In a significant development for the lithium sector, CleanTech Lithium PLC has announced an increase in the resource estimates for its Laguna Verde project in Chile. Following the acquisition of additional licenses, the total lithium resource has risen to 1.9 million tonnes of Lithium Carbonate Equivalent (LCE), marking a 17% increase from the previous estimate of 1.63 million tonnes. This enhancement places Laguna Verde among the most promising projects for direct lithium extraction, particularly as global demand for electric vehicle (EV) batteries surges.
The Chilean government has designated Laguna Verde as one of six salars prioritized for development by private enterprises. This status underscores the importance of the project in meeting both local and international demand for sustainable lithium sources.
Table of Contents:
Key Highlights of the Resource Update
The updated resource estimate is based on extensive exploration efforts carried out over a significant period. This phase included drilling programs, pump tests, and geophysical surveys, executed by CleanTech Lithium in consultation with the esteemed hydrogeological firm, Montgomery & Associates. The increase in resource estimates can be attributed to the recent acquisition of licenses aimed at fulfilling the Chilean government’s requirements for entering a streamlined process for a Special Lithium Operating Contract (CEOL).
Out of the updated resource, approximately 0.84 million tonnes falls within the Measured + Indicated category, boasting a lithium grade of 178 mg/L. This robust classification showcases the potential of Laguna Verde as a reliable source for lithium extraction.
Government Collaboration and Future Plans
The Chilean government is currently wrapping up consultations with indigenous communities regarding the Laguna Verde project. Once these discussions are complete, the streamlined process for the Special Lithium Operating Contract is expected to be announced, paving the way for further development. CleanTech Lithium is eager to advance its pre-feasibility study (PFS), which will serve as the foundation for estimating the maiden reserves of the project.
CEO of CleanTech Lithium, Ignacio Mehech, expressed optimism regarding the updated estimates, stating, “The JORC-compliant resource estimate confirms a strong and significant resource of 1.9 million tonnes of LCE. This is critical to the advancement of our project, positioning Laguna Verde as a leading contender in Chile’s lithium sector.” This sentiment reflects the company’s commitment to becoming a key player in the global EV and battery markets.
Exploration and Future Prospects
The resource enhancement stems from CleanTech’s strategy to acquire additional licenses from Minergy Chile SpA. This strategic acquisition has allowed CleanTech to increase its preferential license position within the government-defined CEOL polygon to an impressive 97.6%. This exceeds the 80% threshold set by the government, reinforcing the company’s eligibility for the streamlined CEOL process.
In addition to the existing resource estimate, Montgomery & Associates have suggested drilling three additional holes in the southwest, north, and northeast regions of the site to potentially unlock further resources. This proactive approach to exploration highlights CleanTech’s dedication to maximizing the potential of the Laguna Verde project.
Understanding Resource Classification
It is important to note that the resource estimates provided are classified according to the JORC Code (2012) and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines. The classification of mineral resources does not equate to mineral reserves, and the economic viability of these resources must still be demonstrated through various modifying factors, including mining, processing, and environmental considerations.
As the demand for lithium continues to escalate, driven by the rise of renewable energy technologies and electric vehicles, projects like Laguna Verde are crucial for meeting this need. CleanTech Lithium’s strategic advancements and resource updates signal a promising future in the burgeoning lithium market.
