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Allkem Ltd.
Allkem Ltd.
Registriert in: Australien WKN: A3C8Z7 Rohstoffe:
Art: Originalaktie ISIN: AU0000193666 Lithium
Heimatbörse: Sydney/Melbourne Alternativ:
Währung: AUD    
Symbol: AKE.AX Forum:

Allkem - Mt Cattlin Resource Drilling Update

05.10.2022 | 3:31 Uhr | GlobeNewswire

BRISBANE, Oct. 05, 2022 - Allkem Ltd. (ASX|TSX: AKE, the Company) is pleased to provide an update on the resource extension drilling program currently underway at its Mt Cattlin spodumene operation in Western Australia.

The drilling program consists of three phases as described below:

Phase 1 - drilling within the US$900 2NW pit shell converting resource to reserve (planned 49 holes, 11,120 metres). Underway - ~77% complete.

Phase 2 - drilling to the north and down dip of the US$900 2NW pit shell to test resource extensions outside of the US$900 2NW pit (planned 80 holes, 19,125 metres) and within the US$1,100 pit shell. Underway - ~55% complete.

Phase 3 - drilling in the SW of the mine tenements to test additional targets and prospects (18 holes, 2,440 metres). To be undertaken in late 2022/early 2023.

HIGHLIGHTS

  • Phase 1 drilling is targeting to convert 3.2Mt of Resource to Reserves. Intercepts within this pit include high grade zones with large thicknesses such as 12m at 2.46% Li2O and 15m at 1.91% Li2O
  • Phase 2 drilling and assay results demonstrate resource extension potential to the north of the current pit with high grade intercepts in the lower pegmatite, including 9m at 2.98% Li2O and 7m at 1.86% Li2O
  • Phase 1 and 2 drilling at 2NW pit is on target for completion by end of October and a consultant has been engaged to immediately commence a study to convert mineral resources to Ore Reserves for scheduling, mine planning and detailed pit design
  • Mt Cattlin's Mineral Resource tonnage recently increased 21% to 13.3Mt @ 1.2% Li2O and 131 ppm Ta2O5

INTERIM DRILLING RESULTS

Allkem commenced a three-phase resource extension program in mid-April that targets 147 holes for approximately 32,685 metres of reverse circulation ("RC") drilling.

As of 14 September, 81 holes drilled for a total of 19,177 metres were complete and assay results for 47 drillholes were available.

Highlights from the assays of the upper pegmatite include:

Drillhole From(m) To(m) Thickness(m) Li2O% Ta2O5ppm
NWRC186 81 89 8 1.41 105
NWRC204 87 95 8 1.59 128
NWRC211 79 91 12 2.46 53
NWRC212 86 101 15 1.91 72
NWRC238 89 105 16 1.73 92
NWRC241 99 112 13 1.51 115

All significant assays are tabulated in the appendix.

Figure 1: Intercepts to the north of the US$1,100 whittle shell show potential for mineral resource expansion.

Highlights from the lower pegmatite include:

Drillhole From(m) To(m) Thickness(m) Li20% Ta2O5ppm
NWRC128 215 227 12 1.91 218
NWRC129 213 222 9 1.43 177
NWRC131 237 245 8 1.85 176
NWRC137 203 212 9 1.59 286
NWRC138A 239 249 10 1.69 247
NWRC147 191 201 10 1.16 128
NWRC154 189 199 10 1.01 124
NWRC156 202 211 9 1.39 434
NWRC158 220 229 9 0.98 73
NWRC164 192 201 9 0.76 36
NWRC175 228 239 11 2.15 126
NWRC176 232 243 11 0.97 175
NWRC179 179 191 12 1.66 608
NWRC186 181 193 12 1.35 93
NWRC188 209 221 12 1.34 99
NWRC190 216 228 12 1.66 261
NWRC191 216 226 10 1.94 171
NWRC192 229 239 10 2.08 378
NWRC197 204 216 12 1.32 79
NWRC200 232 241 9 2.98 414
NWRC202 246 257 11 1.01 483
NWRC203 166 177 11 1.92 164
NWRC242 221 231 10 1.76 281

Pegmatite mineralisation to this point generally aligns with the existing geological model and of those assays returned to date and lithia (Li2O) content is consistent with historic (pre-2022) assays in the North West pit area of Mt Cattlin. Given the tendency for "pinch and swell" in pegmatite mineralisation, definitive conclusions are not possible at this stage, however geological logging and assay results to date are highly encouraging.

