Plymouth Minerals PLH 1

Plymouth Minerals (ASX:PLH) has released its maiden resource estimate on the San Jose Lithium-Tin project in Spain at the end of May. The total resource currently stands at 92.3 million tonnes at an average grade of 0.6% Li2O and 0.02% tin but what’s perhaps more exciting, is the higher grade zone of 16.5 million tonnes at 0.9% Li2O and 0.04% tin. This is just a first pass as the deposit remains open along strike and at depth and Plymouth thinks it should be possible to double the currently known resource estimate.

Plymouth Minerals PLH 2

Based on the Li2O values, resulting in a Li-value of 0.27% for the entire deposit (in the ‘lower grade’ overall resource), Plymouth would need to process approximately 70 tonnes of rock to end up with 1 tonne of LithiumCarbonate (18.8% Li), which means the deposit currently contains approximately 1.3 million tonnes of LCE. The project also contains almost 20,000 tonnes of tin which currently has an in situ value of $375M. Whilst the company is proud with its 97% recovery rate for its lithium using sulphate roast techniques, we were unable to find the anticipated recovery rate for the tin which is a pity, as tin could become a very valuable by-product in the next few years as there’s virtually no new supply expect to come online.

Plymouth doesn’t want to waste any time and is aiming to submit a mining license application early in the fourth quarter whilst a scoping study could also be expected before the end of this year.

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The author has no position in Plymouth Minerals. Please read the disclaimer

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