Hawkstone Mining Limited (ASX:HWK) (“Hawkstone”, the “Company”) is pleased to announce a maiden Mineral Resource Estimate for its Big Sandy sedimentary lithium project, located approximately 2.5 hours drive northwest of Arizona’s state capital, Phoenix.
The total Indicated and Inferred Mineral Resource has been estimated by Cube Consulting in accordance with the guidelines set out by the JORC Code (2012). Cube Consulting estimated the total resources in Block A of the Northern Mineralised Zone (“Resource”) at 32.5 Million tonnes grading 1,850 ppm Li containing 60,300 tonnes of lithium metal, which equals 320,800 tonnes Lithium Carbonate Equivalent (“LCE”). This includes a higher-grade zone of 12.7 Mt grading 2,360 ppm Li above a cut-off of 2,000 ppm Li for 159,500 tonnes LCE, representing 49% of the total contained LCE. This estimate follows the successful completion of the Phase 2 diamond drilling program (37 HQ diamond holes totalling 2,881m), focused on Block A in the 26 September, 2019 Ground Floor, 24 Outram Street, West Perth WA 6005 Northern Mineralised Zone. Previous drilling results from the Phase 1 drilling program in conjunction with the results of geological mapping and surface sampling identified the area as having significant potential.
- Total Indicated and Inferred Resources of 32.5 Million Tonnes (Mt) grading 1,850 parts per million (ppm) Li or 320,800 tonnes Lithium Carbonate Equivalent (LCE), reported above an 800 ppm Li cut-off. Resource Classification Tonnes (Mt) Li Grade (ppm) Contained Li Metal Contained LCE (t) Indicated 14.6 1,940 28,400 150,900 Inferred 17.9 1,780 31,900 169,900 Total 32.5 1,850 60,300 320,800 •
- Maiden Mineral Resource delivered 14 months after first drilling commenced at Big Sandy, in line with the Company’s rapid de-risking strategy.
- Total Resource tonnes are in the range reported in the Exploration Target.
- The area drilled for the calculation of the maiden Resource represents a mere 4% of the landholding at the Big Sandy Lithium project.
- The Resource includes a higher-grade zone of 12.7 Mt grading 2,360 ppm Li above a cut-off of 2,000 ppm Li for 159,500 tonnes LCE, representing 49% of the total contained LCE.
- Excellent potential to further expand the size of the Mineral Resource with further drilling planned targeting Blocks B and C in the Northern Mineralised Zone, which remains open to the north, south and west.
- Phoenix based engineer appointed to commence an examination of the key development elements leading to the commencement of a pre-feasibility study.
Hawkstone Mining Managing Director, Mr Paul Lloyd, commented: “The estimate of the maiden Resource is another significant step forward in establishing Hawkstone as an emerging lithium supplier, and forms part of an aggressive program to move the project into pre-feasibility as quickly as possible. In addition to the appointment of Dr David Deak as a consultant to the Company and Barnaby Egerton-Warburton as Non-Executive Chairman, Hawkstone has also appointed a Phoenix based engineer to commence an examination of the key development elements, leading to the commencement of a pre-feasibility study.”
“The calculation of the maiden resource from a limited number of tightly spaced drill holes, comprising a mere 4% of the Big Sandy project area, highlights the size and potential of this world class lithium resource. The location in Arizona USA provides multiple development advantages, being strategically located near all major infrastructure and in close proximity to U.S. battery manufacturing facilities”.
“In addition, a stage 3 drilling program is planned for 2020 with the objective of converting the current reported Exploration Targets. This drilling will target Blocks B and C in the Northern Mineralised Zone as we continue to develop the Big Sandy Lithium Project.”
The information in this report that relates to Mineral Resources is based on and fairly represents information compiled by Mr Daniel Saunders, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Cube Consulting Pty Ltd, acting as independent consultants to Hawkstone Mining Limited. Mr Saunders has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken to 26 September, 2019 Ground Floor, 24 Outram Street, West Perth WA 6005 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’.
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