A typical cross section at northing 224160E (MGA 94) in Figure 1 shows ongoing thick pegmatite development down dip from the US$650 (Ore Reserve) pit shell and the USD 1,100 Whittle shell.

All drill hole collars for assay results are presented in Figure 2 and Appendix: Table 1.

Given the executed orientation of the drilling, assay intercepts reported are broadly true width.



Figure 2: Drilling progress as of 14 September 2022 and location relative to USD 1,100 pit shell and current NW pit design and cut-back.

Next steps

The Phase 1 resource infill program at 2NW pit is on target for completion by the end of October and Perth based consultants Entech have been appointed to project manage an open pit, cut-back feasibility level study and execution.

Planning is underway for follow-up reverse circulation and diamond drilling, for the purposes of extension, geotechnical and metallurgical studies.

The study is anticipated to commence in October and aims to convert in-situ mineral resources (as announced on 25 August 2022) to Ore Reserves for scheduling, mine planning and detailed pit design in a NW pit.

Additionally, a scoping study continues to evaluate the potential for either opencut or underground development of further resource extensions from Phase 2 drilling.

On completion of the drilling at the NW pit, the focus will shift to Phase 3 and further definition in the SW part of the reasonable prospects of eventual economic extraction (RPEEE) footprint and lead to programs that test pegmatite continuity in areas previously not included in resource and mineral resource modelling. These programs will continue towards the end of the year and extend onto exploration leases as conditions and permitting allows.

This release was authorised by Mr Martin Perez de Solay, CEO and Managing Director of Allkem Ltd..


Allkem Ltd.

ABN 31 112 589 910

Level 35, 71 Eagle St
Brisbane, QLD 4000
Investor Relations & Media Enquiries

Andrew Barber
M: +61 418 783 701 E: Andrew.Barber@allkem.co

Phoebe Lee
P: +61 7 3064 3600 E: Phoebe.Lee@allkem.co
Connect

info@allkem.co
+61 7 3064 3600
www.allkem.co

IMPORTANT NOTICES

This investor ASX/TSX release (Release) has been prepared by Allkem Ltd. (ACN 112 589 910) (the Company or Allkem). It contains general information about the Company as at the date of this Release. The information in this Release should not be considered to be comprehensive or to comprise all of the material which a shareholder or potential investor in the Company may require in order to determine whether to deal in Shares of Allkem. The information in this Release is of a general nature only and does not purport to be complete. It should be read in conjunction with the Company's periodic and continuous disclosure announcements which are available at allkem.co and with the Australian Securities Exchange (ASX) announcements, which are available at www.asx.com.au.

This Release does not take into account the financial situation, investment objectives, tax situation or particular needs of any person and nothing contained in this Release constitutes investment, legal, tax, accounting or other advice, nor does it contain all the information which would be required in a disclosure document or prospectus prepared in accordance with the requirements of the Corporations Act 2001 (Cth) (Corporations Act). Readers or recipients of this Release should, before making any decisions in relation to their investment or potential investment in the Company, consider the appropriateness of the information having regard to their own individual investment objectives and financial situation and seek their own professional investment, legal, taxation and accounting advice appropriate to their particular circumstances.

This Release does not constitute or form part of any offer, invitation, solicitation or recommendation to acquire, purchase, subscribe for, sell or otherwise dispose of, or issue, any Shares or any other financial product. Further, this Release does not constitute financial product, investment advice (nor tax, accounting or legal advice) or recommendation, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision.

