James Bay Mineral Resource increased To 110.2M Tons

BRISBANE - Allkem Limited announced a updated Mineral Resource Estimate (MRE) for its James Bay Lithium Project in Québec, Canada. The updated Mineral Resource of 110.2 Mt @ 1.30% Li2O includes 54.3 Mt @ 1.30% Li2O in the Indicated category, and an additional 55.9 Mt @ 1.29% Li2O in the Inferred category, solidifying the status of the James Bay Lithium Deposit in Québec as a tier-1 lithium pegmatite mineral resource and long-life asset. The maiden Inferred Mineral Resource in the NW Sector remains open along strike and at depth with excellent growth potential. A significant campaign of infill and extensional drilling is planned during the Canadian winter to test for along-strike and down-dip extensions of the pegmatite dykes beyond the area included in this MRE.

Managing Director and CEO, Martin Perez de Solay said, “James Bay is now one of the largest spodumene lithium assets and clearly has the potential to grow even further as the boundaries of mineralisation are tested through an additional drilling program commencing later in the year. The size and grade of this resource is amongst the best in the world and will underpin Allkem plans for future production and processing of lithium in Québec.”

The MRE outlined is a culmination of two drilling campaigns conducted on the Project since early 2022, adding approximately 37,500 m of delineation drilling to the deposit since the release of the previous feasibility study. The deposit remains open both along-strike and at depth, and Allkem has implemented a resource growth strategy to continue to grow the MRE with additional drilling.

The Company is currently planning an additional drilling campaign to start in mid-November 2023 to expand on the updated MRE presented in this announcement. The drilling program will have the following objectives: 1) Infill drilling in the NW Sector to convert Mineral Resources currently in the Inferred category to Indicated category. 2) Infill drilling at depth to convert any blocks of Inferred category within the new RPEEE pit shell to Indicated category. 3) Step-out exploration drilling to the north-west with the objective of discovering new pegmatites beneath thin glacial overburden.

The Project comprises two contiguous packages of mining titles located on NTS map sheet 33C03, covering an area of approximately 11,130 hectares. The 224 claims are classified as “map designed claims”, also known as CDC-type claims under the Québec governments mining title classification system and provide the holder the exclusive right to explore for mineral substances on the land subject to the claims. The claims are registered under either Galaxy Lithium (Canada) Inc. (GLCI), Galaxy Lithium (Ontario) Inc. (GLOI) or Select Lithium Corp. Both GLCI and GLOI are wholly owned subsidiaries of Allkem. As of the date of this announcement, 131 claims registered under Select Lithium Corp. acquired by GLCI, located to the north and south of the project are currently being transferred to GLCI. The transaction between Select Lithium Corp. and GLCI.