Mutapa Energy Resources (MER) says the Sandawana Lithium Project has confirmed a 39.9m tonne measured lithium resource, a major milestone that significantly enhances the project’s investment appeal and development prospects.
The resource estimate was announced yesterday by MER Chief Executive Officer Innocent Rukweza, who said the independently verified resource provides investors with confidence in the project’s commercial viability.
“This is a measured resource. It is certain and has been confirmed by a competent person,” Rukweza said.
“It means the project is bankable. It has the economics behind it, and anyone looking to invest can now assess it with confidence.”
The maiden resource estimate follows an intensive 11-month exploration programme that included 103,000 metres of drilling, the collection and analysis of 33,000 samples, and an investment of US$24m.
Rukweza said the declared resource covers only Block A, which represents about 30% of Sandawana’s 3,800-hectare mining lease, leaving substantial exploration potential across the remaining 70% of the concession.
He said the company would continue investing aggressively in exploration to unlock the full value of the strategic lithium asset.
“We are going to invest another US$18m in additional drilling. Our target is to increase the current resource from about 40m tonnes to as much as 90m tonnes. At the same time, exploration on Blocks B and C will commence, beginning with geochemical and geophysical surveys that will guide the next phase of drilling,” he said. – (Business Times)