The distribution of this Release in other jurisdictions outside Australia may also be restricted by law and any restrictions should be observed. Any failure to comply with such restrictions may constitute a violation of applicable securities laws.

Past performance information given in this Release is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Forward Looking Statements

Forward-looking statements are based on current expectations and beliefs and, by their nature, are subject to a number of known and unknown risks and uncertainties that could cause the actual results, performances and achievements to differ materially from any expected future results, performances or achievements expressed or implied by such forward-looking statements, including but not limited to, the risk of further changes in government regulations, policies or legislation; the risks associated with the continued implementation of the merger between the Company and Galaxy Resources Ltd., risks that further funding may be required, but unavailable, for the ongoing development of the Company's projects; fluctuations or decreases in commodity prices; uncertainty in the estimation, economic viability, recoverability and processing of mineral resources; risks associated with development of the Company Projects; unexpected capital or operating cost increases; uncertainty of meeting anticipated program milestones at the Company's Projects; risks associated with investment in publicly listed companies, such as the Company; and risks associated with general economic conditions.

Subject to any continuing obligation under applicable law or relevant listing rules of the ASX, the Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements in this Release to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based. Nothing in this Release shall under any circumstances (including by reason of this Release remaining available and not being superseded or replaced by any other Release or publication with respect to the subject matter of this Release), create an implication that there has been no change in the affairs of the Company since the date of this Release.

Competent Person Statement

The information in this announcement that relates to Exploration Results and Mineral Resources is based on information compiled by Albert Thamm, B.Sc. (Hons)., M.Sc. F.Aus.IMM, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Albert Thamm is a full-time employee of Galaxy Resources Pty. Limited. Albert Thamm has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Albert Thamm consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Any information in this announcement that relates to Mt Cattlin's Mineral Resources and Reserves is extracted from the report entitled "Mt Cattlin Resource, Reserve and Operations Update" released on 25 August 2022 which is available to view on www.allkem.co and www.asx.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the Mineral Resources estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Not for release or distribution in the United States

This announcement has been prepared for publication in Australia and may not be released to U.S. wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction, and neither this announcement or anything attached to this announcement shall form the basis of any contract or commitment. Any securities described in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the U.S. Securities Act of 1933 or exempt from, or not subject to, the registration of the U.S. Securities Act of 1933 and applicable U.S. state securities laws.


