VANCOUVER, BC, June 13,
2024 /CNW/ - Century Lithium Corp. (TSXV: LCE)
(OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the
Company) is pleased to announce the filing of the report "NI
43-101 Technical Report on the Feasibility Study of the Clayton
Valley Lithium Project, Esmeralda County,
Nevada, USA", with effective date April 29, 2024 (Feasibility Study or
Report), to support the disclosure in the Company's news release
dated April 29, 2024 (see news
release). The Report was prepared in accordance with National
Instrument 43-101 (NI 43-101) by Wood Canada Limited (Wood), Global
Resource Engineering, Ltd. (GRE) and WSP USA Environment and Infrastructure, Inc.
(WSP). All currency amounts in this news release are presented in
US dollars.
"Century Lithium is pleased to file the report on the
Feasibility Study of our Clayton Valley Lithium Project," said
Bill Willoughby, President, and CEO.
"The Report is the culmination of the dedicated work of our team of
employees and consultants and highlights the economic benefits of
the Project made possible by Century's unique use of chlor-alkali
and direct lithium extraction processing. The filing of the report
now marks another major milestone for the Company."
During the preparation of the Report, minor changes were made to
the parameters used to determine the Mineral Resource and Reserve
Estimates. The resulting economic analysis is effectively
unchanged. Using a base case price of $24,000/tonne of lithium carbonate, the Project
after-tax cash flow has a 17.2% Internal Rate of Return (IRR) and a
$3.16 billion Net Present Value (NPV)
at an 8% discount rate.
RESOURCE AND RESERVES
The Mineral Resource and Reserve Estimates for the Project were
updated for the Report and built using geologic data and 1,318
lithium assays from 45 core holes drilled between 2017 and 2022 and
have an effective date of April 29,
2024. The constrained Measured and Indicated Resource
Estimate is 1,138.59 million tonnes (Mt) with an average grade of
966 parts per million (ppm) lithium and contains 1.099 Mt of
lithium or 5.852 Mt of lithium
carbonate equivalent (LCE). The Proven and Probable Mineral Reserve
Estimate was derived from the constrained Mineral Resources and
contains 287.65 Mt with an average grade of 1,149 ppm lithium and
contains 0.330 Mt of lithium or
1.759 Mt of LCE.
|
Mineral Resource
Estimate
|
|
Domain
|
Tonnes Above
Cut-off (millions)
|
Li Grade
(ppm)
|
Li
Contained
(million
t)
|
LCE (million
t)
|
|
Measured
|
858.26
|
990
|
0.850
|
4.523
|
|
Indicated
|
280.33
|
891
|
0.250
|
1.329
|
|
Measured &
Indicated
|
1,138.59
|
966
|
1.099
|
5.582
|
|
Inferred
|
187.28
|
820
|
0.154
|
0.817
|
|
1.The effective date of
the Mineral Resource Estimate is April 29, 2024. The QP for the
estimate is Ms. Terre Lane, MMSA, an employee of GRE and
independent of Century.
2.The Mineral Resources
are constrained by a pit shell with a 200 ppm Li cut-off and
density of 1.505 g/cm3. The cut-off grade considers an operating
cost of$20/t mill feed, process recovery of 78% and a
long-term lithium carbonate price of $24,000/t.
3.The Mineral Resource
estimate was prepared in accordance with 2014 CIM Definition
Standards and the 2019 CIM Best Practice Guidelines.
4.Mineral Resource
figures have been rounded.
5.One tonne of lithium
= 5.323 tonnes lithium carbonate.
6.Mineral Resources are
inclusive of Mineral Reserves.
|
|
Mineral Reserve
Estimate
|
|
Domain
|
Tonnes Above
Cut-
off (millions)
|
Li Grade
(ppm)
|
Li
Contained
(million
t)
|
LCE (million
t)
|
|
Proven
|
266.39
|
1,147
|
0.306
|
1.626
|
|
Probable
|
21.26
|
1,174
|
0.025
|
0.133
|
|
Proven &
Probable
|
287.65
|
1,149
|
0.330
|
1.759
|
|
1.The effective date of
the Mineral Reserve Estimate is April 29, 2024. The QP for the
estimate is Ms. Terre Lane, MMSA, an employee of GRE and
independent of Century.
