Success - they say - is the result of making the right decisions, among other things!
In addition to the announcement of October 05, 2020, management is pleased to announce that the decision to invest in the Lithium & Boron Mine Project is proving to be correct and highly successful far beyond the planned target. The results of the exploration drill program not only support the previous estimates, but point to a much larger resource deposit. A discovery body with mineralization quantities of 750 million tons is emerging.
What does that mean? Open Pit Mine!
Based on these new findings, a completely new valuation basis should result. According to our expectations, this is far above the values advised by PwC to date, as it is now becoming clear that mining can be carried out in open-pit mining ("open-pit mine"), which means that the mining costs can be up to 75 % lower compared to underground mining.
Final analyses expected in January 2021 / project reassessment to follow.
All drill samples obtained to date will be sent to the analytical company SGS (https://www.sgsgroup.de/de-de/mining), which performs the chemical baseline determinations. The analysis results are expected in mid/end January 2021 and will then be sent directly to CSA Global (https://www.csagroup.org/) for the preparation of a new updated project evaluation.
The analyses available so far suggest a lithium/boron mine. In addition to lithium - which is experiencing an extreme surge in demand due to the rapidly advancing developments in the global e-mobility and automotive industries - boron is expected in significant quantities. Boron compounds find a variety of applications in different industries, for example in the detergent industry, glass and ceramics industry, in the semiconductor industry, as pesticides and fertilizers, for armor, as abrasives, in the cosmetics industry, and much more (see e.g. https://de.wikipedia.org/wiki/Bor). The results of the analyses and evaluations will be decisive for the design and layout of the future business model and mine operation. However, already at this stage it is foreseeable that this could be one of the largest mining projects ever located in this form of mineralization with strategic importance for the industrial resource demand in Central Europe.
As soon as concrete and reliable information is available, we will inform you immediately.
Until then, we wish you a harmonious holiday season, a happy new year and of course, most importantly - stay healthy!