APPENDIX 1 - DRILL HOLE INFORMATION AND ASSAY RESULTS

Table 1: Drill hole collar and orientation as surveyed

Hole ID TYPE MGA94 Z51
East
MGA94 Z51
North
RL Depth Dip MGA94 Z51
Azimuth
NWRC116 RC 223758 6282275 269 255 -70 180
NWRC117 RC 223761 6282420 270 300 -56 180
NWRC118 RC 223759 6282450 270 285 -69 181
NWRC120 RC 223796 6282216 269 209 -70 180
NWRC121 RC 223799 6282279 269 250 -71 180
NWRC122 RC 223800 6282430 270 270 -63 180
NWRC123 RC 223796 6282471 270 270 -73 180
NWRC125 RC 223832 6282239 268 236 -70 180
NWRC126 RC 223835 6282278 268 235 -70 180
NWRC128 RC 223850 6282375 271 250 -70 180
NWRC129 RC 223839 6282415 270 260 -67 180
NWRC130 RC 223840 6282440 270 260 -70 180
NWRC131 RC 223840 6282471 270 260 -72 180
NWRC132 RC 223841 6282520 270 260 -88 182
NWRC134 RC 223828 6282657 269 290 -76 175
NWRC137 RC 223881 6282375 270 252 -87 180
NWRC138A RC 223884 6282478 270 260 -71 184
NWRC142 RC 223878 6282650 267 285 -76 181
NWRC147 RC 223920 6282378 269 228 -77 180
NWRC148 RC 223919 6282441 270 180 -80 180
NWRC149 RC 223915 6282485 270 218 -70 180
NWRC151 RC 223916 6282639 268 270 -71 180
NWRC153 RC 223979 6282241 266 205 -70 180
NWRC154 RC 223972 6282320 268 205 -70 191
NWRC155 RC 223969 6282360 269 215 -70 188
NWRC156 RC 223968 6282400 269 225 -70 188
NWRC157 RC 223964 6282440 270 240 -69 184
NWRC158 RC 223964 6282480 270 240 -70 184
NWRC162 RC 223956 6282676 266 265 -70 180
NWRC164 RC 224006 6282400 270 350 -70 183
NWRC165 RC 224005 6282440 270 234 -70 184
NWRC166 RC 224005 6282480 270 168 -70 184
NWRC167 RC 224018 6282548 270 228 -72 195
NWRC168 RC 224022 6282587 269 255 -73 197
NWRC170 RC 223997 6282678 267 228 -70 180
NWRC171 RC 223998 6282718 264 275 -70 180
NWRC172 RC 224060 6282362 255 195 -80 218
NWRC174 RC 224040 6282561 269 246 -71 180
NWRC175 RC 224038 6282602 269 250 -70 180
NWRC176 RC 224035 6282638 268 255 -69 180
NWRC179 RC 224080 6282435 255 210 -71 180
NWRC181 RC 224076 6282559 269 235 -70 180
NWRC182 RC 224078 6282603 268 210 -70 180
NWRC186 RC 224120 6282436 255 210 -70 180
NWRC188 RC 224119 6282520 269 225 -71 180
NWRC189 RC 224114 6282599 268 234 -71 174
NWRC190 RC 224111 6282633 268 240 -72 171
NWRC191 RC 224137 6282669 265 250 -70 180
NWRC192 RC 224121 6282719 264 255 -70 180
NWRC195 RC 224142 6282517 262 230 -71 168
NWRC196 RC 224159 6282562 262 235 -70 180
NWRC197 RC 224160 6282602 267 234 -70 180
NWRC198 RC 224160 6282640 265 246 -82 180
NWRC199 RC 224160 6282662 265 71 -70 180
NWRC200 RC 224159 6282758 264 270 -70 180
NWRC201 RC 224159 6282798 264 275 -70 180
NWRC202 RC 224167 6282838 264 285 -70 187
NWRC203 RC 224201 6282395 255 186 -70 180
NWRC204 RC 224200 6282434 255 192 -70 180
NWRC205 RC 224195 6282477 262 215 -70 180
NWRC207 RC 224196 6282650 266 246 -63 181
NWRC208 RC 224200 6282717 262 245 -70 180
NWRC209 RC 224193 6282773 264 264 -67 176
NWRC210 RC 224198 6282798 264 264 -70 180
NWRC211 RC 224240 6282394 255 186 -70 180
NWRC212 RC 224241 6282435 255 186 -70 180
NWRC213 RC 224234 6282477 262 220 -71 180
NWRC214 RC 224237 6282519 262 153 -70 180
NWRC215 RC 224241 6282557 262 230 -69 180
NWRC216 RC 224240 6282599 264 224 -70 180
NWRC219 RC 224231 6282743 260 260 -70 180
NWRC220 RC 224239 6282757 259 250 -70 180
NWRC224 RC 224304 6282656 246 225 -61 194
NWRC225 RC 224305 6282672 247 235 -70 204
NWRC227 RC 224282 6282794 255 260 -61 180
NWRC233 RC 224313 6282674 247 225 -68 173
NWRC234 RC 224321 6282714 249 220 -83 180
NWRC238 RC 224360 6282547 235 300 -73 180
NWRC240 RC 224360 6282753 249 220 -62 180
NWRC241 RC 224400 6282628 235 144 -86 180
NWRC242 RC 224159 6282702 264 250 -75 180

All significant intercepts with a minimum cut-off 0.4% Li2O%; minimum 4m interval; maximum 2m of internal waste are presented separately in Tables 2 and 3 below.


