Sigma Lithium Improves Resource Estimate By 27%

Sigma Lithium (TSXV: SGML) is reporting what it calls a “significant” increase to the mineral resource estimate for its Grota do Cirilo operation in Brazil.

The increase amounts to 27%, with the firms measured and indicated resources growing to 94.3 million tonnes at a grade of 1.40% Li2O, and inferred resources coming in at 14.6 million tonnes at 1.37% Li2O. The increase brings the company’s resource estimate to a combined 109 million tonnes.

“We are delighted to announce that Grota do Cirilo became the world’s 4th largest operating industrial pre-chemical lithium beneficiation complex by mineral resource scale, transforming Sigma Lithium into one of the largest operating integrated producers in the global lithium industry,” commented Ana Cabral-Gardner, CEO of Sigma.

The increase follows a 2023 drill program that validated the “J-shaped” corridor of deposits that extend from Barreiro to NDC-Murial. The current geological model as a result supports a combined open pit, which amounts to 60 million tonnes of mineral resources over a strike of 3.2 kilometres. A revised pre-feasibility study is currently being prepared to reflect this potential.

The company meanwhile is forecasting that the current resource will expand to 150 million tonnes, based on ongoing exploration of the project. 2024 will see the company focus its eight drills on structures between NDC and Murial, as well as on resource expansion at the Barreiro Extension. Sigma is operating under the belief that a link exists between Murial and NDC, which will provide opportunity for an increase in resource density.

READ: Sigma Lithium To List Sigma Brazil On Nasdaq In Confusing Move

Exploratory drilling is also set to take place on 57 mineralized pegmatites across the project, along with trench work and sampling.

Sigma Lithium last traded at $28.77 on the TSX Venture.


Information for this briefing was found via Sedar and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

Sigma Lithium Starts Production Of Lithium Concentrate

After securing an operating license for its Grota do Cirilo mine in Brazil last week,...

Monday, April 17, 2023, 09:04:58 AM

China-Based EV Battery Maker to Raise Prices By At Least 20% Primarily Due to Soaring Lithium Price

Inflation is everywhere. On October 27, the giant China-based electric vehicle (EV) and battery maker...

Sunday, October 31, 2021, 09:00:00 AM

Sigma Lithium Announces First Shipment Of Tailings And Green Lithium

Sigma Lithium (TSXV: SGML) is reporting this morning that it has managed to deliver on...

Friday, May 26, 2023, 08:43:15 AM

Sigma Lithium Receives LOI For Development Bank Financing Of Facility Expansion

Sigma Lithium (TSXV: SGML) is reporting this morning that it has received a letter of...

Monday, February 12, 2024, 08:14:20 AM

Sigma Lithium Reports $25 Million Quarterly Loss as Revenue Drops Over 50% In Q3 2024

Sigma Lithium Corporation (TSXV: SGML) released its financial results for Q3 2024, posting quarterly revenue...

Friday, November 15, 2024, 01:07:00 PM