about how the lithium is contained there. Bradda Head had previously undertaken a surface sampling programme, indicating the presence of lithium at surface of up to 550ppm Li, and testing of hot springs at surface had indicated an anomalous lithium content in the water at surface.

In late 2021 Bradda Head conducted remote sensing to understand more about the lithium footprint at Eureka, this led the Company to stake 16km²of claims over the area which we believe has the potential for a shallow lithium-in-clay project, similar to what the Company is developing in Arizona at Wikieup and the Basin Project. Bradda has an updated JORC resource expected shortly at Basin East, and the Company is currently drilling at Wikieup where results are expected in Q2.

For further information please visit the Company's website: www.braddaheadltd.com

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Contact:

Bradda Head Lithium Limited	[phone]
Charles FitzRoy, CEO Denham Eke, Finance Director
Beaumont Cornish (Nomad) James Biddle/Roland Cornish	[phone]
Peterhouse (Joint Broker)	[phone]
Charles Goodfellow Duncan Vasey Lucy Williams
Shard Capital (Joint Broker)	[phone]
Damon Heath Isabella Pierre
Red Cloud (North American Broker)	[phone]
Joe Fars
Tavistock (PR)	+ 44 20 7920 3150
Nick Elwes Oliver Lamb Adam Baynes	[e-mail]

Notes to Editors

Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Basin Project (Basin East Project, and the Basin West Project) and the Wikieup Project.

The Basin East Project has an estimated an Inferred Mineral Resource (JORC) of 42.6 Mt of lithium bearing clays at an average grade of 818 ppm of lithium for 185,000 tonnes of lithium carbonate equivalent (LCE). The Basin East Project also has additional exploration potential for extensions to the current model of between 50,000 to 300,000 tonnes of lithium carbonate equivalent.

The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania.

All of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL and on the US OTCQB market with a ticker of BHLIF.

 

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