Table 2: Significant intercepts - upper pegmatite body (61)

Drillhole From (m) To (m) Metres Li2O% Ta2O5ppm Pegmatite Body
NWRC128 157 161 4 1.27 78 61
NWRC131 183 188 5 0.96 100 61
NWRC147 130 136 6 0.82 85 61
NWRC154 115 120 5 1.28 146 61
NWRC155 121 125 4 1.59 57 61
NWRC156 138 142 4 1.14 107 61
NWRC157 146 150 4 0.9 158 61
NWRC164 118 122 4 1.3 83 61
NWRC172 75 82 7 1.54 93 61
NWRC174 150 155 5 0.93 38 61
NWRC175 162 166 4 0.86 77 61
NWRC179 83 88 5 1.74 182 61
NWRC186 81 89 8 1.41 105 61
NWRC188 122 126 4 1.5 73 61
NWRC190 138 142 4 0.97 110 61
NWRC200 185 192 7 1.12 31 61
NWRC201 194 200 6 1.39 352 61
NWRC203 77 82 5 1.11 94 61
NWRC204 87 95 8 1.59 128 61
NWRC211 79 91 12 2.46 53 61
NWRC212 86 101 15 1.91 72 61
NWRC216 129 133 4 0.47 113 61
NWRC238 89 105 16 1.73 92 61
NWRC241 99 112 13 1.51 115 61

Table 3: Significant intercepts - lower pegmatite body (62). Minimum cut-off 0.4% Li2O%; minimum 4m interval; maximum 2m of internal waste

Drillhole From (m) To (m) Metres Li2O% Ta2O5ppm Pegmatite Body
NWRC122 236 240 4 0.95 77 62
NWRC123 249 253 4 1.33 77 62
NWRC128 215 227 12 1.91 218 62
NWRC129 213 222 9 1.43 177 62
NWRC131 237 245 8 1.85 176 62
NWRC137 203 212 9 1.59 286 62
NWRC138A 239 249 10 1.69 247 62
NWRC147 191 201 10 1.16 128 62
NWRC153 161 166 5 0.81 148 62
NWRC154 189 199 10 1.01 124 62
NWRC155 191 197 6 0.45 126 62
NWRC156 202 211 9 1.39 434 62
NWRC158 220 229 9 0.98 73 62
NWRC164 192 201 9 0.76 36 62
NWRC172 168 174 6 0.88 143 62
NWRC175 228 239 11 2.15 126 62
NWRC176 232 243 11 0.97 175 62
NWRC179 179 191 12 1.66 608 62
NWRC186 181 193 12 1.35 93 62
NWRC188 209 221 12 1.34 99 62
NWRC189 214 218 4 1.55 80 62
NWRC190 216 228 12 1.66 261 62
NWRC191 216 226 10 1.94 171 62
NWRC192 229 239 10 2.08 378 62
NWRC197 204 216 12 1.32 79 62
NWRC200 232 241 9 2.98 414 62
NWRC201 243 250 7 1.86 457 62
NWRC202 246 257 11 1.01 483 62
NWRC203 166 177 11 1.92 164 62
NWRC209 241 245 4 0.93 133 62
NWRC211 173 177 4 0.61 103 62
NWRC216 214 218 4 0.47 85 62
NWRC242 221 231 10 1.76 281 62


APPENDIX 2 - RESOURCE AND RESERVE TABLES

Mt Cattlin Mineral Resource at 30 June 2022

Category

Tonnage Grade Grade Contained metal Contained metal Net Variance to
2021 Statement
Mt % Li2O ppm Ta2O5 ('000) t Li2O lbs Ta2O5 %
Measured In-situ - - - - - -100 %
Indicated In-situ 4.5 1.3 135 59 1,339,000 -6 %
Stockpiles 2.4 0.8 122 19 646,000 -20 %
Inferred In-situ 6.4 1.3 131 83 1,850,000 121 %
Total 13.3 1.2 131 161 3,835,000 21 %

