Sigma Broking to pay LME $86,000 for alleged rule book violations
The alleged breach of the rules by ring-dealing member Sigma happened between February 2022 and October 2022.
Savannah Resources (AIM: SAV), the British company behind the Barroso lithium project in Portugal, said on Wednesday that the latest exploration results point to a larger deposit than the previously estimated 28 million tonnes of high-grade lithium.
According to the company, lab-generated assay results from exploration work on the C-100 and Aldeia (Block B) mining licences show extensive lithium mineralisation across the two licence areas.
The miner said new mineralised pegmatites have been identified at the western end of the C-100 licence, providing additional targets for follow-up work.
In addition, extensions to known lithium mineralisation at Carvalha da Baccora and Altos dos Cortiços have been confirmed, increasing the potential of these areas.
The company said significant lithium mineralisation from rock chip samples includes:
Savannah plans to construct four open-pit mines in the region to produce enough lithium annually for 500,000 to 1 million electric vehicle batteries. The company aims to accelerate the project, targeting the first commercial output by 2027.
“The results from the surface exploration our team undertook are truly exciting,” said Emanuel Proenca, Chief Executive Officer of the London-listed company, on Wednesday.
“The early conclusion is very clear: the Barroso lithium project remains highly prospective for further spodumene lithium resource delineation,” Proenca added.
Savannah has stated that the Barroso deposit is already the largest spodumene deposit in Europe. With 60,000 tonnes of known reserves, Portugal is Europe’s leading lithium producer, primarily for the ceramics industry.
However, the project has faced opposition from locals and environmentalists, including protests, legal challenges, and refusals to sell land. Approximately 24% of the required land is privately owned, while 75% consists of traditional “baldios,” or common land.
Barroso is forecasted to have a throughput of about 1.5 million tonnes annually over its estimated 14-year mine life, based on a resource of 20.5 million tonnes at 1.05% lithium oxide.
Shares of Savannah Resources rose 26% by 12:10 a.m. EDT. The miner has a market capitalization of $115 million.
Comments