ADDITION OF PHASE 3 INCREASES TOTAL MINERAL RESOURCE
Substantial increase in estimated mineral
resources strengthens the position of Sigma Lithium's Grota do
Cirilo Project (the "Project") as the largest and highest
quality hard rock environmentally and socially sustainable battery
grade lithium ("Battery Grade Sustainable
Lithium") mineral deposit in the Americas and among
the largest in the world.
-
-
- 73.6 Mt of Measured and Indicated mineral
resources at 1.43% Li2O.
- 12.1 Mt of Inferred mineral resources at 1.45 %
Li2O.
- 85.7 Mt of total mineral resources (increased ~50% from 58.9
Mt), as follows:
- Estimated total mineral resources includes 33.6 Mt of
Proven and Probable mineral reserves at 1.43%
Li2O previously disclosed.
- Sigma Lithium's competitive advantage of
high grade and high purity lithium is further enhanced
by incremental Phase 3 deposit estimate of 26.8
Mt at 1.49% high purity lithium oxide
(Li2O)
-
- 23.3 Mt of Measured and Indicated mineral resources
of 1.49% Li2O.
- 3.5 Mt of Inferred mineral resources at 1.48%
Li2O.
- The addition of Phase 3 further increases the potential
production profile of Battery Grade Sustainable Lithium
for the growing global electric vehicle markets.
-
- Phase 1 and Phase 2 project a combined production profile of
approximately 531,000t/y (72,200 tpa LCE) for 13 years.
- Phase 3 Preliminary Economic Assessment ("Phase 3
PEA") planned to be completed in the summer of
2022.
-
- Phase 3 pre-feasibility study to ascertain the conversion of
the mineral resource into mineral reserves expected in the third
quarter of 2022.
- Potentially increasing the Project's consolidated production
profile of Battery Grade Sustainable Lithium.
PHASE 1 CONSTRUCTION STATUS
- Phase 1 construction remains on schedule and on budget for
commissioning to commence in December
2022 and to be completed during the first quarter of
2023.
- A preview video of the construction status is here.
- A comprehensive construction update is planned in the coming
weeks.
- The following key work-streams of civil engineering are
currently underway:
-
- Civil construction of equipment foundations for the crushing
area;
- Civil construction of the Project's HV Substation;
- Electromechanical assembly and platework; and
- Steel structure fabrication.
VANCOUVER, BC, June 22,
2022 /CNW/ -- SIGMA Lithium Corporation
("Sigma Lithium" or the "Company") (NASDAQ: SGML,
TSXV: SGML), dedicated to powering the next generation of
electric vehicles with environmentally and socially sustainable
high-purity lithium, is pleased to announce an approximate 50%
increase of its total estimated mineral resource to 85.7 million
tonnes (from previous 58.9 million tonnes), further demonstrating
the robust scale of the Project.
The Company completed an NI 43-101 mineral audit by SGS
Geological Services ("SGS") at its Phase 3 NDC deposit ("Phase 3
Deposit") of the Project with 26.8 million tonnes of high grade
1.49% lithium oxide. NDC is an "open pit" deposit located close to
the Project's Phase 2 feasibility study stage Barreiro deposit.
The Phase 3 mineral resource estimate of 26.8 Mt is comprised
of:
- 23.3 Mt of Measured and Indicated mineral resources grading at
1.49% Li2O; and
- 3.5 Mt of Inferred mineral resources grading at 1.48%
Li2O.
"We are delighted to announce this substantial increase in
the Company's estimated mineral resource as a result of Phase 3,
solidifying the Project's significant scale as the largest mineral
lithium project in the Americas. This 50% increase of its mineral
resource underscores its robust organic growth profile. We have
been advancing our construction of the Phase 1 operation at a rapid
pace and remain focused on delivering Battery Grade Sustainable
Lithium following the commissioning of our Greentech plant at the
end of 2022. Phase 1 Plant construction continues to advance on
schedule and on budget, with civil engineering under way and
construction of key infrastructure items continuing in June",
says Calvyn Gardner, Co-CEO of Sigma
Lithium.
Ana Cabral-Gardner, co-CEO of
Sigma Lithium adds: "More importantly the high
quality of the Phase 3 mineral resource might potentially enable
Sigma Lithium to maintain high production yields utilizing a
similar environmentally sustainable Greentech plant to the one
currently in construction for Phase 1, while continuing to
increase our production profile to help enable the electric vehicle
revolution and broader energy transition. The scale of Sigma
Lithium's total mineral resources further highlights the Company's
strategic relevance."
PHASE 3 MINERAL RESOURCE NI 43-101
The Phase 3 mineral resource estimate is based on 18,483 m of drilling completed during the final
quarter of 2021 and first quarter of 2022. Additional drilling is
expected to be completed at NDC in 2022 to conclude the
pre-feasibility study and pursue the conversion of Measured &
Indicated mineral resources into Proven & Probable mineral
reserves and further increase the mineral resource estimate. NDC
remains open to the north, south and at depth with the deepest
drill hole reaching 350 m.
