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(Sharecast News) - CleanTech Lithium reported a 17% increase in the mineral resource estimate for its Laguna Verde project in Chile on Monday, following the acquisition of additional licences, positioning the asset among the country's key lithium developments earmarked for accelerated private-sector advancement.
The AIM-traded company said the total JORC-compliant resource now stood at 1.9 million tonnes of lithium carbonate equivalent (LCE) at an average grade of 174 milligrams per litre of lithium, up from 1.63 million tonnes previously.
Of that, 0.84 million tonnes are classified as Measured and Indicated at a grade of 178 mg/L.
The upgrade followed the August acquisition of 30 new licences from Minergy Chile, which increased CleanTech Lithium's preferential licence area within the Chilean government's defined CEOL (Special Lithium Operating Contract) polygon to 97.6%, above the 80% threshold required to enter a streamlined approval process.
The government was now reportedly finalising indigenous community consultations for the project.
CleanTech said the updated resource, prepared by Montgomery & Associates, incorporated three years of exploration data from 2022 to 2024, including drill, pump test, and geophysical programmes.
Montgomery had recommended further drilling in the southwest, north and northeast of the salar to potentially expand the resource base.
The measured and indicated portion will feed into the project's pre-feasibility study, which was expected to underpin its maiden reserve estimate.
"The updated JORC-compliant resource estimate for the Laguna Verde project, independently determined by Montgomery & Associates, confirms a robust and significant resource of 1.9 million tonnes of lithium carbonate wquivalent (LCE) at an average grade of 174 milligraps per litre of lithium, with 0.84 million tonnes in the measured and indicated category," said chief executive Ignacio Mehech.
"The resource estimate is an important element of the project's pre-feasibility study which is advancing to completion.
"This positions Laguna Verde as a leading direct lithium extraction (DLE) based project in Chile's lithium sector and as a future producer for the global EV and battery market."
At 1608 GMT, shares in CleanTech Lithium were up 5.86% at 5.82p.
Reporting by Josh White for Sharecast.com.