October 25, 2023
Bradda Head Lithium Ltd. (TSXV:BHLI, AIM:BHL, BUY, C$0.40 target, Alina Islam and David A. Talbot) announced that it has received the US$2.5M payment from Lithium Royalty Corp. (TSXV: LIRC, Not Rated), which was due upon confirmation of a >1Mt LCE mineral resource estimate at its Basin Li-clay project in Arizona (read note). With an additional 10-hole (~3,000m) drill program planned, the company plans to expand the resource to >2.5Mt LCE, which would make it eligible for another US$3.0M payment from LRC. Bradda Head has also acquired an additional 2.84 sq. km of claims, north of its Basin North claims, bringing the total land package of the project to ~20 sq. km. The new land package hosts the same stratigraphy of clays, as is found at Basin West, which should help the company delineate additional resources going forward. While we look forward to resource expansion drilling at Basin, we expect assays from its San Domingo Li-pegmatite project, where 50% of the Phase 3 drill program is complete, and many holes have encountered long intervals of pegmatite with visible spodumene. Read more
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Bradda Head Lithium Ltd. – TSXV:BHLI
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