Bradda Head Lithium Ltd (AIM:BHL, OTC:BHLIF, TSX-V:BHLI) said geochemical results for its expansion drilling programme at Basin Project in Arizona showed all eight drill holes contain excellent lithium mineralisation, with extensive amounts newly discovered in the Lower Clay.
A highlight of the drilling was hole BND24-19, added the statement, with Upper Clay unit thickness at 103m in the centre of the drill pattern and nearly 100m (99.82m) at 839 ppm lithium and a higher-grade interval of 32.52m at 1,030 ppm.
Bradda Head is aiming to increase the Vasin Project resource to more than 2.5 MT of lithium carbonate equivalent (LCE) as this would trigger a US$3 million royalty payment from partner Lithium Royalty Company (LRC).
Ian Stalker, Bradda’s executive chair, commented: "This is a particularly exciting juncture in the company's trajectory, as we await the updated resource which could unlock a significant royalty payment from the LRC.
Now, with all the results received and the notable expansion into the Lower Clay, we await calculation by our qualified person on the MRE expansion, which we anticipate proving significant growth from 1.08 MT of LCE.
Since last year's sonic drilling and expansion from 371KT to 1.08MT of LCE, we have remained steadfast in our prediction that we will achieve what is an important increase.
“We tripled the resource last year and are optimistic we may achieve something similar with the conclusion of this 2024 program.
“We look forward to providing an update on the Basin MRE for all our stakeholders in short order."