HARARE – Chimata Gold Corporation has begun drilling at the Kamativi Lithium Tailings Project to define the scope of the lithium deposit on the property.
The drillings will also help the resources exploitation company to assess the economic viability and value of the potential mineral resource.
“Results stemming from the successful drill program will add significant, and much more comprehensive, information to the project’s existing database. The project comprises a tailings deposit that accumulated over the approximately 40-year life of the Kamativi Tin Mine prior to its closure in 1994,” said chairman and CEO Richard Groome in a statement.
The initial auger drilling is fully funded and the program is based on a nominal 100m x 100m drill hole spacing, comprising a total of 1500m of drilling over 75 drill holes covering the Project footprint.
Drilling is being undertaken by local contractor Optimum Drilling Pvt Ltd. The company has engaged MSA to provide independent resource evaluation and oversight on the program.
The Toronto Stock Exchange-listed mining company also said that it has engaged – through its local partners – local environmental consultants Green Resources Pvt Ltd to carry out a baseline environmental assessment of the project area concurrent with the auger and assaying program.
Chimata Gold Corporation is looking to acquire Zimbabwe Lithium Company, which was recently granted exclusive development rights for the Kamativi lithium tailings deposit at the Kamativi Tin mine.
Earlier this year, the mining firm signed a “binding letter of intent” (LOI) with Mauritian-headquartered Zimbabwe Lithium Company Limited.
An earlier Provisional Report revealed an exploration target with a volume range of 14,800,000 to 15,080,000 cubic meters and a tonnage range of between 23,000,000 to 25,000,000 metric tonnes of tailings material, the Kamativi Tailings Dump (“KTD”) at a grade range of 0, 29 percent to 1.13 percent Li2O with 70 percent being Spodumene.
Interest in the Kamativi Lithium Tailings has increased over the years as demand in lithium has risen of late.
Over the past two years, from January 2016-2018, South American lithium prices have roughly doubled from $7 000 a ton to over $14 000 a ton, according to Benchmark Minerals Intelligence.
This is due primarily to the rise of electric vehicles (EVs) and hybrids. In 2014, global electric vehicle sales were less than 400 000 units; in 2017 that number increased threefold to over 1, 2 million EVs sold.
China is one of the largest consumers of lithium as it relates to electric vehicles and accounted for more than half of global EV sales last year. China is also one of the largest suppliers of lithium, primarily through Ganfeng Lithium Co. and Tianqi Lithium Corp., both of which have grown rapidly in recent years.
Government has placed the Kamativi Lithium Project on the “100-days Rapid Results Initiative.”