Eureka Geophysics Results

RNS Number : 3009Z

Bradda Head Lithium Ltd

24 January 2022

 

24 January 2022

Bradda Head Lithium Ltd.

("Bradda Head", "Bradda", or the "Company")

Eureka Geophysics Results

Bradda Head Lithium Ltd (AIM: BHL), the North America-focused lithium development group, announces results from industry expert Zonge Engineering's magnetotellurics survey (MT), and from Terravision Exploration's GPRplus^TM survey (GPRPlus), both carried out at its Eureka asset in Nevada.

Highlights :

· The geophysics results from both programmes demonstrate the potential presence of both brine and clay deposits at Eureka, which is located in Central Nevada, not far from Tesla's Gigafactory and Albemarle's existing Silver Peak Lithium mine, notably the only US lithium mine in operation currently.

· The MT survey has shown the presence of a potential brine reservoir at varying depths (300m to 2,000m) over a 12km strike length. (see https://www.braddaheadltd.com/media/image-library/)

· Two programmes are now planned for H2 2022:
- a deeper drilling programme to test the lower basin
- a shallow drilling programme to test the clay potential.

· The surveys also showed geothermal potential at Eureka, which can potentially be used to lower the carbon footprint of lithium production at the asset. Geothermally heated water with anomalous lithium levels is seen at surface near Eureka, which were previously tested in 2016.

· Bradda has now staked an additional 16km² of claims at its Eureka project reflecting the positive results from both geophysical programmes (see https://www.braddaheadltd.com/media/image-library/)

· The GPRPlus survey has also shown the presence of potential clay material, like that seen at Bradda's other sedimentary assets (Basin and Wikieup Projects) down to a depth of c.100m. Previous limited and shallow surface sampling returned grades of up to 550 ppm at Eureka.

Charles FitzRoy, CEO of Bradda Head, commented:

"These results support the potential of Eureka that our geological team have always believed to be the case. This will enable us to go ahead with plans for a drilling programme to test the observed brine reservoir and a shallow drill programme to test the clay to maximise the resource's full potential whilst further exploring Eureka's lower basin."

"Furthermore, Eureka has additional benefits in that it has demonstrated considerable geothermal potential.  This is a key point as it could enable us to lower our carbon footprint and running costs for lithium extraction from Eureka - mirroring Bradda's vision and strategy."   

"2022 has already been strong for Bradda, with the exercising of the Cheto option covering portions of Basin East and West, the positive metallurgical testwork results from Basin East demonstrating the potential to extract 99% of lithium from leach whilstthe Company remains very well funded via its Royalty agreement with LRC. The additional news at Eureka is a further sign of Bradda's fast-track approach to developing its assets, and we expect to announce more newsflow for Eureka over the course of 2022."

Background

Bradda Head commissioned two geophysical surveys (MT and GPRPlus) over its Eureka project to understand more about how the lithium is contained there. Bradda had previously undertaken a surface sampling programme, indicating the presence of lithium at surface of up to 550ppm Li, and testing of hot springs at surface had indicated an anomalous lithium content in the water at surface.

In late 2021 Bradda conducted remote sensing to understand more about the lithium footprint at Eureka, this led the Company to stake 16km²of claims over the area which we believe has the potential for a shallow lithium in clay project, similar to what the Company is developing in Arizona at Wikieup and the Basin Project. Bradda has an existing JORC resource of 185kt of LCE at Basin East and an updated resource is due Q1, and the Company is currently drilling at Wikieup where a maiden resource is expected in Q2.

For further information please visit the Company's website: www.braddaheadltd.com

Contact:

Bradda Head Lithium Limited	[phone]
Charlie FitzRoy, CEO Denham Eke, Finance Director
Beaumont Cornish (Nomad) James Biddle/Roland Cornish	[phone]
Peterhouse (Joint Broker)	[phone]
Charles Goodfellow Duncan Vasey Lucy Williams
Shard Capital (Joint Broker)	[phone]
Damon Heath Isabella Pierre
Red Cloud (North American Broker)	[phone]
Joe Fars
Tavistock (PR)	+ 44 20 7920 3150
Nick Elwes Oliver Lamb Adam Baynes	[e-mail]

 

Notes to Editors

Bradda Head Lithium Ltd. is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: The Burro Creek Project (the Burro Creek East Project and the Burro Creek West Project) and the Wikieup Project.

The Burro Creek East Project has an estimated an Inferred Mineral Resource (JORC) of 42.6 Mt of lithium-bearing clays at an average grade of 818 ppm of lithium for 185,000 tonnes of lithium carbonate equivalent (LCE). The Burro Creek East Project also has additional exploration potential for extensions to the current model of between 50,000 to 300,000 tonnes of lithium carbonate equivalent.

The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada, and Pennsylvania.

All of Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker of BHL.

 

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