Argosy Minerals Ltd (ASX:AGY) has upgraded its lithium carbonate resource by 18% at its Rincon Lithium Project in Argentina.
Notably, the upgraded resource of 245,120 tonnes lithium carbonate is also all in the higher Indicated JORC category.
Because it is in this category it can be fully utilised for life-of-mine and production modelling in the preliminary economic assessment (PEA) underway.
The updated resource estimate exceeds Argosy’s expectation, and forms basis for sustainable commercial production targets and long-term life of mine modelling to be outlined in the PEA.
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Argosy’s managing director Jerko Zuvela said: “We are very pleased to deliver an upgraded JORC Mineral Resource estimate that is not only larger than our prior maiden Resource but the Resource has moved into the higher Indicated category.
“The new Indicated Resource will support our Project production targets and long-term mine life estimates, to be outlined further within our upcoming preliminary economic assessment.
“The Resource estimate upgrade further validates the company’s fast-track development strategy to fully develop the Rincon Lithium Project toward commercial production.”
Resource has expansion potential
The resource was estimated to a vertical depth of 102.5 metres below ground level, calculated from results of 21 drill-holes.
The resource and brine aquifer remain open at depth – with good scope for resource expansion from additional deeper drilling and continued tenement acquisitions.