Total resources at Aubry are now up from 4.9 million tonnes to 9.9Mt, however the overall grade has dropped from 1.25% to 1.04% lithium. 

 

Just over half the resource in the North Aubry deposit had been drilled out to indicated status, with indicated resources increased two and a half times to 5.2Mt at 1.29%.

 

The explorer, which listed to take on Ardiden's lithium interests in Canada last year, estimates it has increased resources for just US$1.30 per tonne.

 

CEO Luke Cox said the phase one diamond drilling program at North Aubry indicated the potential for further growth, and given the deposit remains open along strike to the north, and at depth, it anticipates being able to continue to add tonnes through drilling over the back half of 2022.

 

A further in 2.1Mt at 0.5% inferred resource exists at South Aubry, but while tonnes have doubled the grade has eased from 0.8%.

 

Resources are based on a $4000/t pit shell and using a 0.2% cut-off.

 

GT1 has an exploration target of 22-26Mt at 0.8-1.5% for the Aubry Complex. 

 

There are additional pegmatites in the area that will be assessed using portable XRF now the snows have receded, with GT1 aiming to drill the most prospective.

 

The rigs are drilling the 250m-long Pye prospect.

 

Initial drilling at Central Aubrey and Pye was not encouraging, but the areas are sparsely drilled.

 

GT1 raised $55 million in April at A$1.05, with around $14 million being pumped in by Lithium Americas Corporation, the owner of the US' largest lithium resources at Thacker Pass in Nevada.

 

It raised $24 million at 24c in November.

 

Ardiden owns a 20% free-carried interest in Seymour.

 

GT1 has traded between 33c and $1.24 over the past six months, and was down 11% this afternoon to 58.5c, valuing it at $152 million.