Approximately 80% of the Mineral Resource is classified as Measured and Indicated. Pic via Getty Images.
Ioneer bumps up Rhyolite Ridge resource a massive 168% to 3.4Mt lithium carbonate
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Ioneer has increased its Rhyolite Ridge South Basin mineral resource in Nevada, USA, to 360 Mt containing 3.4 Mt of lithium carbonate equivalent and 14.1 Mt of boric acid equivalent – a 168% and 18% increase respectively.
The mineral resource now includes a tonnage increase from 146.5 Mt to 360.0 Mt (up 145%)
And both high-boron lithium mineralisation and low-boron lithium mineralisation – whereas the previous mineral resource estimate only included high-boron lithium mineralisation.
The company says this demonstrates optionality around future growth opportunities including increasing lithium production with or without increasing boron production and underscores the growth potential for the US supply chain.
Perfectly placed in US lithium supply chain
Rhyolite Ridge is ideally placed to play a pivotal role in the electrification of transportation in the US.
Once in production, it will support the rapidly developing domestic lithium battery supply chain and lead innovation and sustainability in the production of materials critical to a clean energy future.
“It highlights Rhyolite Ridge’s optionality and multi-generational scale potential to provide a secure, sustainable, and reliable domestic source of lithium for the growing electric vehicle battery supply chain,” Ioneer (ASX:INR) executive chairman James Calaway said.
Final stage of permitting underway
Notably, the Mineral Resource lies entirely within the project boundary currently being permitted under the Mine Plan of Operation.
“To date, we have focussed heavily on progressing our development plan for Rhyolite Ridge,” MD Bernard Rowe said.
“With binding offtakes in place, debt & equity commitments of nearly US$1.2 billion and the project in the final stage of permitting, we can now begin demonstrating the broader scale potential at Rhyolite Ridge.”
Further resource growth potential
All mineralised units remain open in three directions with approximately 60% of the South Basin remaining to be drilled, underscoring the potential for further increases in the Resource.
The company plans to pursue extension drilling immediately on receipt of final permitting.
“The updated Mineral Resource base for the South Basin is a fantastic start and we look forward to building on this further with significant growth potential through South Basin extensions as well as increased exploration efforts on the mineralised and much larger North Basin,” Rowe said.
This article was developed in collaboration with Ioneer Limited, 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.
