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Updated reserves at Tawana's, Alliance's Bald Hill JV defines 9-year mine life

An updated estimate of probable reserves hosted by Tawana Resources NL's and Alliance Mineral Assets Ltd.'s 50/50 Bald Hill lithium-tantalum joint venture in Western Australia increased contained lithium by 105% as compared to a July 2017 estimate, representing a nine-year mine life.

The joint venture shipped first concentrates from the mine in early May after production kicked off in mid-March.

Above a cutoff of 0.3% lithium oxide, or Li2O, probable reserves are estimated at 11.3 million tonnes grading 1.01% Li2O and 160 parts per million of tantalum pentoxide, or Ta2O5, representing 114,100 tonnes of contained Li2O and 4 million pounds of contained Ta2O5.

The companies also said June 6 that tantalum ore reserves increased 43% to 2.0 million tonnes grading 313 ppm of Ta2O5 above a cutoff of 200 ppm of Ta2O5 and below a cutoff of 0.3% Li2O.

Indicated and inferred resources at Bald Hill total 26.5 million tonnes grading 0.96% Li2O and 149 ppm of Ta2O5 above the 0.3% Li2O cutoff. This includes indicated resources of 14.4 million tonnes grading 1.02% Li2O and 168 ppm of Ta2O5 for 255,200 tonnes of contained Li2O and 8.6 million pounds of contained Ta2O5, a 55% increase in contained lithium from an October 2017 estimate.

Below the 0.3% Li2O cutoff and above the 200 ppm Ta2O5 cutoff, indicated and inferred resources total 4.4 million tonnes grading 0.16% Li2O and 336 ppm of Ta2O5. Resources were reported inclusive of reserves.

The updated estimates incorporate data from infill drilling completed in the second half of 2017, which resulted in inferred resources being upgraded to the higher-confidence indicated category and leading to pit design changes.

Infill drilling is ongoing at the mine, which could result in an expansion of operations. Tawana and Alliance are actively reviewing expansion options.

In early April, Tawana and Alliance revealed plans for a merger of equals to create a midtier lithium concentrate producer with a market capitalization of about A$446 million.