The NDC pegmatite is hosted in a biotite-quartz schist (similar
to the Phase 2 Barreiro deposit) with a strike length of
1,600 m at a width of 200 m and thickness between 15 to 30 m.
A Phase 3 PEA is expected to be completed during the summer of
2022 to further evaluate the potential for a Phase 3 of production
in addition to the 531,000 tpa (72,200 tpa LCE) of Battery Grade
Sustainable Lithium estimated in the Phase 1 & 2 technical
report announced on May 26, 2022.
Refer to Table 1 and 2 below for a breakdown of the maiden NDC
mineral resource estimate and Sigma Lithium's updated consolidated
Project mineral resource estimate. On top of the NDC mineral
resource, the combined table includes the 2019 mineral resource
estimates of Xuxa, Lavra do Meio and Murial having an effective
date on January 10, 2019 and the 2021
Barreiro mineral resource estimate having an effective date of
June 2, 2021. The mineral resource
estimates detail can be found in the most recent technical report
posted on SEDAR on May
25th, 2022.
The technical report for the Phase 3 mineral resource estimate
will be filed on SEDAR and EDGAR (and will be available at
www.sigmalithiumresources.com) within 45 days of this news release.
Readers are encouraged to read the technical report in its
entirety, including all qualifications and assumptions related to
the Phase 3 mineral resource estimate announced in this news
release.
Table 1: Phase 3 Mineral Resources
NDC Mineral
Resources
|
Cut-off
Grade
(%
Li2O)
|
Category
|
Tonnes
(Mt)
|
Grade
(%
Li2O)
|
Contained
LCE
(kt)
|
0.5 %
|
Measured
|
2.4
|
1.55 %
|
92
|
0.5 %
|
Indicated
|
20.9
|
1.48 %
|
765
|
0.5 %
|
Measured &
Indicated
|
23.3
|
1.49 %
|
857
|
0.5 %
|
Inferred
|
3.5
|
1.48 %
|
129
|
|
Note:
|
1)
|
Mineral Resources
are not Mineral Reserves and do not have demonstrated economic
viability. Inferred mineral resources are exclusive of the Measured
and Indicated resources.
|
2)
|
Mineral Resources
have an effective date of May 30, 2022 and have been classified
using the 2014 CIM Definition Standards. The Qualified Person for
the estimate is Mr. Marc-Antoine Laporte, P.Geo., an SGS Canada
employee.
|
3)
|
A fixed density of
2.72 t/m3 was used to estimate the tonnage from block model
volumes.
|
4)
|
Mineral Resources
are reported assuming open pit mining methods, and the following
assumptions: lithium concentrate (6% Li2O) price of US$1,500/t,
mining costs of US$2.20/t for mineralization and waste, crushing
and processing costs of US$10.70/t, general and administrative
(G&A) costs of US$4.00/t, metallurgical DMS recovery of 60%, 2%
royalty payment, pit slope angles of 55º, and an overall cut-off
grade of 0.5% Li2O.
|
5)
|
All Resources are
presented undiluted and in situ, constrained by continuous 3D
wireframe models, and are considered to have reasonable prospects
for eventual economic extraction.
|
6)
|
Tonnages and grades
have been rounded in accordance with reporting guidelines. Totals
may not sum due to rounding.
|
7)
|
The estimate of
Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues.
|
Table 2: Updated Consolidated Project Mineral
Resources
Updated Consolidated
Project Mineral Resources
|
Cut-off
Grade
(%
Li2O)
|
Category
|
Tonnes
(Mt)
|
Grade
(%
Li2O)
|
Contained
LCE
(kt)
|
0.5 %
|
Measured
|
37.1
|
1.43 %
|
1,314
|
0.5 %
|
Indicated
|
36.5
|
1.43 %
|
1,286
|
0.5 %
|
Measured &
Indicated
|
73.6
|
1.43 %
|
2,600
|
0.5 %
|
Inferred
|
12.1
|
1.45 %
|
432
|
|
Note:
|
1)
|
Mineral Resources
are not Mineral Reserves and do not have demonstrated economic
viability. Inferred mineral resources are exclusive of the Measured
and Indicated resources.
|
2)
|
Mineral Resources
have an effective date of May 30, 2022 and have been classified
using the 2014 CIM Definition Standards. The Qualified Person for
the estimate is Mr. Marc-Antoine Laporte, P.Geo., an SGS Canada
employee.
|
3)
|
A fixed density of
2.72 t/m3 was used to estimate the tonnage from block model
volumes.
