Eye on Lithium: How big could the resource at Mavis Lake get?

Lithium prices continue to stabilise, with chemicals selling for US$41,000- US$47,000/t on spot
New 74.4m spod-bearing pegmatite drill hit reported at Mavis Lake as Critical Resources looks to double 8Mt lithium resource ‘in short order’
Other ASX lithium news today: Tambourah, Morella, Balkan Mining & Minerals, Kalgoorlie Gold, Cygnus

All your lithium news, Wednesday July 5.

Lithium prices continue to flatten out, according to the latest data from Benchmark Mineral Intelligence, with various spot prices for hydroxide and carbonate selling for between US$41,000- US$47,000/t over the past week.

But spot represents a small percentage of the overall lithium market. Most product tied up in relatively opaque, long-term contracts between miners and downstream buyers.

Punters will get a better idea of the health of the market when ASX miners release their quarterly reports later this month.

In April, Pilbara Minerals (ASX:PLS), which was pulling in a very healthy ~US$5,522/t for its spodumene in the March quarter (SC6 basis) anticipated “a continued softening of spodumene prices into the June Quarter 2023 until pricing for lithium chemicals stabilises, including domestic pricing in China”.

Which it seemingly has.

A monster at Mavis Lake?

Critical Resources (ASX:CRR) today reported a massive 74.4m of continuous spodumene-bearing pegmatite in its first hole of the summer drilling program at Mavis Lake.

The record intercept is outside the current 8Mt lithium resource envelope “and is expected to result in a meaningful increase in total resource tonnage”, CRR says.

While CRR maiden resource released in May appeared to underwhelm the market, CRR managing director Alex Cheeseman always said it was the plan “to double it in short order”.

The 8Mt @ 1.07% makes @Critical_CRR the 1st company in Canada to issue a maiden JORC resource in this lithium cycle, and only the 3rd globally in the last 3 years. @reubenadams6 spoke with lithium vet and $CRR MD @ACheesey about what comes next.#ASX

https://t.co/5kibs0l5gI

— Stockhead (@StockheadAU) May 15, 2023

Extensional drilling will continue throughout the next few months to support a late Q4/ early Q1 2024 resource upgrade, CRR says, with first assays due in the next 6-8 weeks.

The company also plans to test its Gullwing and Tot Lakes pegmatites – which are contiguous to the Mavis Lake tenements – later this year.

Here there are 8km of pegmatite clusters which could add further to the resource, CRR says.

Always great to be on the ground at Mavis Lake, this time stomping through the scrub to the Gullwing pegmatite. So much potential here for ⁦@Critical_CRR⁩ to expand its resource base. pic.twitter.com/Nmg1s0yUR0

— Alex Cheeseman (@ACheesey) June 18, 2023

Here’s how Aussie lithium stocks are tracking:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.

Stocks missing from this list? Email [email protected]

