CleanTech Lithium PLC (CTL) has released an updated resource estimate for its Laguna Verde project in Chile.
The new resource estimate is based on additional exploration and pumping tests conducted in 2024, and now stands at 1.63 million tonnes of lithium carbonate equivalent (LCE) grading of 175 milligrams per litre (mg/l) lithium, of which 0.81 million tonnes is in the measured and indicated categories at a grade of 178 mg/l lithium.
This current resource estimate is based on the proposed polygon area included in the company´s recently submitted application for a Special Operating Contract for Lithium, known as a CEOL.
The previous 2023 estimate was larger, but was based on the previously proposed CEOL area under the old application regime. This previously proposed CEOL was larger, and covered the entire estimated resource of the basin.
In addition, lithium concentrations obtained in the 2024 campaign were below the average grade of other exploration wells, impacting the average lithium grade of the resource.
The company’s consultant, Montgomery, recommends drilling three additional holes in the southwest, north and northeast. The thinking, based on geophysical work already carried out, is that these additional holes could boost the resource.
This updated measured and indicated resource estimate will be used in the pre-feasibility study (PFS) which is intended to underpin a maiden reserve estimate for the Laguna Verde project.
Laguna Verde has designated by the Chile Government as one of six salar systems to be prioritised for development.
“Now, with greater confidence in the resource, this comprehensive evaluation will form the basis for the pre-feasibility study, scheduled for end of this quarter,” said Steve Kesler, executive chairman of CleanTech.
“This positions Laguna Verde as a highly promising direct lithium extraction (DLE) based project in the lithium brine sector and as a contributor to Chile’s future as a leading lithium producer for the global EV and battery market.”
View from Vox
The crucial information here isn’t the slight adjustment in the overall resource base, but the establishing of a hard and fast number to use in the pre-feasibility study. With that number now in place, it’s now only a matter of weeks before investors will get a glimpse of a serious economic model for Laguna Verde. Recent announcements have demonstrated once and for all that the process of producing lithium carbonates from DLE brines is robust. But what will the margins look like? That’s now the next big question.