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Savannah Resources ups lithium resource at Portuguese project

Savannah Resources PLC has updated its total resource estimate at its flagship Mina do Barroso project in northern Portugal by 15% to 285,900 tonnes of lithium oxide contained in 27 million tonnes grading 1.06% lithium, it said May 31.

The estimate used a 0.5% lithium oxide cutoff grade.

The resource development company also upgraded its exploration target for Mina do Barroso to between 11 Mt and 19 Mt at 1.0% to 1.2% lithium oxide, giving a potential project mineral inventory range of 38 Mt to 47 Mt.

Savannah said it had established a maiden indicated and inferred resource for the Aldeia deposit at Mina do Barroso, standing at 3.5 Mt grading 1.3% lithium oxide, noting potential for further resource increases depending on more exploration work.

Savannah CEO David Archer said Mina do Barroso has the potential to supply 40% of the forecast lithium demand from Europe's automotive industry in 2025.