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MinRes announces promising lithium exploration results

Mineral Resources (MinRes) recently announced promising early results from a major exploration program at the Mt Marion lithium operation in the Goldfields.

In an update provided to the ASX in June, MinRes said the results confirmed significant exploration potential at depth, along strike and in the surrounding region.

The early results demonstrate significant opportunity for open pit extensions and the exciting possibility of underground mining.

Approximately 34 kilometres of drilling has been completed so far in 2023, utilising six diamond and reverse circulation drill rigs.

The first major exploration program since MinRes took control of the mine found lithium-bearing pegmatite formations approximately 1km below the surface.

MinRes will double exploration drilling capacity at Mt Marion by the end of the calendar year, ramping up to a 12-rig drilling campaign over the following 18 months.

Mt Marion is a world-class asset jointly owned by MinRes (50% and operator) and leading lithium hydroxide producer Ganfeng Lithium (50%).

The operation, located near Kalgoorlie, produces mixed grade spodumene concentrate which is transported through the Port of Esperance for offshore conversion.

A $120 million upgrade and expansion of the Mt Marion operation doubled capacity to up to 900,000 tonnes per year, with the commissioning process now underway.

MinRes Managing Director Chris Ellison said: “The exciting exploration results at Mt Marion highlight we are just scratching the surface of the potential lithium resource, including the possibility of underground mining.”

MinRes identified opportunities in lithium, the most important mineral in the world’s decarbonisation, more than a decade ago and set about building a portfolio of world-class assets that could deliver long-term value.

Today, the company is a global top five lithium producer, with a portfolio that also includes the Wodgina lithium mine in the Pilbara and partnerships with leaders in the production of battery chemicals.

For more information, go to the 16 June 2023 ASX announcement.