CODE	COMPANY	% TODAY	% YTD	PRICE	MARKET CAP
XTC	Xantippe Res Ltd	100%	-60%	0.002	$11,480,100
TMB	Tambourahmetals	36%	43%	0.15	$4,531,186
CRR	Critical Resources	29%	26%	0.054	$66,979,705
EPM	Eclipse Metals	29%	13%	0.018	$28,392,837
AVW	Avira Resources Ltd	25%	-17%	0.0025	$4,267,580
SGQ	St George Min Ltd	23%	-28%	0.049	$33,620,422
1MC	Morella Corporation	21%	-29%	0.0085	$42,690,063
IEC	Intra Energy Corp	20%	-25%	0.006	$3,528,908
RGL	Riversgold	14%	-47%	0.016	$13,317,660
TKL	Traka Resources	11%	25%	0.01	$7,841,963
LSR	Lodestar Minerals	11%	0%	0.005	$8,295,288
CMD	Cassius Mining Ltd	10%	115%	0.043	$19,372,400
MXR	Maximus Resources	10%	-18%	0.033	$9,571,673
SRZ	Stellar Resources	9%	-8%	0.012	$11,065,607
PAM	Pan Asia Metals	9%	-40%	0.245	$34,934,918
CAI	Calidus Resources	8%	-26%	0.2	$112,407,880
NWM	Norwest Minerals	8%	6%	0.057	$14,714,629
RAS	Ragusa Minerals Ltd	7%	-37%	0.072	$9,554,119
EMS	Eastern Metals	7%	-22%	0.058	$3,593,151
LIS	Lisenergylimited	7%	-9%	0.29	$44,796,830
ICL	Iceni Gold	7%	18%	0.094	$18,354,286
MRR	Minrex Resources Ltd	6%	-44%	0.018	$18,442,748
PAT	Patriot Lithium	6%	6%	0.28	$16,267,688
PL3	Patagonia Lithium	5%	0%	0.195	$9,065,648
DLI	Delta Lithium	5%	89%	0.9	$445,379,610
GSM	Golden State Mining	5%	-5%	0.041	$5,626,304
SBR	Sabre Resources	5%	13%	0.043	$11,950,934
INF	Infinity Lithium	5%	-4%	0.115	$50,885,130
LPM	Lithium Plus	4%	-5%	0.35	$22,106,047
REC	Rechargemetals	4%	163%	0.355	$35,898,721
FRS	Forrestaniaresources	4%	-14%	0.12	$10,182,425
QXR	Qx Resources Limited	4%	-43%	0.024	$20,627,833
GW1	Greenwing Resources	4%	-9%	0.25	$35,978,346
MHK	Metalhawk.	4%	-24%	0.125	$8,032,247
DAF	Discovery Alaska Ltd	4%	-9%	0.029	$6,558,572
AZS	Azure Minerals	3%	633%	1.65	$622,426,535
LRS	Latin Resources Ltd	3%	221%	0.315	$797,626,747
TON	Triton Min Ltd	3%	-8%	0.033	$49,963,379
EUR	European Lithium Ltd	3%	39%	0.1025	$149,423,918
VMC	Venus Metals Cor Ltd	3%	52%	0.205	$37,815,737
BNR	Bulletin Res Ltd	2%	-30%	0.065	$18,789,830
DAL	Dalaroometalsltd	1%	-29%	0.071	$3,032,750
SCN	Scorpion Minerals	1%	23%	0.086	$29,385,026
ADV	Ardiden Ltd	0%	0%	0.007	$18,818,347
AML	Aeon Metals Ltd.	0%	-37%	0.017	$18,638,811
AVZ	AVZ Minerals Ltd	0%	0%	0.78	$2,752,409,203
LPD	Lepidico Ltd	0%	-31%	0.011	$84,021,363
MLS	Metals Australia	0%	-24%	0.034	$21,217,230
QPM	Queensland Pacific	0%	-9%	0.1	$174,634,792
RLC	Reedy Lagoon Corp.	0%	-30%	0.007	$3,967,037
ARN	Aldoro Resources	0%	-25%	0.12	$16,130,849
AM7	Arcadia Minerals	0%	-37%	0.13	$12,226,513
BYH	Bryah Resources Ltd	0%	-42%	0.015	$5,182,579
MMC	Mitremining	0%	7%	0.3	$11,470,530
RAG	Ragnar Metals Ltd	0%	118%	0.025	$9,479,622
CTN	Catalina Resources	0%	-70%	0.003	$3,715,461
TEM	Tempest Minerals	0%	-30%	0.016	$8,109,146
WCN	White Cliff Min Ltd	0%	-50%	0.007	$8,100,530
WML	Woomera Mining Ltd	0%	-26%	0.014	$13,386,724
KGD	Kula Gold Limited	0%	-16%	0.021	$7,837,450
KZR	Kalamazoo Resources	0%	-45%	0.115	$17,836,453
AZI	Altamin Limited	0%	-3%	0.078	$30,553,907
ENT	Enterprise Metals	0%	-50%	0.005	$3,647,355
KAI	Kairos Minerals Ltd	0%	39%	0.029	$63,338,711
PGD	Peregrine Gold	0%	-25%	0.29	$16,269,757
AOA	Ausmon Resorces	0%	-57%	0.003	$2,907,868
VKA	Viking Mines Ltd	0%	20%	0.012	$12,303,101
IPT	Impact Minerals	0%	100%	0.014	$39,825,854
EVR	Ev Resources Ltd	0%	-7%	0.013	$12,167,793
THR	Thor Energy PLC	0%	-33%	0.004	$5,840,051
YAR	Yari Minerals Ltd	0%	-6%	0.016	$7,717,725
M2R	Miramar	0%	-53%	0.036	$3,327,804
LLI	Loyal Lithium Ltd	0%	8%	0.32	$19,036,800
LRD	Lordresourceslimited	0%	-49%	0.086	$3,193,362
WMC	Wiluna Mining Corp	0%	0%	0.205	$74,238,031
ZEO	Zeotech Limited	0%	-6%	0.044	$75,060,615
ALY	Alchemy Resource Ltd	0%	-39%	0.014	$16,493,068
KTA	Krakatoa Resources	0%	-7%	0.041	$14,898,440
TYX	Tyranna Res Ltd	0%	8%	0.026	$80,767,058
FTL	Firetail Resources	0%	-34%	0.105	$8,085,000
LNR	Lanthanein Resources	0%	-10%	0.019	$21,309,936
TKM	Trek Metals Ltd	0%	32%	0.1	$44,312,008
