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Bradda Head Holdings Limited LSE:BHL London Ordinary Share VGG154091083 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -0.66% 7.50 7.30 7.70 7.55 7.20 7.55 1,708,194 15:36:00
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Mining - - - - 22

Bradda Head Holdings Ltd Update on Exploration Drilling at Burro Creek East

21/07/2021 7:00am

UK Regulatory (RNS & others)


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Bradda Head Holdings Ltd

21 July 2021

21 July 2021

Bradda Head Holdings Ltd

("Bradda Head" or the "Company")

Update on Exploration Drilling at Burro Creek East

Bradda Head Holdings Ltd (AIM: BHL), the North America-focused lithium development group, is pleased to announce a progress update on drilling at the Company's Burro Creek East asset in Western Arizona.

Highlights:

-- This fast-track programme has been designed to twin five existing holes and drill five new holes to target resource extension.

-- The diamond core drilling programme will test the extent and thickness of the clay towards the northwest of the lithium resource.

-- Drilling is targeting an increase in both resource size and grade. Further metallurgical testing will increase clays processing knowledge.

   --    141 meters have been drilled of a planned 991 metres. 
   --    First set of results expected in Q3 2021. 

As included in the Company's recently published AIM Admission Document, Bradda Head's diamond core exploration drilling programme is underway at its Burro Creek East asset in Western Arizona. The purpose of the programme is to twin five existing holes, which didn't fully extend into the second layer of mineralised clay, and to drill five additional holes to extend the resource and to test the extent and thickness of the clay to the northwest of the existing resource, where consultants SRK believe that the deposit thickens. The Company aims to increase resource size and grade by improving drilling recoveries (90%+, where previously was 60-80%) and carry out further metallurgical testing to help increase knowledge on the processing of clays at Burro Creek East.

The current programme commenced on 1 July 2021 with a total of 141 meters having been drilled of a planned 991 metres. Drill core recoveries in the target formation in the first completed drill hole averaged 93.1%. The drilled core will be tested at ALS Geochemistry in Tucson, Arizona, as the programme progresses, with the first results expected in Q3 2021.

Images of the progress at the Burro Creek East asset are available online at: https://www.braddaheadltd.com/media/image-library/

Charles FitzRoy, CEO of Bradda Head, commented:

"We are pleased to have commenced the exploration drilling programme at Burro Creek East so shortly after our Aim listing It highlights our drive to develop our resource base in Bradda Head to match the obvious market lithium demand out there. This drilling programme will bring greater information on the prospectivity of the resource at depth and along strike. Core recoveries have been very good, with the first holes' core recovery averaging at over 93%. This will give us more accurate resource estimation data, compared to the previous 2018 Reverse Circulation (RC) drill programme which suffered poor recoveries (60-80%).

"From SRK's studies, we also believe that the deposit thickens as we progress towards the north-western end of Burro Creek East, which gives us further cause to be optimistic on being able to increase the size of the ore body.

"This fast track drilling programme was funded through the company's existing pre-IPO cash reserves allowing us to move quickly to secure drill rigs and get permits in place. The funds raised at IPO have enabled us to commence progression of our plans at Wikieup, Burro Creek West, and Bradda Head's brine and pegmatite assets, enabling us to demonstrate the value in the ground at our assets in Nevada and Arizona, and helping Bradda Head accelerate its role in the crucial supply of lithium to US end-users."

For further information please visit the Company's website: www.braddaheadltd.com

Contact:

 
 Bradda Head Holdings Limited     +44 (0) 1624 639 396 
 Charlie FitzRoy, CEO 
  Denham Eke, Finance Director 
 
 Beaumont Cornish (Nomad) 
  James Biddle/Roland Cornish     +44 20 7220 1666 
 
 Peterhouse (Joint Broker)        +44 207 469 0930 
 Charles Goodfellow 
  Duncan Vasey 
  Lucy Williams 
 
 Shard Capital (Joint Broker)     +44 207 186 9927 
 Isabella Pierre 
 
 Tavistock (PR)                   + 44 20 7920 3150 
 Nick Elwes                       braddahead@tavistock.co.uk 
  Oliver Lamb 
  Adam Baynes 
 

Notes to Editors

Bradda Head Holdings Ltd is a North America-focused lithium development group. The Company currently has interests in a variety of projects, the most advanced of which are in Central and Western Arizona: the Burro Creek East Project, the Burro Creek West Project and the Wikieup Project.

The Burro Creek East Project in particular has an estimated an Inferred Mineral Resource (JORC) of 42.6 Mt of lithium bearing clays at an average grade of 818 ppm lithium for 185 Kt lithium carbonate equivalent (LCE). The Burro Creek East Project also has additional exploration potential for extensions to the current model of between 50,000 to 300,000 tonnes of lithium carbonate equivalent.

The Group intends to continue to develop its three phase one projects in Arizona, whilst endeavouring to unlock value at its other prospective pegmatite and brine assets in Arizona, Nevada and Pennsylvania.

All Bradda Head's licences are held on a 100% equity basis and are in close proximity to the required infrastructure.

Bradda Head is listed on the AIM market of the London Stock Exchange with the ticker of BHL.

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July 21, 2021 02:00 ET (06:00 GMT)

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