(Kitco News) - Alpha Lithium (TSX.V: ALLI) today announced preliminary maiden lithium and potassium resources for its Tolillar brine project in the Salta province of Argentina.
According to the company's statement, the resource estimate includes 2,119,000 tonnes of indicated, and 1,158,000 tonnes of inferred, lithium carbonate equivalent (LCE).
The resource estimate also includes 7,387,000 tonnes of potassium equivalent (KCl) in the indicated category and a further 4,786,000 tonnes of KCI in the inferred category.
The company said that resources are labeled "preliminary" as Montgomery & Associates, who prepared the independent resource estimate, noted that additional resources are expected to be added in the future, mainly due to the fact that only 9,000 (33%) of the 27,500-hectare site has been explored.
President and CEO Brad Nichol stated, "We are very excited to see a robust NI 43-101 resource estimate from our hydrogeological consultants. We expect to expand this resource by drilling (i) deeper, as we haven't reached basement rock, (ii) laterally, as we have not drilled anywhere near the extents of the salar, and (iii) through increased lithium grades, as we continually improve our understanding of the salar's hydrodynamics.
"Importantly, the company now has a strong, albeit preliminary, resource estimate in place that will allow us to proceed with our planned Economic Assessment. Since closing the recent bought deal financing and increasing our cash reserves to over $45 million, we are confidently advancing Tolillar to the next level."
Alpha Lithium is focused on the development of the Tolillar and Hombre Muerto Salars in Argentina. The company indicated that in Tolillar, it had assembled 100% ownership of what may be one of Argentina's last undeveloped lithium salars, encompassing 27,500 hectares (67,954 acres), neighboring multi-billion-dollar lithium players in the heart of the renowned "Lithium Triangle". In Hombre Muerto, the company continues to expand its 5,000+ hectare (12,570 acres) foothold.
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