|
4)
|
Mineral Resources
are reported assuming open pit mining methods, and the following
assumptions: lithium concentrate (6% Li2O) price of US$1,500/t,
mining costs of US$2.20/t for mineralization and waste, crushing
and processing costs of US$10.70/t, general and administrative
(G&A) costs of US$4.00/t, metallurgical DMS recovery of 60%, 2%
royalty payment, pit slope angles of 55º, and an overall cut-off
grade of 0.5% Li2O.
|
5)
|
All Resources are
presented undiluted and in situ, constrained by continuous 3D
wireframe models, and are considered to have reasonable prospects
for eventual economic extraction.
|
6)
|
Tonnages and grades
have been rounded in accordance with reporting guidelines. Totals
may not sum due to rounding.
|
7)
|
The estimate of
Mineral Resources may be materially affected by environmental,
permitting, legal, title, taxation, socio-political, marketing, or
other relevant issues.
|
QUALIFIED PERSONS
The technical and scientific information related to geology and
mineral resource estimates in this news release has been reviewed
and approved by Marc-Antoine Laporte
P.Geo., M.Sc., of SGS. Mr. Laporte is a Qualified Person as
defined by National Instrument 43-101 and is independent of Sigma
Lithium.
The mineral reserve estimates in this news release have been
reviewed and approved by Porfirio Cabaleiro
Rodriguez P.Eng, Mining Engineer of Ge21 Consultoria Mineral
Brazil. Mr. Rodriguez is a Qualified Person as defined by National
Instrument 43-101 and is independent of Sigma Lithium.
ABOUT SIGMA LITHIUM CORPORATION
Sigma Lithium Corporation (NASDAQ: SGML, TSXV: SGML) is a
Canadian company dedicated to powering the next generation of
electric vehicle batteries with environmentally sustainable and
high-purity lithium.
Sigma Lithium is currently in construction at its wholly owned
Grota do Cirilo Project in Brazil,
which includes a state-of-the-art, green-tech processing plant that
uses 100% renewable energy, 100% recycled water and 100% dry-stack
tailings. The project also represents one of the largest and
highest-grade hard rock lithium spodumene deposits in the
Americas. Since inception, Sigma has devoted itself to strong
ESG practices, from its ongoing support of local communities to its
goal of achieving net zero by 2024. For more information about
Sigma Lithium, visit https://www.sigmalithiumresources.com/
Sigma Lithium
Linked-In: Sigma Lithium
Instagram: @sigmalithium
Twitter: @SigmaLithium
FORWARD-LOOKING STATEMENTS
This news release includes certain "forward-looking
information" under applicable Canadian and U.S. securities
legislation, including but not limited to statements relating to
timing and costs related to the commissioning of the Phase 1 Plant,
production, mineral resource and mineral reserve estimates
(including assumptions and estimates used in preparing the mineral
reserve and mineral resource estimates), the general business and
operational outlook of the Company, and other forward-looking
information. All statements that address future plans, activities,
events, estimates, expectations or developments that the Company
believes, expects or anticipates will or may occur is
forward-looking information, including statements regarding the
potential development of mineral resources and mineral reserves
which may or may not occur. Forward-looking information contained
herein is based on certain assumptions regarding, among other
things: general economic and political conditions; the stable and
supportive legislative, regulatory and community environment in the
jurisdictions where the Company operates; anticipated trends and
effects in respect of the COVID-19 pandemic and post-pandemic; the
military conflict in Ukraine and
related sanctions; demand for lithium, including that such demand
is supported by growth in the electric vehicle market; the
Company's market position and future financial and operating
performance; the Company's estimates of mineral resources and
mineral reserves, including whether mineral resources will ever be
developed into mineral reserves; and the Company's ability to
develop and achieve production at its mineral projects. Although
management believes that the assumptions and expectations reflected
in the forward-looking information are reasonable, there can be no
assurance that these assumptions and expectations will prove to be
correct. Forward-looking information inherently involves and is
subject to risks and uncertainties, including but not limited to
that the Company may not develop its mineral projects into a
commercial mining operation; the market prices for lithium may not
remain at current levels; and the market for electric vehicles and
other large format batteries currently has limited market share and
no assurances can be given for the rate at which this market will
develop, if at all, which could affect the success of the Company
and its ability to develop lithium operations. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
disclaims any intention or obligation to update or revise any
forward-looking information, whether because of new information,
future events or otherwise, except as required by law. For more
information on the risks, uncertainties and assumptions that could
cause our actual results to differ from current expectations,
please refer to the current annual information form of the Company
and other public filings available under the Company's profile at
www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sigma-lithium-substantially-increases-total-ni-43-101-mineral-resource-by-50-to-86-million-tonnes-adding-27-million-tonnes-of-high-grade-1-49-lithium-oxide-in-phase-3--301573103.html
SOURCE Sigma Lithium