Lepidico Ltd (ASX:LPD) has released a positive update on its Ore Reserve estimate at its 80% owned Karibib Project in Namibia, which has added a further 1.16Mt @0.62% Li2O into Probable Reserves.
Over the course of 2022 Lepidico completed a series of work programs at the Helikon 4 pegmatite 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 2023.
Of the 1.31Mt grading 0.46% 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 that is scheduled to start imminently will target down-dip extensions to the mineralization 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 2-3, which together host an Inferred Mineral Resource of 0.51Mt grading 0.52% Li2O.
“The Helikon 2-4 line of mineralization 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,” Managing Director Joe Walsh said.
“In addition, a new occurrence of lepidolite bearing pegmatites was identified last quarter within EPL5439, with intermittent outcrop and historical workings extending over a 1.5km strike. Site access is being arranged to drill this priority new target.”
For further information please visit: https://lepidico.com/