Overview

The Mt Marion Lithium Project is located approximately 40km south west of Kalgoorlie, Western Australia and is jointly owned by Neometals Ltd (13.8%), one of China's largest lithium producers Jiangxi Ganfeng Lithium Co., Ltd (43.1%) and a local mining services business (43.1%).

Operations

  • Construction commenced in DecQ 2015.
  • Commissioning in mid-2016.
  • MinRes funds / operates the project from mine to port
  • Current JORC-compliant resource of 77.8Mt @ 1.37% Li2O.
  • 6 deposits all open along strike and at depth.
  • Ore fresh from surface and visually distinguishable (white).

History

Neometals initially signed a farm-in agreement in October 2009 with a local mining services business (MinRes) which saw Neometals retain 100% ownership of the project while MinRes would fund all development costs and build, own and operate the processing facilities in order to earn a 40% share of net profit.

In February 2011 this agreement was amended so that instead of MinRes having a right to 40% profit from sales, they will now have a direct 30% ownership of the project.

In September 2015, an agreement was executed between Neometals, MinRes and Jiangxi Ganfeng Lithium which resulted in Ganfeng taking a 25% in the Mt Marion mine and also agreeing to a life-of-mine offtake agreement.

Mt Marion Lithium Project - July 2015

Project updates

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  • Mt Marion Project Update

  • First Lithium Shipment from Mt Marion

    Mineral Resources Limited, Neometals Ltd and Ganfeng Lithium Co. Ltd wish to advise the market of the inaugural shipment of lithium concentrates produced at the Mt Marion Lithium Project in Western Australia.

    The first shipment of 15,000 tonnes of lithium concentrates have been loaded onto the MV Pacific Venus at the Port of Kwinana and last night departed on its journey to the Zhenjiang Port, China where it will deliver the product to Ganfeng.

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  • Quarterly Activities Report

    Beneficiation plant primary and secondary DMC circuit construction completed.

    Beneficiation plant commissioning continued, first production achieved.

    ‘Pacific Venus’ vessel booked for first shipment, laycan of 2nd‐5th February.

     

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  • Mount Marion Lithium Project Update

    Neometals Ltd is pleased to provide updated guidance on the anticipated timing of the first shipment for the Mt Marion Lithium Operation, in which it holds a 13.8% equity interest.

    As at 21 December 2016, approximately 6,000t of concentrate had been produced from Mt Marion, with 3,000t stockpiled at port, and with trucking continuing around the clock.  Subject to the availability of a suitable vessel, the first shipment of approximately 10,000t of concentrate is expected to depart Kwinana in January 2017.

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  • Mt Marion Plant Commissioning

  • Mt Marion Resource Upgrade

    Snowden Mining Industry Consultants has reviewed results of recent drilling and provided a revised Mineral Resource estimate as at 21 October 2016 resulting in increases to Indicated and Inferred Mineral Resources now totalling 77.8Mt at 1.37% Li2O and 1.09% Fe; reported above a cut‐off grade of 0.5% Li2O.

    The previous Mineral Resource estimate released on 5 July 2016 was 60.5Mt at 1.36% Li2O and 1.09% Fe; reported above a cut‐off grade of 0.3% Li2O.

    The revised estimate represents an increase in contained Lithium content of 29.5% with a slightly increased cut‐off grade to align with pit optimisation parameters as applied by Snowden.

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  • MOU for Downstream Lithium Processing Plant

    Neometals Ltd (ASX: NMT) and Mineral Resources Limited (ASX: MIN) are pleased to announce the signing of a Memorandum of Understanding (MOU) to further progress the development of a downstream lithium chemical plant in the Eastern Goldfields of WA.

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  • Exploration Drilling Update

    Results to date have been positive with significant increases in the previously defined shallow, west dipping, spodumene‐bearing pegmatites at Area’s 1, 2, 2 West, 4, and 6. 

    At Area 2 West RC drilling further defined the bounds of the deep, sub vertical pegmatite ‘feeder’ previously reported in the March ASX Quarterly. This unit is a 40 to 80 metre (horizontal width) spodumene bearing pegmatite with a continuous vertical thickness up to 370 metres (e.g. MMRC0415: Pegmatite from 149‐519 metres), and a strike length of up to 350 metres (SSW‐NNE). The unit remains open at depth to the north.

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  • 160% increase in Mt Marion Resource Estimate

    The results of the study have increased the Mineral Resource Estimate to Indicated and Inferred Mineral Resources of 60.5Mt at 1.36% Li2O and 1.09% Fe, at a cut-off grade of 0.3% Li2O (Table 1 and Appendix A), compared to 23.24Mt at 1.39% Li2O, at a cut-off grade of 0% Li2O previously. This represents a substantial increase in the size of the mineral resource, equating to a 160% increase in the total contained lithium at the Project.

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  • Mt Marion Lithium - Project Shareholding Financial Close

    Neometals Ltd and Mineral Resources Limited refer to announcements dated 3 June 2016 regarding the exercise of a call option by MIN to acquire an additional 13.1% of Reed Industrial Minerals Pty Ltd from Neometals.

    The Companies advise that financial close occurred today with the receipt of US$19.65 million. Neometals’ cash balance is now A$79.7 million.

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