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From the Baconara website, Sonara project has 5million tonnes LCE (measured and indicated) and further inferred resource of 3.7million tonnes. 8.7million LCE total. It is a true monster.
Zulu + EPO, if we assume comparable grade, density and general quality throughout, scaled up, could potentially have upwards of 72 million tonnes LCE (compared to Sonara with 8.7 million tonnes, including inferred), with the Zulu EPO LCE tonnage derived from potentially 6.8billion tonnes of ore. It would absolutely dwarf everything!
As already noted, a lot of work to do post EPO to prove this up, but have geard that the EPO area is 'excellent', including containing materially significant gold deposits.
1. Sonora Lithium Project – 243.8Mt
Top ten biggest lithium minesSonora Lithium Project is the biggest lithium deposit in the world. Image courtesy of Dnn87.
The Sonora lithium project, located in Sonora, Mexico, is the biggest lithium deposit is being developed by a joint venture (JV) of Bacanora Minerals (30%) and Cadence Minerals (70%).
The mine is estimated to hold proven and probable reserves of 243.8Mt, containing 4.5Mt of lithium carbonate equivalent (LCE). The bankable feasibility study for the project has been completed, which estimates a mine life of 19 years.
Sonora is proposed to be an open-pit operation being developed in two stages with the first stage having a production capacity of 17,500 tonnes per annum (tpa) of lithium carbonate. Stage two will double the production capacity to 35,000tpa.
zim news published today interview with GR confirming epo zone and its size being the size of south America!!!!!!
Good luck all
Is great to have so many of the old school crew posting again (and no, not talking about chippper or CACKER).
Keep it coming folks { / : ¬ ) X ><
Thanks for that GardenEye. Pilbara $0.008 in 2014 to $1.185 in 2018 WOW!!
GardenEye! Where do you see PREM going?
Thanks CF73 - it always gives me some comfort looking at the Pilbara share chart. Once considered to be a pile of excrement it then went properly orbital. I don't doubt PREM's will be similar. We're at the equivalent of 28th Oct 2013.
http://www.pilbaraminerals.com.au/site/investors-media/share-price-information (10yr chart)
Snow, i think you are being to conservative. Once EPO done sentiment willst drive this way north.
IMHO
GLA
cf73 , thanks for putting some numbers to the size . so we are likely to see this week that PREM will have the biggest deposit in the world by a factor of some.
I cant quite see how the market cap can stay around £10m . I can see on confirmation of the EPO the shares to be up above 0.2p , then if we get a hint of a likely early JV , then these take off . But investors have a difficult decision to make does on take profit at say 0.3p and risk missing out on the Circum dividend because at some time before xmas i guess they will say holders will only get the dividend which should be around 0.1p a share if they hold on a certain date ? Dec 1st as a guess.
3. PREM's Zulu Main Zone and New Zone target of 120million to 160million tonnes (compared to Pilbara’s 108million), where Scoping study on 20million tonnes at Main Zone has found 213,195 tonnes of LCE.
If we scale up, based upon assumption of comparable grade and quality throughout, the at bottom end of the Main and New Zones ore target estimate (120million tonnes) then x 6 (from 20million tonnes of ore from Scoping Study area), then we get 1, 279, 170 LCE (remembering this is an estimate at the bottom end of the total target ore for the two zones)
With Zulu Main and New Zones, we are absolutely on a par with Pilbara Minerals.
Critically, this is before we get to start talking about Zulu + EPO area. We go from 3.5km to ‘…an extended area of 20,200 hectares’.
https://www.investegate.co.uk/premier-african-min--prem-/rns/final-results/201907010700089320D/
20, 200 hectares is 202km2 i.e. 202km2 for EPO area compared to 3.5km2 for existing Zulu project area
So, the EPO area is 57 x bigger than the current Zulu project area.
What does that to the overall Lithium project and programme numbers?
Ore of 120million tonnes for existing Zulu project (bottom end), x 57 = 6, 840, 000, 000 tonnes of ore.
Regarding LCE, 57 x 1, 279, 170 LCE (possible LCE at Zulu Main and New Zones) = 72, 912, 690 (compare that to Bacanora’s 8.7million at Sonara). Naturally, a huge amount of work still necessary post-EPO prove up.
When I spoke to the company 6 weeks ago, before the current run up in sentiment, they weren’t prepared to say a huge amount other than to explain they were “…really excited about Zulu right now.”
I’ve done this to give a sense of the potential significance of Zulu and, particularly, Zulu + EPO to PREM, to Zimbabwe and to the Lithium sector.
But folks got to do their own ruddy research and come to their own conclusions,
Thanks again to tedoby and good luck to all the genuine folks!
Taking inspiration from tedoby's earlier work, I have put together some details comparing the size of some more than notable Lithium projects.
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Bacanora's 'Sonara' Project
"With an Measured plus Indicated Mineral Resource estimate of over 5 million tonnes (‘Mt’) (comprising 1.9 Mt of Measured Resources and 3.1Mt of Indicated Resources) of lithium carbonate equivalent (‘LCE’)[i] and an additional Inferred Mineral Resource of 3.7 Mt of LCE, Sonora is regarded as one of the world’s larger known clay lithium deposits."
https://www.bacanoralithium.com/projects/sonora-lithium/
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Pilbara's 'Pilgangoora Project'
"Reserves"
"In September 2018, Pilbara Minerals increased the Ore Reserve estimate published in June 2017. The expanded Proved and Probable Ore Reserve now stands at 108.2 million tonnes grading 1.25% Li2O (lithia) and 120 ppm Ta2O5 (tantalite) and 1.17% Fe2O3."
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PREM's 'Zulu Project' Scoping Study
20,112,736 tonnes of ore.
213,195 of LCE
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PREM/13437914.html
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But then consider that the Zulu Scoping Study was for only 20million tonnes, of the 120million to 160million tonnes across the Main Zone and the New Zones (with the company saying; "The New Zone has the potential to exceed the projected target")
https://www.premierafricanminerals.com/zimbabwe/zulu-project
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In summary:
1. Bacanora project, "Measured plus Indicated Mineral Resource estimate of over 5 million tonnes (‘Mt’) (comprising 1.9 Mt of Measured Resources and 3.1Mt of Indicated Resources) of LCE" plus "an additional Inferred Mineral Resource of 3.7 Mt of LCE"
Making 8.7million tonnes of LCE
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2. Pilbara's 'PILGANGOORA project'
'Proved and Probable Ore Reserve now stands at 108.2 million tonnes' and '...estimated 1.36 million tonnes of contained Li2O'
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