CleanTech Lithium, a Chile-focused exploration and development company, experienced a substantial boost in its shares as it announced a 74% resource increase at its Francisco Basin in Chile. This news resulted in a significant surge in stock prices, with shares rising as much as 13% during early trading.
According to the company’s latest JORC resource estimate, the lithium-carbonate equivalent at the basin now amounts to 920,000 metric tons. The average grade of lithium stands at 207 milligram per liter. It is important to note that a JORC resource represents the industry-standard measurement for mineral deposits.
Chief Executive Aldo Boitano expressed optimism regarding further exploration work planned in the first half of 2024, expecting a substantial increase in the resource size. The current estimate already holds enough potential for an annual production rate of 20,000 tons of battery-grade lithium carbonate over a span of 20 years.
CleanTech Lithium is currently in the final stages of completing a scoping study, including the necessary estimates to solidify its operations. This development marks a significant milestone for the company’s growth and reinforces its position as a key player in the lithium market.