[Codelco to Announce Partner for Maricunga Lithium Project by Month-End]
Codelco will announce a partner for the Maricunga Salar lithium project by month-end, as part of Chile's efforts to strengthen national control over critical minerals.
According to Chairman Máximo Pacheco, the state-owned copper giant is finalizing its selection after receiving dozens of proposals.
Speaking at an industry conference, Pacheco confirmed that binding offers had been received and a shortlist had been established. The selected company will collaborate with Codelco to develop the lithium project located at the Maricunga Salar, which is Chile's second-largest lithium reserve site.
The joint venture agreement will be formalized in the second half of the year. "This will involve negotiating contract terms, resolving specific conditions, and obtaining regulatory approvals in Chile and internationally (if required)," Pacheco said.
Codelco is expected to commence construction of the project, named "Paloma" (Spanish for "dove"), in early 2027, with first production targeted for 2030.
The initiative is part of President Gabriel Boric's strategy to strengthen national control over Chile's lithium industry while encouraging foreign investment. Under current policies, any project on strategic salars such as Atacama or Maricunga must be majority-owned by Codelco or the state-owned mining enterprise Enami. Codelco entered the lithium industry in early 2024 by acquiring Lithium Power International, giving it control over the Maricunga project, located on the same-named salar. This deal marked its first lithium asset in the country and expanded its portfolio into battery metals, a key focus for most global mining companies.
As the world's second-largest lithium producer after Australia, Chile has opened up over 20 salars to private investment, aiming to increase local lithium production by 70% within a decade.
Source: mining.com
[Lake Resources Boosts Kachi Lithium Resource, Advances Sale Negotiations]
Lake Resources (ASX: LKE) has expanded the lithium resource at its flagship Kachi project in Catamarca Province, Argentina, while considering strategic options that include the partial or full sale of assets or even the entire company.
The updated resource estimate, based on drilling and testing work completed in early 2024, has increased the total lithium carbonate equivalent (LCE) resource at the Kachi project to nearly 11.1 million mt. Of this, 8.2 million mt are classified as measured and indicated. In the previous estimate in November 2023, the total resource was 10.6 million mt, with 7.3 million mt classified as measured and indicated categories.
Lake Resources (ASX: LKE) has expanded its lithium resources at its flagship Kachi project in Catamarca Province, Argentina, while considering strategic options that include the partial or full sale of assets or even the entire company.
The updated resource estimate, based on drilling and testing work completed in early 2024, has increased the total lithium carbonate equivalent (LCE) resource at the Kachi project to nearly 11.1 million mt. Of this, 8.2 million mt are classified as measured and indicated categories. In the previous estimate in November 2023, the total resource was 10.6 million mt, with 7.3 million mt classified as measured and indicated categories. The update comes amidst a flurry of activity in Argentina's lithium mining sector. Several companies with assets in the region have received takeover offers significantly above their market capitalization, while global miners such as Rio Tinto (ASX, LON: RIO) continue to ramp up their interest in South America's Lithium Triangle.
This region, located in the southwestern corner of the Andes and straddling the borders of Argentina, Bolivia, and Chile, holds approximately 60% of the world's lithium ore reserves.
Source: mining.com
[Patriot Unveils North America's Largest Immediately Mineable Lithium Resource in Quebec]
Patriot Battery Metals Inc. (TSXV: PMET; ASX: PMT) has increased the resource estimate for its Shaakichiuwaanaan project in Quebec ahead of a feasibility study scheduled for release in September.
The company said in a statement after Monday's market close that, compared to estimates in August 2024, indicated resources in the Nova Zone (CV5) have increased by 30%, while those in the Vega Zone (CV13) have surged by 306%. The high-grade areas have now been fully reclassified as indicated resources and still hold growth potential, the company stated.
Shaakichiuwaanaan is currently estimated to host 108 million mt of resources containing 1.4% lithium oxide, equivalent to 3.8 million mt of LCE. Additionally, there are inferred resources of 33.3 million mt containing 1.3% lithium oxide, equivalent to 1 million mt of LCE.
Source: northernminer.com
[Lion Rock Resources Reports High-Grade Lithium Results from Warnie Project in South Dakota]
Lion Rock Resources is pleased to announce lithium detection results from its recent surface sampling program at the Warnie project in South Dakota. These results include lithium oxide contents of up to 5.3% in stockpiled material and 3.7% in pegmatite outcrops, extending the lithium-bearing pegmatite mineralization zone to an area of 1,000 meters by 500 meters. The Volney project, located in the Montenegro mining district 20 km southwest of Spearfish, is a previously producing polymetallic project with high-grade gold, lithium, and tin.
Highlights:
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High-grade LCT pegmatite in outcrops – significant expansion potential: A total of 26 outcrop samples returned lithium oxide (Li₂O) grades exceeding 1.0%, confirming the presence of multiple high-grade lithium-bearing pegmatites over a 1,000 m × 500 m corridor, which remains open in all directions. Importantly, a new sampling outcrop 600 m from the historic Giant Volney pegmatite returned up to 3.7% Li₂O, underscoring the broader potential for high-grade lithium mineralization beyond the known area and emphasizing the opportunity to significantly expand the mineralized footprint.
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Validation of historic high-grade material: A total of 43 stockpiling and mill scrap samples returned Li₂O grades exceeding 1.0%, with a maximum of 5.3%. In the historic Giant Volney pit area, 26 stockpiling samples averaged 3.8% Li₂O, confirming the high-grade lithium values reported in historic bulk sampling. High-grade polymetallic potential includes high-grade gold and tin: In addition to lithium, a total of 13 stockpiling and mill scrap samples returned tin (Sn) grades exceeding 1.0% Sn, indicating significant potential for by-product recovery. The district also hosts high-grade gold mineralization, with historic grades of up to 8.0 g/t gold over 43.0 m and 18.2 g/t gold over 18.3 m.
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Private land – rapid permitting: The Volney project is situated on 142 hectares of private land with surface and mineral rights, enabling the rapid execution of drilling programs and accelerating the permitting process from exploration to production.
Dale Ginn, President and CEO of Lion Rock, stated, "These robust lithium results confirm the high-grade potential of the Volney project. The combination of high-grade outcrop samples and historically mined material provides exciting opportunities for continued exploration, both at surface and through drilling. Our 142 hectares of private land allow us to advance permitting rapidly and move swiftly into the drill testing phase. We are also very encouraged by the polymetallic potential of the system, which includes high-grade gold and tin, and we look forward to expanding the known pegmatite extents through our upcoming exploration program."
Source: junior mining network
