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Perth, Mar 11, 2010 (ABN Newswire) - Emerging lithium producer, Galaxy Resources Limited (
ASX:GXY) (PINK:GALXF) is pleased to announce a new ore reserve statement for the Mt Cattlin Spodumene Project near Ravensthorpe, Western Australia. The total "Proved" and "Probable" estimate has increased to 11.4 million tonnes @ 1.05% Li2O which represents a 23% increase from the previous reserve estimation in September 2009 (9.3 million tonnes at 1.04% Li2O).
New Ore Reserve Estimation
The new ore reserve estimate reported in compliance with the JORC Code is provided in Table 1 below.
Table 1 - Mt Cattlin - March 20101 Ore Reserve estimate
Ore reserves are based on the January 2010 Mt Cattlin global resource estimate (Table 2). Reserves were estimated within an optimal Whittle pit shell and a final pit design developed by consultant Roselt Croeser.
Table 2 - Mt Cattlin Global Resource Estimate (Jan 2010)
Reserve estimation has incorporated data from resource definition drilling, geological modelling/resource estimation, detailed surface topography surveys, metallurgical test work, process/plant design, capital/processing cost estimation and mine planning. The pit design incorporates geotechnical pit design parameters developed by consultants Dempers and Seymour. Figure 1 shows planned pit shells and contained resource blocks.
Reserve Estimation Parameters
For reserve estimation, a mining and processing rate of 1 million tonnes per annum of ore has been assumed. Conventional open pit mining, crushing, heavy media separation and classification circuits comprising the following key process steps have been proposed:
- Open pit mining, assuming 95% mining recovery and 10% dilution
- Crushing and screening to -6mm
- Reflux Classifier to remove mica flakes
- Two stage heavy media separation (HMS) in two separate size streams
- Gravity concentration (spirals and wet tables) of tantalite minerals
- Contract dressing and packaging of tantalite concentrates (in Perth)
- Production of 137,000 tonnes of spodumene concentrate @ 6.0% Li2O
- Shipment of bulk concentrate through Esperance to Zhangjiagang in China
- Downstream processing at Galaxy's planned lithium carbonate chemical facility in Jiangsu Province, producing 17,000 tpa of lithium
carbonate.
ASX:GXY) (PINK:GALXF) is pleased to announce a new ore reserve statement for the Mt Cattlin Spodumene Project near Ravensthorpe, Western Australia. The total "Proved" and "Probable" estimate has increased to 11.4 million tonnes @ 1.05% Li2O which represents a 23% increase from the previous reserve estimation in September 2009 (9.3 million tonnes at 1.04% Li2O).New Ore Reserve Estimation
The new ore reserve estimate reported in compliance with the JORC Code is provided in Table 1 below.
Table 1 - Mt Cattlin - March 20101 Ore Reserve estimate
---------------------------------------- Reserve Tonnes Li2O % Ta2O5 ppm ---------------------------------------- Proved 2,683,000 1.08 135 Probable 8,684,000 1.04 151 ---------------------------------------- TOTAL 11,367,000 1.05 147 ----------------------------------------Note: Li2O lower cut off grade >= 0.4% Li2O. Figures in the above table may not sum due to rounding.
Ore reserves are based on the January 2010 Mt Cattlin global resource estimate (Table 2). Reserves were estimated within an optimal Whittle pit shell and a final pit design developed by consultant Roselt Croeser.
Table 2 - Mt Cattlin Global Resource Estimate (Jan 2010)
---------------------------------------- Reserve Tonnes Li2O % Ta2O5 ppm ---------------------------------------- Measured 2,672,000 1.17 150 Indicated 9,629,000 1.09. 171 Inferred 3,575,000 1.00. 145 ---------------------------------------- TOTAL 15,875,000 1.08 161 ----------------------------------------Note: Li2O cut off grade >= 0.4% Li2O. Figures in the above table may not sum due to rounding.
Reserve estimation has incorporated data from resource definition drilling, geological modelling/resource estimation, detailed surface topography surveys, metallurgical test work, process/plant design, capital/processing cost estimation and mine planning. The pit design incorporates geotechnical pit design parameters developed by consultants Dempers and Seymour. Figure 1 shows planned pit shells and contained resource blocks.
Reserve Estimation Parameters
For reserve estimation, a mining and processing rate of 1 million tonnes per annum of ore has been assumed. Conventional open pit mining, crushing, heavy media separation and classification circuits comprising the following key process steps have been proposed:
- Open pit mining, assuming 95% mining recovery and 10% dilution
- Crushing and screening to -6mm
- Reflux Classifier to remove mica flakes
- Two stage heavy media separation (HMS) in two separate size streams
- Gravity concentration (spirals and wet tables) of tantalite minerals
- Contract dressing and packaging of tantalite concentrates (in Perth)
- Production of 137,000 tonnes of spodumene concentrate @ 6.0% Li2O
- Shipment of bulk concentrate through Esperance to Zhangjiagang in China
- Downstream processing at Galaxy's planned lithium carbonate chemical facility in Jiangsu Province, producing 17,000 tpa of lithium
carbonate.
About Galaxy Resources Limited
Galaxy Resources Limited (ASX:GXY) is an Australian-based integrated lithium mining, chemicals and battery company listed on the Australian Securities Exchange and is a S&P/ASX 300 Index Company. Galaxy wholly owns the Mt Cattlin project near Ravensthorpe in Western Australia where it mines lithium pegmatite ore and processes it on site to produce a spodumene concentrate and tantalum by-product. At full capacity, Galaxy will produce 137,000 tpa of spodumene concentrate and 56,000 lbs per annum of contained tantalum. The concentrated spodumene is shipped to Galaxy's wholly-owned Lithium Carbonate Plant in China's Jiangsu province. Once complete, the Jiangsu plant will produce 17,000 tpa of battery grade lithium carbonate, the largest producer in the Asia Pacific region and the fourth largest in the world.
Galaxy is also advancing plans for a lithium-ion battery plant, to produce 350,000 battery packs per annum for the electric bike (e-bike) market. The Company also has a farm in agreement with TSX-listed Lithium One Inc to acquire up to 70% of the James Bay Lithium Pegmatite Project in Quebec, Canada.
Lithium compounds are used in the manufacture of ceramics, glass, electronics and are an essential cathode material for long life lithium-ion batteries used to power e-bikes and hybrid and electric vehicles. Galaxy is bullish about the global lithium demand outlook and is positioning itself to achieve its goal of being involved in every step of the lithium supply chain.
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