Bradda Head Lithium targets resources expansion as drilling kicks off at Basin project in Arizona
London, UK
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March 14, 2024 08:10 AM Eastern Daylight Time
Bradda Head Lithium Limited (AIM:BHL, OTCQB:BHLIF, TSX-V:BHLI) executive chairman Ian Stalker joins Proactive's Stephen Gunnion with news that drilling has commenced at the Basin Project in Arizona, aimed at expanding the lithium resources.
Stalker said the company, optimistic about the lithium market's upward trend, is leveraging this timing to potentially grow the inferred resource from one million tonnes to two and a half million tonnes within six weeks. This expansion is critical as it could unlock $3 million US dollars from a previous agreement with Lithium Royalty Company, enhancing the company's financial position.
Bradda Head's 2023 sonic drilling campaign has bolstered this confidence, with consistent mineralization findings and no failures in their drilling efforts.
Looking ahead, the company may consider further drilling or focus on its San Domingo hardrock pegmatite project, depending on the outcomes and the lithium market's status. Additionally, Bradda Head has reached a settlement with Arizona Lithium, securing additional claims for its Wikieup clay project, which is seen as an opportunity to extend the lithium resources.
Beyond these projects, Bradda Head is eyeing potential in lithium extraction from brines, particularly in areas previously explored by major oil companies for oil and gas.
This diverse project portfolio positions Bradda Head to capitalize on the anticipated positive shift in the lithium market.
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