I guess readers would be wondering how A company of only around a 100 million Australian dollar market cap could be sitting on a maximum exploration target of around 101 billion Australian dollars.
Well, have a read of there June Quarterly activities report announced on the 30th of June, page 5 is where I got the tonnage numbers from, I then times those numbers by the spot price of the minerals.
Below is A copy and paste of part of page 5.
The Exploration Target figure is conceptual in nature as there has been insufficient exploration
undertaken on the Project to define a mineral resource for the Leadville. It is uncertain that future
exploration will result in a mineral resource.
The revised Exploration Target is of both the Mississippian Leadville and Pennsylvanian
Paradox Units has a combined range of 1.7 billion tons to 2.5 billion tons of brine. This represents
an up to 230% increase in contained Li, see Table 3, and a 493% increase in contained Br of
the previous Exploration Target (see ASX announcement 11 May 2020).
Unit and
Clastic Zones
Porosity
(%)
Density Brine
(Mt)
Li
Grade
(ppm)
Li
(Tonnes)
Li2CO3
(Tonnes)
Br
Grade
(ppm)
Br
(Tonnes)
Mississippian Leadville Formation
Minimum
Maximum
14 1.27 1,300 80 104,000 553,000 2,000 2,600,000
14 1.27 1,800 140 252,000 1,340,000 3,000 5,400,000
Pennsylvanian Paradox Formation (Clastic Zones 17,19, 29,31,33)
Minimum
Maximum
14 1.27 365 50 18,250 97,090 2,000 730,000
14 1.27 700 300 109,500 582,450 3,000 1,095,000
TOTAL
Minimum 1,665 122,250 650,090 3,330,000
Maximum 2,500 361,250 1,922,450 6,495,000
It is not easy to read looking at a copy and paste, so readers can always look at the actual announcement.