CY5	Cygnus Metals Ltd	0%	-18%	0.31	$66,383,621
TUL	Tulla Resources	0%	6%	0.35	$118,262,971
OCN	Oceanalithiumlimited	0%	12%	0.385	$15,082,953
LM1	Leeuwin Metals Ltd	0%	0%	0.41	$18,361,850
ENT	Enterprise Metals	0%	-50%	0.005	$3,647,355
FIN	FIN Resources Ltd	0%	-16%	0.016	$9,896,566
DTM	Dart Mining NL	0%	-22%	0.043	$7,408,351
KOB	Kobaresourceslimited	0%	18%	0.165	$17,393,750
LRD	Lordresourceslimited	0%	-49%	0.086	$3,193,362
DYM	Dynamicmetalslimited	0%	0%	0.29	$10,150,000
TOR	Torque Met	0%	-11%	0.16	$15,413,926
TMX	Terrain Minerals	0%	0%	0.006	$6,499,196
NKL	Nickelxltd	0%	6%	0.085	$7,346,999
IGO	IGO Limited	0%	15%	15.465	$11,752,796,458
JRL	Jindalee Resources	-1%	0%	1.885	$108,733,141
PLL	Piedmont Lithium Inc	-1%	36%	0.875	$336,910,200
EMH	European Metals Hldg	-1%	23%	0.79	$100,042,180
IR1	Irismetals	-1%	47%	1.71	$137,932,900
SYA	Sayona Mining Ltd	-1%	-4%	0.1825	$1,857,240,534
AKE	Allkem Limited	-1%	44%	16.225	$10,495,852,096
ESS	Essential Metals Ltd	-1%	56%	0.5075	$137,796,847
AS2	Askarimetalslimited	-2%	-26%	0.32	$22,187,897
CXO	Core Lithium	-2%	-7%	0.955	$1,802,761,290
PLS	Pilbara Min Ltd	-2%	36%	5.09	$15,530,611,152
LTR	Liontown Resources	-2%	108%	2.75	$6,166,315,641
G88	Golden Mile Res Ltd	-2%	170%	0.055	$18,445,812
RIO	Rio Tinto Limited	-2%	-4%	112.08	$42,374,330,828
ZNC	Zenith Minerals Ltd	-2%	-64%	0.096	$34,533,327
MAN	Mandrake Res Ltd	-2%	18%	0.047	$28,740,476
AAJ	Aruma Resources Ltd	-2%	-17%	0.044	$8,829,083
EMC	Everest Metals Corp	-2%	172%	0.215	$28,475,284
EMC	Everest Metals Corp	-2%	172%	0.215	$28,475,284
VSR	Voltaic Strategic	-2%	253%	0.083	$31,403,908
LLL	Leolithiumlimited	-2%	134%	1.1325	$1,145,192,572
WES	Wesfarmers Limited	-3%	6%	48.53	$56,472,822,964
AZL	Arizona Lithium Ltd	-3%	-42%	0.036	$101,738,038
NVA	Nova Minerals Ltd	-3%	-49%	0.35	$75,920,386
VUL	Vulcan Energy	-3%	-32%	4.295	$739,622,030
EG1	Evergreenlithium	-3%	0%	0.34	$19,680,500
ASN	Anson Resources Ltd	-3%	-11%	0.165	$211,935,384
LIT	Lithium Australia	-3%	-27%	0.033	$41,520,517
GL1	Globallith	-3%	-12%	1.63	$435,290,575
LKE	Lake Resources	-3%	-63%	0.295	$433,845,636
DRE	Dreadnought Resources Ltd	-3%	-47%	0.056	$193,008,237
AGY	Argosy Minerals Ltd	-4%	-29%	0.405	$589,851,149
PSC	Prospect Res Ltd	-4%	13%	0.135	$64,716,325
LRV	Larvottoresources	-4%	-16%	0.135	$9,415,661
LEL	Lithenergy	-4%	5%	0.805	$86,013,350
PNN	Power Minerals Ltd	-4%	-26%	0.39	$29,619,385
GLN	Galan Lithium Ltd	-4%	-15%	0.905	$316,700,481
INR	Ioneer Ltd	-4%	-15%	0.3225	$706,653,285
MIN	Mineral Resources.	-4%	-10%	69.84	$14,115,405,142
SRI	Sipa Resources Ltd	-4%	-22%	0.025	$5,932,112
BMM	Balkanminingandmin	-4%	-27%	0.24	$11,943,004
FBM	Future Battery	-4%	117%	0.115	$51,341,416
ANX	Anax Metals Ltd	-4%	30%	0.069	$29,476,428
MHC	Manhattan Corp Ltd	-5%	91%	0.0105	$32,299,066
LPI	Lithium Pwr Int Ltd	-5%	-30%	0.31	$204,502,207
NMT	Neometals Ltd	-5%	-38%	0.5	$290,189,117
EFE	Eastern Resources	-5%	-66%	0.01	$13,040,438
MQR	Marquee Resource Ltd	-5%	8%	0.04	$13,889,715
PMT	Patriotbatterymetals	-5%	136%	1.77	$612,262,883
A11	Atlantic Lithium	-5%	-13%	0.54	$347,267,746
NIS	Nickelsearch	-5%	-66%	0.054	$5,429,841
MM1	Midasmineralsltd	-6%	65%	0.33	$25,707,294
WC8	Wildcat Resources	-6%	546%	0.155	$109,809,864
MNS	Magnis Energy Tech	-6%	-59%	0.15	$178,453,037
AUN	Aurumin	-6%	-52%	0.029	$8,499,253
GT1	Greentechnology	-7%	-15%	0.7	$159,733,142
WR1	Winsome Resources	-7%	43%	1.76	$307,086,287
STM	Sunstone Metals Ltd	-7%	-30%	0.026	$86,295,577
LLO	Lion One Metals Ltd	-8%	-23%	0.9	$13,194,523
SLM	Solismineralsltd	-8%	1467%	1.175	$77,617,729
AX8	Accelerate Resources	-8%	-4%	0.022	$9,110,442
MTM	MTM Critical Metals	-9%	27%	0.1	$9,792,665
CHR	Charger Metals	-9%	-21%	0.35	$18,851,282
BUR	Burleyminerals	-10%	-18%	0.18	$14,923,961
A8G	Australasian Metals	-11%	-34%	0.125	$7,296,869
IMI	Infinitymining	-13%	-53%	0.13	$11,471,748
FG1	Flynngold	-17%	-47%	0.053	$8,697,327
RMX	Red Mount Min Ltd	-20%	-20%	0.004	$11,359,255

