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Hawkstone delivers US lithium resource

US-focussed lithium clay developer, Hawkstone Mining, has generated a maiden mineral resource estimate for its Big Sandy project in Arizona State, totalling 32.5 million tonnes grading 1,850 part per million lithium for 320,800 tonnes of lithium carbonate equivalent.

Lithium carbonate is currently selling for around AUD$15,500 per tonne.

The project contains a higher-grade zone of 12.7 million tonnes grading 2,360 ppm lithium, that incorporates 49% of the total contained lithium carbonate equivalent tonnage.

The resource only covers Block A of the Northern Mineralised Zone at Big Sandy, which is just a postage stamp compared to the huge area of lithium clay mineralisation delineated by geological mapping at the project to date.

Just last month, the company expanded its Exploration Target for the entire project area by 15% to between 280.1 million and 492.6 million tonnes grading from 1,000 ppm lithium to just over 2,000 ppm lithium.

This week’s estimate comes just 14 months after the first drill program kicked off at the emerging project and is, therefore, quite an accomplishment for Hawkstone and in-line with its strategy to rapidly de-risk Big Sandy.

Based on these results, management said there is still excellent potential to expand the mineral resources, with further drilling planned to target Blocks B and C in the Northern Mineralised Zone, which are open to the north, south and west.

The company has also recently appointed a local Arizona-based engineer to initiate an examination of the fundamental lead-items, to assist in its commencement of a PFS for the project.

Hawkstone holds 311 mining claims covering about 25 square kilometres in the so-called “Battery Corridor” that traverses Arizona and importantly, it is clear of any indigenous title and known historical or environmentally sensitive locations, according to the company.

The region contains an 11km long mineralised lithium clay horizon with simple, continuous geology transecting its landholdings.

Managing Director Paul Lloyd said: “The calculation of the maiden resource from a limited number of tightly spaced drill holes, comprising a mere 4% of the Big Sandy project area, highlights the size and potential of this world-class lithium resource.”

“The location in Arizona, USA, provides multiple development advantages, being strategically located near all major infrastructure and in close proximity to US (lithium-ion) battery manufacturing facilities.”

“In addition, a Stage 3 drilling program is planned for 2020 with the objective of converting the current reported Exploration Targets.”

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

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Total Shareholder Return as at 31/10/19

1 year TSR5 year TSR
257thPeak Resources21%-14%
444thFlinders Mines-9%31%
791stHawkstone Mining-67%-13%
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345th↓Hawkstone Mining$906
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