Neo Lithium Corp

Neo Lithium files updated resource estimate for 3Q project, which underscores its credentials

Waldo Perez highlighted the more than 227% resource upgrade for the project

Lithium is used in the manufacture of electric cars

Neo Lithium (CVE:NLC) has filed its NI 43 101 updated resource estimate for its Tres Quebradas lithium brine project (3Q project) in Argentina, which underlines its status as being one of the largest such discoveries on the planet.

The higher confidence measured and indicated resource estimate came in at 4,005,000 tonnes of lithium carbonate equivalent (LCE) at an average grade of 614 mg/L lithium with a 400 mg/L cut-off.

With a cut off of 800 mg/L the measured and indicated resource estimate stood at 746,000 tonnes of LCE at an average grade of 1,007 mg/L lithium.

Waldo Perez, the president and CEO of Neo Lithium, highlighted the more than 227% resource upgrade for the property.

"In just over two and half years since discovery and with only two seasons of drilling, we have demonstrated that the 3Q Project is one of the largest lithium brine discoveries with one of the best brine chemistries in the world," he said.

In October last year, Neo Lithium announced the positive results of a preliminary economic assessment (PEA) based on an initial resource estimate.

It has not yet completed an economic study of the 3Q Project taking the new, larger mineral resource estimate into account.

3Q lies in the province of Catamarca, the largest lithium producing area in Argentina.

It covers around 35,000 ha (hectares) and the salar complex within this area is around 160 sq km.

So far, surface exploration results indicate a high-grade lithium target in the northern portion of the salar complex extending for around 20 by 5 km with low magnesium and sulphate impurities.

Quick facts: Neo Lithium Corp

Price: $0.55

Market: TSX-V
Market Cap: $64.63 m

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