Widgie Nickel Ltd (ASX: WIN) has released a maiden Mineral Resource Estimate (MRE) at its Faraday Lithium Project in Western Australia, estimated in accordance with the 2012 JORC Code.
Snowden Optiro completed the maiden Mineral Resource Estimate (MRE) above a natural cut-off grade of 0.30% Li2O.
The Faraday Lithium Deposit is located on Mining Lease M15/102, four km west north-west of the township of Widgiemooltha. Access to Faraday is via the Coolgardie-Norseman Rd, 63km south of Coolgardie. The Faraday Mining Area is central to the Mt Edwards Project, with Widgie holding lithium mineral rights over a significant portion of the nickel prospective Widgiemooltha Dome tenements.
The 2023 Maiden Faraday MRE was informed by 3,234m of RC (89 RC holes) and 116m (four diamond holes) of drilling carried out in late 2022 and early 2023, which allowed for a detailed interpretation of the geology and mineralization.
Approximately 700kg of representative lithium-bearing diamond core was collected for metallurgical test work to determine mineralogy and metallurgical characteristics, confirming the ability to produce a saleable concentrate with excellent metallurgical recoveries noted.
- Maiden independent Faraday lithium Mineral Resource Estimate (MRE) of 481,000t @0.59% Li2O (0.30% Li2O cut-off) in Southern Starter Pit location to a maximum depth of 65m
- High grade core of 106,000t @0.87% Li2O defined (at 0.80% Li2O cut-off)
Fast-track work streams continue to prove up DSO opportunity:
o 106,000t @0.65% Li2O (0.30% Li2O cut-off) Indicated resource defined by 10m by 10m drill spacing
o Initial mineralogy completed on select samples indicates that spodumene is the dominant lithium- bearing mineral present
o Metallurgical testwork confirms robust upgrade and ability to produce saleable concentrate
o Ongoing discussions with potential offtakers and industry participants
o Fast tracked DSO starter pit design commenced. Faraday is a potential low-cost mining operation with minimal strip ratio due to shallow outcropping resource
- The Faraday DSO pit is expected to be production-ready in the second half of 2023
- The Faraday Lithium Project resource remains unconstrained. Field mapping confirms Faraday pegmatite extends 300m to the north of maiden MRE envelope, more than doubling the potential strike extent of the maiden Faraday Mineral Resource
- Aggressive drilling programme commenced to grow the Mineral Resource and to upgrade the remainder of the MRE to Indicated status
- Lithium activities are consistent with Widgie’s strategy to create value for shareholders by commercializing our expanding mineral inventory which now contains a pipeline of lithium and nickel sulphide development opportunities
“Widgie’s lithium is now for real. In just a few months from November 2022 to now be declaring our maiden lithium resource demonstrates Widgie’s resolve to capitalize on the strong demand fundamentals for battery metals,” Managing Director and CEO, Steve Norregaard, said.
“This is just the beginning of a growth story, as we roll our sleeves up to realize value for shareholders in the short term, we have also got our eyes firmly focussed on expanding our lithium vision for the company and its future.
“The Faraday Lithium Project has all the hallmarks of a very low-cost development able to be commercialized in the near term. Interest in the DSO from industry participants is growing rapidly and we expect to provide updates on this in the coming quarter.”
For further information please visit: https://www.widgienickel.com.au