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.
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.
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