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Altura adds 2 years to Pilgangoora lithium project life

Altura Mining Ltd. said May 28 that it has extended the mine life of its Pilgangoora lithium project in Western Australia's Pilbara region by at least two years following the completion of a revised ore reserve and resource estimate.

The current ore reserve increased by 20% to 432,000 tonnes of lithium oxide, or Li2O, contained in 41.1 million tonnes grading 1.05% Li2O, from the previous estimate completed in October 2017 of 357,000 tonnes of Li2O contained in 34.2 million tonnes grading 1.04% Li2O.

The revised resource stood at 512,000 tonnes of Li2O contained in 50.5 million tonnes grading 1.01% Li2O, representing an increase to the previous estimate of 47.5 million tonnes at 1.00% Li2O.

Results from a nearly 5,000-meter drilling program, which included a 44-hole reverse circulation drilling program conducted from February to March in the Southern Ridge deposit and an additional three-hole reverse circulation drilling program, was used as basis for the new estimates.

The revision, which will be incorporated into the stage-two expansion of the Pilgangoora project, resulted in the conversion of 81% of the resource into reserves.

In April, a definitive feasibility study on the stage-two operations estimated a post-tax net present value, discounted at 10%, of A$834 million, an internal rate of return of 63% and a 2.3-year payback period.