NOA Lithium Brines Inc. [TSXV-NOAL; FSE-N7N] has completed a controlled source audio-magnetotelluric (CSAMT) survey and update of its NI 43-101 resource technical report for its Rio Grande project, Argentina. Montgomery and Associates updated the resource estimate based on the CSAMT which confirmed low conductivity areas corresponding to lithium saturated brines in the southeast area of NOA’s Rio Grande properties, adding 1,509,000 tonnes of Lithium Carbonate Equivalent (LCE) of Inferred resource with a concentration estimated at 450 milligrams per litre (mg/l), for an aggregate Measured, Indicated and Inferred Mineral Resource Estimate (MRE) of 3,799,000 tonnes of LCE with an average estimated concentration of 535 mg/l.
Highlights – CSAMT Survey: The CSAMT survey consisted of 20 lines with an average line spacing of 1,500 metres at the Rio Grande project.
Significant Resource Expansion: There has been a significant increase in Inferred resources to 1,880,000 Mt of LCE, from 371,000 Mt of LCE previously, resulting in an increase of 407%.
Revised Mineral Resource Estimate: The new Rio Grande MRE contains a total resource of 3.8 million tonnes of 535 mg/l, resulting in an increase of 65% compared to the prior MRE dated February 26, 2024.
Upside Potential: Certain property areas in the north and northeast of the Rio Grande Project may be subject to a change in category from indicated to measured and from inferred to indicated.
North Properties: A resource estimate on the northern properties of the Rio Grande Project may be increased as further expanded to the west.
Gabriel Rubacha, CEO, stated: “We are excited with the results of the CSAMT, particularly for the southern area of our claims in Rio Grande where we thought it would be a good target to increase the estimated resource for our already robust project. The Rio Grande project is becoming a world class project with its high grade and 3.8 million tonnes of LCE estimated. We look forward to starting this new drilling campaign to unlock additional value for our project and our shareholders.”
Quantec Geoscience Argentina S.A. conducted the CSAMT study completing and surveying most of the properties contained in the Rio Grande Project.
The main objective of the study included the identification of areas to be explored as part of our second stage drilling campaign, which is planned to begin during 2024. This second stage drilling program will include additional diamond drilling in unexplored properties, drilling of pumping wells close to existing diamond drilled holes, and industrial water exploration and process engineering which will lead to our planned Preliminary Economic Assessment on the Rio Grande Project.
NOA is finalizing the evaluation of the results to update our current drilling plan for this year. Results of the CSAMT have identified additional drill targets in the claims that the Company was planning to explore. The Company is working on updating its Technical Report which will also include the additional changes associated with upgrades of certain resource categories in some areas, based on the CSAMT results.
All of NOA’s projects are located in the heart of the prolific Lithium Triangle, in the mining-friendly province of Salta, Argentina, near a multitude of projects and operations owned by some of the largest players in the lithium industry. NOA has rapidly consolidated one of the largest lithium brine claim portfolios in this region that is not owned by a producing company, with key positions on three prospective salars, being Rio Grande, Arizaro, Salinas Grandes, and totalling over 140,000 hectares.
