Galaxy Resources lifts Mt Cattlin estimate

Lithium miner Galaxy Resources has flagged a strong increase in its estimate of reserves and resource at its Mt Cattlin Project, located two kilometres north of Ravensthorpe, following its latest drilling activities.  

Applecross-based Galaxy said the inferred resource for the project was now estimated to be 16.7 million tonnes of ore, 42 per cent higher than its last estimate in June, with a grade of 1.28 per cent lithium.

It announced a 16 per cent increase in expected measured and indicated resource tonnes to 12.1 million tonnes of ore, with a grade of 1.27 per cent lithium.

The company also estimated its proven and probable reserve tonnnes would rise by 40 per cent compared to its last evaluation, to reach 10.7 million tonnes at a grade of 1.15 per cent lithium.

Mt Cattlin produced 31,156 dry metric tonnes of spodumene concentrate for the quarter ended September 30.

Shares in Galaxy were down 0.45 per cent to trade at $2.20 each at 12.30pm AEDT.