Rock Tech Lithium (TSXV: RCK) released a prefeasibility study for its Georgia Lake lithium project in northern Ontario showing lower resource grades and a reduced net present value, while dropping a plan to build a refinery.
The updated indicated resource comes to 10.6 million tonnes grading 0.88% lithium oxide, inferred resources of 4.2 million tonnes grading at 1% lithium oxide, the company announced on Wednesday. The study also included a first probable mineral reserve for Georgia Lake estimated at 7.3 million tonnes grading 0.82% lithium oxide.
That compared with a previous combined measured and indicated resource of 6.6 million tonnes grading 1.16% lithium oxide and an inferred resource of 6.7 million tonnes grading 1.16% lithium oxide in a preliminary economic assessment (PEA) released last year.
Georgia Lake, planned as an open-pit and underground mining project, is located 160 km northeast of Thunder Bay. The Vancouver-based explorer’s new study projected an after-tax net present value of US$146 million with a discount rate of 8% compared with US$230 million at the same discount rate estimated in the PEA.
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