Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) is not going to slow the pace of exploration in the remainder of the current financial year, according to its chairman Ian Stalker.
“The pace of development will continue through the final half of the year," he said.
The junior upgraded the resource at its Basin project in Arizona over the first half of this fiscal year, with lithium carbonate (LCE) tonnage there now over one million tonnes.
Latest drill results continued to be encouraging, it said, with grades between 906-983 parts per million (ppm) over widths of 75-88 metres.
Stalker added that the updated resource at Basin has resulted in the next stage of a royalty payment of US$2.5 million, leaving it well placed financially to continue its planned work programme well into 2024.
“We also commenced our Phase 3 drilling programme at our San Domingo pegmatite asset [also in Arizona] during August 2023," he said.
"This is a follow on from our Phase 1 and Phase 2 drill programmes, our aim being to extend the known lithium mineralization in this district.
“Assay results have been slow to arrive due to the summer rush at the laboratory, and the company hopes to have news on San Domingo within the next few weeks as preliminary results have started to arrive."
Losses for the six months to 31 August 2023 were US$2.2 million (US$1.1 million) with cash equivalents of US$2.9 million.