CleanTech Lithium PLC (AIM:CTL, OTCQB:CTLHF) has announced an upgrade on the JORC resource estimate for the Francisco Basin lithium project in Chile.
Some 919,000 tonnes of lithium carbonate equivalent are now estimated to be held within the project at an average grade of 207 milligrams per litre.
This is up from a previously estimated 527,000 tonnes, marking an increase of 74%, CleanTech said in a statement.
Though not categorised as a reserve, the resource could produce 20,000 tonnes of battery-grade lithium carbonate annually over a 20-year period, the AIM-listed firm continued.
“Seeing [this] provides more confidence in the resource potential and further de-risks the project following an extensive work programme this year,” chief executive Aldo Boitano said.
Some 443,000 tonnes of the estimate is at a grade of 221 milligrams per litre, with a scoping study on the project said to be nearing completion.
“We expect the scoping study will confirm the economic potential of this project, alongside our other project Laguna Verde,” Boitano added.
“At both sites we intend to advance our direct lithium extraction process […] and supply 'green' lithium to the EV and battery manufacturing industry.”
Shares jumped 6.3% to 55.26p on the news.