24.5Mt and counting: Root Bay now GT1’s largest lithium deposit after 25pc resource upgrade
Green Technology Metals now has substantially more lithium in its inventory after upgrading resources at its Root Bay deposit in Ontario, Canada, by 25% to 10.1Mt at 1.29% Li2O.
The company’s Root project, which consists of the Root Bay (10.1Mt) and McCombe (4.5Mt) deposits, has seen considerable growth thanks to ongoing exploration success.
Phase 1 infill drilling at the Root Bay deposit consistently delivered thick, high-grade lithium while extensional drilling has returned consistent high-grade mineralisation >300m below current drill depth.
This has given the company a robust exploration target for potential open pit and underground mining.
It also clearly underscores why both Root and the company’s flagship 9.9Mt Seymour project are two of the most advanced lithium projects in the region.
Green Technology Metals (ASX:GT1) is already progressing plans to equip both projects with concentrators that will then feed into a central lithium conversion facility to produce 20,000-25,000tpa of battery-grade lithium hydroxide.
The company already has a strategic agreement in place with LG Energy Solution for 25% of its Seymour lithium offtake and is in discussions with Canadian and foreign government agencies for funding options for the development of its concentrators and chemical conversion facility.
Under the first stage of its three stage development plan, the company will focus on the Seymour mine and DMS concentrator with a definitive feasibility study due for delivery in Q2 2024 with a final investment decision expected in the following quarter for first production in 2025.
Stage 2 targets lithium hydroxide production by 2028 while Stage 3 will see the expansion of production by installing a DMS concentrator at Root.
The company has now provided further reason to be confident about the potential of Root Bay to contribute to its future production with the 25% upgrade in the Root Bay deposit up to 10.1Mt at 1.29% Li2O, making it the single largest deposit in its inventory.
It also takes the company’s resource inventory in Ontario up to 24.5Mt at 1.14% Li2O.
However, the real prize might well be moving a whopping 93% of the resource into the higher confidence indicated category, which is available for economic evaluation.
There is also plenty of potential for further growth as the current resource covers over 1.3km trend of the deposit, which remains open along strike and at depth, as well as across the larger 20km wide Root lithium project area.
“We are pleased with the recent 25% increase in the mineral resource estimate at the Root Bay deposit, especially within the higher confidence, indicated category,” chief executive officer Luke Cox said.
“This significant update has propelled Root Bay to become the largest GT1 deposit and still hosts significant down dip extensions that haven’t been included in this update.
“This accomplishment underscores the substantial growth and potential that our projects hold.
“We still have a lot of ground to cover and with time, we will continue increasing our resource base with extensive exploration programs across our highly prospective projects with our primary focus currently on the downdip, eastern and western sides of Root Bay, where we anticipate further exciting developments.”
Green Technology Metals currently has two rigs carrying out extensional drilling in the areas about 1.5km east and 1.7km west along the trend from the Root Bay deposit.
This trend remains open and highly prospective and can be clearly traced over the entire length of the company’s tenement through the highly magnetic BIF unit that runs along the northern boundary of the Root Bay deposit.
This article was developed in collaboration with Green Technology Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.