Galaxy Resources Limited (ASX: GXY) announced that a Mineral Resource and Ore Reserve update following drilling activities undertaken at the Mt Cattlin Project in Western Australia.
Following a full year of mining and processing operations at Mt Cattlin, along with a comprehensive RC and grade control drilling campaign (>10,000m), Galaxy has significantly improved its geological interpretation of the Mt Cattlin resource. As at 31 December 2017 Mt Cattlin was estimated to contain 11.6 million tonnes at 1.2% Li2O or 140 thousand tonnes of contained Li2O metal. A breakdown of the Mineral Resource, as at 31 December 2017 is reported in Table 1 below.
The updated Mt Cattlin Ore Reserve at 31 December 2017 was estimated to be 7.6 million tonnes at 1.1% Li2O or 81 thousand tonnes of contained Li2O metal. A breakdown of the Ore Reserve, as at 31 December 2017 is reported in Table 2 below.
As previously reported to the market, Galaxy is implementing a series of capital works at the Mt Cattlin Project, which includes the installation of an ultra-fines DMS circuit and optical sorting, to further optimize processing efficiencies and improve plant recoveries to a targeted 70-75%. When combined with the increase in the resource head grade delineated from recent resource development drilling, higher annual production volumes are targeted after these capital works have been completed.
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.