Resource Upgrade

RNS Number : 2793Z

CleanTech Lithium PLC

13 September 2022

 

13.09.22

CleanTech Lithium PLC ("CleanTech Lithium" or the "Company")

Resource Upgrade at Laguna Verde Project to 1.51 Million Tonnes of Lithium

CleanTech Lithium PLC (AIM:CTL), an exploration and development company advancing the next generation of sustainable lithium projects in Chile, announces an upgraded JORC resource estimate of 1.51 million tonnes of lithium carbonate equivalent ("LCE") at a grade of 206mg/L lithium at its Laguna Verde project, with the majority of the resource upgraded from Inferred to the higher confidence categories of Measured and Indicated.

The upgraded resource estimate provides the basis for undertaking a Pre-feasibility Study ("PFS") at Laguna Verde, planned to commence 4Q 2022, as the Company continues to develop its projects towards producing carbon neutral lithium for the EV market. The PFS is expected to evaluate a base case production rate of 20,000 tonnes per annum of battery grade lithium, with the resource of 1.51 million tonnes LCE providing the basis for a >30-year operation.

Highlights:

· Resource drill programme, comprising four holes, was completed 1H 2022 with the resource upgrade based on three of the four holes sampled prior to the Chilean winter break

· JORC compliant resource estimate increased by 22% to 1.51 million tonnes LCE at a grade of 206mg/L with 53% of the resource now in the Measured and Indicated category (0.803 million tonnes LCE)

· On track to be further upgraded as follows:

o  in Q4 2022 based on data from all four holes which is expected to increase both resource size and grade, and

o  in 1H 2023 from an infill drill programme planned to commence in the next few weeks

· The deepest hole in the programme recorded lithium grades up to 409mg/L at the bottom of the hole indicating drilling to depth provides further upside

· Laguna Verde is globally the shallowest lithium resource with a geothermal heat source with brine temperatures of 20^oC - 30^oC starting within 65m of the surface

· This is in the optimal temperature range for the direct lithium extraction ("DLE") adsorption process based on test-work by key technical partners SunResin and Beyond Lithium

· Heating brine can be a significant component of a DLE plant´s energy consumption and operating costs

· Feasibility studies will evaluate the impact of this geothermal influence on reducing operating costs and the environmental footprint of the project

· A Scoping Study for the project is expected to be completed in October/November 2022

· For the Company´s second project, Francisco Basin, a maiden Inferred resource estimate is expected in the coming weeks, based on the results of the first drill hole completed at the project, which had an average lithium grade of 305mg/L

Commenting, Aldo Boitano, Chief Executive Officer, of Cleantech Lithium PLC, said: "We are very pleased with this upgrade in the Laguna Verde resource estimate to 1.51 million tonnes of LCE with more than half of the resource now in the Measured + Indicated category, providing much higher confidence in the resource potential of the asset. The resource estimate now provides the basis for a Pre-feasibility Study with a base case production rate of 20,000 tonnes LCE per annum, expected to utilise 100% renewable energy for process power providing green lithium to the EV industry.  Laguna Verde is unique in being a geothermal influenced brine resource starting from near surface, which we think will positively impact operating costs and reduce the environmental footprint.

"Further upgrades are planned in 4Q 2022 and 1H 2023 based on fieldwork to commence in the next few weeks. We look forward to continuing to update the market on our progress."

Please click on the following link to see the entire announcement:
http://www.rns-pdf.londonstockexchange.com/rns/2793Z_1-2022-9-13.pdf

For further information contact:
CleanTech Lithium PLC
Aldo Boitano/Gordon Stein	Jersey office: [phone] Chile office: [phone]
	Or via Celicourt
Celicourt Communications	[phone]
Felicity Winkles/Philip Dennis	[e-mail]
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish	[phone]
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies Canaccord Genuity Limited (Joint Broker) James Asensio Gordon Hamilton	[phone] [e-mail] [phone]

Competent Person

The information in this release relates to drilling results, geology, brine assays reports, sediment sampling / specific yield calculation and resource calculation are based on information compiled by Christian Gert Feddersen Welkner, who is an independent Qualified Person to the Company and is a Member of Comision Calificadora de Competencias en Recursos y Reservas Mineras Chile that is a 'Recognised Professional Organisation' (RPO). Mr Feddersen has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Feddersen consents to the inclusion in the press release of the matters based on his information in the form and context in which it appears.

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company, advancing the next generation of sustainable lithium projects in Chile.  The Company's mission is to produce material quantities of battery grade lithium by 2024/2025, with near zero carbon emissions and low environmental impact , offering the EU EV market a green lithium supply solution.

CleanTech Lithium has two prospective lithium projects - Laguna Verde and Francisco Basin projects located in the l ithium triangle, the world's centre for battery grade lithium production . They are situated within basins entirely controlled by the Company, which affords significant potential development and operational advantages. The projects have direct access to excellent infrastructure and renewable power.  The Company has also further applied for an additional 119 exploration licences at Llamara, as a low cost and commitment greenfield project to complement the existing more advanced projects.

CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction. Direct Lithium Extraction is a transformative technology which only removes lithium from brine, with higher recoveries and purities. The method offers short development lead times, low upfront capex, with no extensive site construction and no evaporation pond development so there is no water depletion from the aquifer or harm to the local environment.

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