14th Feb 2024 10:47
Bradda Head Lithium Ltd - US-focused Lithium exploration company - Says results from a recently completed gravity survey have added confidence to its assessment of its Basin clay project in Arizona. The survey measured gravitational fields to determine the different densities and rock types of the landscape. Results indicated thicker clay beds at both the upper and lower clay sequences, which Bradda says may be "substantially" thicker than previously reported. Bradda says that these results increase its confidence of being able to reach a new resource of 2.5 million tonnes of lithium carbonate equivalent at the end of the upcoming drilling campaign, expected to commence "in the very near future".
Executive Chair Ian Stalker says: "The potential existence of thicker clay beds in both upper and lower clay sequences is hugely encouraging and reaffirms our understanding of our Basin project as an important resource for lithium-in-clay. The additional discovery of the new clay and silica nodule beds to the north is indicative of favourable open pit based mining conditions, further promoting the value of this project."
Current stock price: 1.61 pence per share, up 11% in London on Wednesday morning.
12-month change: down 71%
By Hugh Cameron, Alliance News reporter
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