American Lithium Corp. (TSXV:LI) has announced the filing of an independent National Instrument 43-101 Technical Report on the updated MRE for its Falchani Lithium Project in Southwestern Peru. The report, completed by Stantec Consulting Services Inc., reveals a significantly larger lithium resource base, which will be used for an updated preliminary economic assessment (PEA) on Falchani.
Key findings from the report include:
- A 476% increase in the measured + indicated resource (M&I) from the 2019 MRE
- The measured Resource stands at 1.01Mt lithium carbonate equivalent (LCE) (69Mt @ 2,792ppm lithium
- The indicated resource is 4.52Mt LCE (378 Mt @ 2,251ppm Li
- The M&I resource is 5.53Mt LCE (447 Mt @ 2,327ppm Li
- The inferred resource is 3.99Mt LCE (506 Mt @ 1,481ppm Li
- The base case cut-off has been lowered to 600ppm Li from the previous 1,000ppm cutoff due to strong project economics, specifically updated operating costs and a US$20,000/t LC selling price
- At a 1,000ppm cut-off, the updated M&I resource is 5.32Mt LCE, a 455% increase from the previous March 2019 MRE of 0.96Mt LCE.
- The increased size and grade of the resource supports long production potential at Falchani
Simon Clarke, CEO of American Lithium, expressed satisfaction with the progress at Falchani, noting that the increase and reclassification of the Falchani Resource followed a successful drill programme completed in Q3, 2023. He anticipates further growth in the scale of the project and the size of the resource. The increased resource will feed directly into the updated PEA on Falchani, which is currently being finalized and will be released shortly, and into the ongoing pre-feasibility study.
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