Sigma Lithium Corporation has announced a roughly 50% increase of the total estimated mineral resource at its Grota do Cirilo project in Brazil following a NI 43-101 mineral audit at its Phase 3 NDC deposit.
The new estimate clocks in at 85.7 million tonnes, up from the previous estimate of 58.9 million tonnes, which the company says makes it among the largest mineral lithium projects in the world.
The mineral audit, completed by SGS Geological Services (SGS), reported an estimated 26.8 million tonnes (Mt) of high grade 1.49% lithium oxide at NDC. NDC is an open pit deposit located close to the project's Phase 2 feasibility study stage Barreiro deposit.
READ: Sigma Lithium’s latest study for Grota do Cirilo (Phase 1 and Phase 2) shows an NPV of US$5.1bn and an IRR of 589%
The estimated 26.8 Mt comprises 23.3 Mt of measured and indicated mineral resources grading at 1.49% lithium oxide and 3.5 Mt of inferred mineral resources grading at 1.48% lithium oxide.
The Phase 3 mineral resource estimate is based on 18,483 meters of drilling completed during the final quarter of 2021 and first quarter of 2022, and additional drilling is expected to be completed at NDC in 2022 to conclude the pre-feasibility study and pursue the conversion of measured and indicated mineral resources into proven probable mineral reserves, as well as further increase the mineral resource estimate.
"We are delighted to announce this substantial increase in the Company's estimated mineral resource as a result of Phase 3, solidifying the project's significant scale as the largest mineral lithium project in the Americas,” Co-CEO Calvyn Gardner said in a statement. “This 50% increase of its mineral resource underscores its robust organic growth profile. We have been advancing our construction of the Phase 1 operation at a rapid pace and remain focused on delivering battery grade sustainable lithium following the commissioning of our Greentech plant at the end of 2022.”
Construction of the Phase 1 plant is on schedule and on budget, with civil engineering under way and construction of key infrastructure items continuing in June, Gardner added.
Meanwhile, fellow Co-CEO Ana Cabral-Gardner emphasized the importance of the quality of the Phase 3 mineral resource.
"More importantly, the high quality of the Phase 3 mineral resource might potentially enable Sigma Lithium to maintain high production yields utilizing a similar environmentally sustainable Greentech plant to the one currently in construction for Phase 1, while continuing to increase our production profile to help enable the electric vehicle revolution and broader energy transition,” Cabral-Gardner said.
Looking ahead, a Phase 3 preliminary economic assessment (PEA) is expected to be completed this summer to further evaluate the potential for Phase 3 production in addition to the 531,000 tonnes per year of battery grade sustainable lithium estimated in the Phase 1 & 2 technical report announced in May.
Sigma Lithium is a Canadian company dedicated to powering the next generation of electric vehicle batteries with environmentally sustainable and high-purity lithium.
The company’s Grota do Cirilo project in Brazil includes a state-of-the-art, green-tech processing plant that uses 100% renewable energy, 100% recycled water and 100% dry-stack tailings.
Since inception, Sigma has devoted itself to strong ESG practices, from its ongoing support of local communities to its goal of achieving net-zero by 2024.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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