2.The Mineral Reserve
estimate was prepared in accordance with 2014 CIM Definition
Standards and 2019 CIM Best Practice Guidelines.
3.Mineral Reserves are
reported within the final pit design at a mining cut-off of 900
ppm. The mine operating cost is $5.44/t milled, processing cost of
$40.9/t milled, G&A cost of $2.68/t milled and a credit for the
NaOH sales of $28.95/t milled. The NaOH sales credit is
proportionally applied to all the operating costs to get
appropriate costs for the cut-off grade calculation. The cut-off
grade considers a mine operating cost of $2.22/t, a process
operating cost of $16.69/t milled, a G&A cost of $1.09/t
milled, process recovery of 78% and a long-term lithium carbonate
price of $24,000/t.
4.The cut-off of 900
ppm is an elevated cut-off selected for the mine production
schedule as the elevated cut-off is 4.5 times higher than the
break-even cut-off grade.
5. Mineral Reserve
figures have been rounded.
6.One tonne of
lithium=5.323 tonnes lithium carbonate
|
PROJECT SUMMARY
Century's Project centers on the mining and processing of a
large, flat-lying lithium claystone deposit. Mineral Reserves are
sufficient to support a mine life of approximately 40 years.
Mining is by mechanized surface excavation of claystone at
production rates of 7,500 to 22,500 tonnes/day of mill feed, and
13,000 to 39,000 tonnes/year of lithium carbonate. Lithium recovery
is through Century's patent-pending process that combines
chloride leaching with direct lithium extraction to produce a
marketable battery-quality product at the Project site.
The Report is available on SEDAR+ and on the Company's
website.
QUALIFIED PERSON
Terre Lane, RM SME, MMSA,
Principal Mining Engineer, GRE, is an independent qualified person
as defined by National Instrument 43-101 and has approved the
technical information in this release.
ABOUT CENTURY LITHIUM
CORP.
Century Lithium Corp. is an advanced stage lithium company,
focused on developing its 100%-owned Clayton Valley Lithium
Project in west-central Nevada,
USA. Century Lithium recently completed a Feasibility Study
on its Clayton Valley Lithium Project and is currently in the
permitting stage, with the goal of becoming a domestic producer of
lithium for the growing electric vehicle and battery storage
market.
ON BEHALF OF CENTURY LITHIUM CORP.
WILLIAM WILLOUGHBY, PhD., PE
President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding
Forward-Looking Statements
This release contains certain forward-looking statements
within the meaning of applicable Canadian securities legislation.
In certain cases, forward-looking statements can be identified by
the use of words such as "plans", "expects" or "does not
anticipate", or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" and similar expressions suggesting future outcomes or
statements regarding an outlook.
Forward-looking statements relate to any matters that are not
historical facts and statements of our beliefs, intentions and
expectations about developments, results and events which will or
may occur in the future, without limitation, statements with
respect to the potential development and value of the Project and
benefits associated therewith, statements with respect to the
expected project economics for the Project, such as estimates of
life of mine, lithium prices, production and recoveries, capital
and operating costs, IRR, NPV and cash flows, any projections
outlined in the Feasibility Study in respect of the Project, the
permitting status of the Project and the Company's future
development plans.
These and other forward-looking statements and information
are subject to various known and unknown risks and uncertainties,
many of which are beyond the ability of the Company to control or
predict, that may cause their actual results, performance or
achievements to be materially different from those expressed or
implied thereby, and are developed based on assumptions about such
risks, uncertainties and other factors set out herein. These
risks include those described under the heading "Risk Factors" in
the Company's most recent annual information form and its other
public filings, copies of which can be under the Company's profile
at www.sedarplus.com. The Company expressly disclaims any
obligation to update-forward-looking information except as required
by applicable law. No forward-looking statement can be guaranteed,
and actual future results may vary materially. Accordingly, readers
are advised not to place reliance on forward-looking statements or
information. Furthermore, Mineral Resources that are not Mineral
Reserves do not have demonstrated economic viability.
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SOURCE Century Lithium Corp.