Global lithium producer SQM (NYSE:SQM) will spend up to $3m on exploration to earn up to 70% of Tambourah Resources’ (ASX:TMB) Julimar North projects in WA.

US$20bn capped SQM – which made US$1.65bn gross profit in the March quarter – has inked deals with other Aussie juniors, most notably Azure Minerals (ASX:AZS).

In January, SQM paid $20m for a 19.99% stake in AZS, which then went on to uncover a potentially monstrous deposit at Andover.

Drilling at the Mallina lithium JV in the Pilbara between Morella Corp (ASX1MC) and newly minted miner Sayona (ASX:SYA) has returned several thin, but high-grade and shallow intercepts in 12 of the 35 holes:

The discovery area now covers a 1km by 1.5km pegmatite swarm which “shows strong potential for additional mineralisation”, 1MC says. More drilling is planned.

“We now have a project that has demonstrated the potential for scalability with further confirmed strike lengths as well as several exciting new discoveries to test,” MD James Brown says.

In Short:

Soil sampling has identified multiple targets at Balkan Mining and Minerals (ASX:BMM) Gorge lithium project in Ontario, Canada.

Kalgoorlie Gold Mining (ASX:KAL) is planning a shallow aircore program over the Pianto lithium project to test targets under cover.

Cygnus Metals’ (ASX:CY5) maiden CAD$2m payment for the Pontax project earn-in will be settled in shares, leaving it well funded for upcoming drilling. CY5 can earn up to 70% of Pontax in James Bay, where it remains on track to release a maiden resource in late July/early August.