Further to NOA Lithium Brines Inc.’s [TSXV-NOAL; FSE-N7N] press release dated May 29, 2024, the company has filed an updated NI 43-101 technical report which includes the results of the fifth drill hole at its Rio Grande project, Argentina, and the controlled source audio-magneto telluric (CSAMT) survey that was completed on all properties at the Rio Grande project.
Based on the previously announced resource estimate, Montgomery and Associates has updated the resource estimate in the technical report at the Rio Grande project by including an additional 616,000 tonnes of lithium carbonate equivalent (LCE) of measured resource with a concentration estimated at 571 milligrams per litre (mg/l), 123,000 metric tonnes (Mt) of LCE of indicated resource with a concentration estimated at 594 mg/l and 159,000 Mt of LCE of inferred resource with a concentration estimated at 468 mg/l for an aggregate measured, indicated and inferred mineral resource estimate (MRE) of 4,697,000 Mt of LCE with an average estimated concentration of 525 mg/l.
Highlights from the updated technical report include significant measured resource expansion: There has been a significant increase in measured resources to 2,094,000 Mt of LCE, from 1,478,000 Mt of LCE previously estimated, resulting in an increase of 42%.
Measured and indicated expansion: Associated with the increase above, measured and indicated resource increased to 2,658,000 Mt of LCE, from 1,919,000 Mt of LCE previously estimated, resulting in an increase of 38%.
Revised mineral resource estimate (MRE): The new MRE at the Rio Grande project contains a total resource of approximately 4.7 million Mt of LCE with concentration estimated at 525 mg/l, resulting in an increase of 24% compared to the previously estimated MRE of approximately 3.8 million Mt that was disclosed in the company’s press release dated May 29, 2024.
Gabriel Rubacha, CEO, stated: “This substantial increase in the resource estimate at our flagship Rio Grande project highlights the progress NOA’s team has made and emphasizes that this project continues to develop into a world-class asset. We are encouraged by the updated results and look forward to starting our second stage drilling campaign to continue to develop this project and unlock value for our shareholders.”
NOA is a lithium exploration and development company formed to acquire assets with significant resource potential. All NOA’s projects are located in the heart of the prolific Lithium Triangle, in the mining-friendly province of Salta, Argentina, near many 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.