Notes: Reported at cut-off grade of 0.4% Li2O contained within a pit shell generated at a spodumene price of USD1,100 at 6% Li20. The preceding statements of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Excludes mineralisation classified as oxide and transitional. Minor discrepancies may occur due to rounding to appropriate significant figures. RPEEE is defined as reasonable prospects for eventual economic evaluation.

Mt Cattlin Ore Reserve at 30 June 2022

Category

Tonnage
Mt
Grade
% Li2O
Grade
ppm Ta2O5
Contained metal
('000) t Li2O
Contained metal
lbs Ta2O5
Variance to 2021
%
Proven - - - - - % -100 %
Probable 2NW only 3.3 1.12 105 37.0 764,000 -30 %
Stockpiles 2.4 0.80 122 19.0 646,000 -20 %
Total 5.8 0.98 113 56.0 1,410,000 -28 %

Notes: Reported at cut-off grade of 0.4% Li2O within current mine design. The preceding statements of Ore Reserves conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 edition. All tonnages reported are dry metric tonnes. Reported with 17% dilution and 93% mining recovery. Revenue factor US$650/tonne applied. Minor discrepancies may occur due to rounding to appropriate significant figures.


APPENDIX 3 - JORC 2012 TABLE 1 DISCLOSURE

Section 1: Sampling Techniques and Data

MT CATTLIN LITHIUM PROJECT SAMPLING AND DATA
Sampling techniques Nature and quality of sampling (e.g. cut channels, random chips, or specific specialized industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralization that are Material to the Public Report.
In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverized to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralization types (e.g. submarine nodules) may warrant disclosure of detailed information.
Pre-2017
Mt Catlin mineralization was sampled using a mixture of Diamond (DD) Reverse Circulation drill holes (RC), rotary Air Blast (RAB) and Open Hole (OH). In the north zone drilling is a 40mE x 40mN spacing and infilled to 20mE to 25mE x 20mN to 20mN in the central zone. In the south the drilling is on a 40mE x 80mN pattern. Drill holes were drilled vertical to intersect true thickness of the spodumene mineralization.

A total of 39 DD holes for 1,528.56m, 986 RC holes for 48,763m, 59 OH holes for 1,999m and 23 RAB for 402m had been completed before 2017.

The drill-hole collars were surveyed by professional survey contractors. A total of 71 drill holes were surveyed by Surtron Technologies Australia of Welshpool in 2010. Sampling was carried out under Galaxy Resources QAQC protocols and as per industry best practice.

RC sample returns were closely monitored, managed and recorded. Drill samples were logged for lithology and SG measurements. Diamond HQ and PQ core was quarter-cored to sample lengths relating to the geological boundaries, but not exceeding 1m on average. RC samples were composited from 1m drill samples split using a two-stage riffle splitter 25/75 to obtain 2kg to 4kg of sample for sample preparation. All samples were dried, crushed, pulverized and split to produce a 3.5kg and then 200g sub-sample for analysis For Li (method AAS40Q), for Ta, Nb and Sn (method XRF78O) and in some cases for SiO2, Al2O3, CaO, Cr2O3, Fe2O3, K2O3, MgO, MnO, P2O5, SO3, TiO2 and V2O5 were analysed by XRF78O. Entire drill-hole lengths were submitted for assay.

Drilling 2017-8
From 1m of drilling and sampling, two 12.5% splits are taken by a static cone splitter in calico drawstring bags. This obtains two 2kg to 4kg samples with one being retained as an archive sample and the other submitted for assay, where required an archive bag is used as the duplicate sample.

A 4.5-inch diameter rod string is used and the cyclone is cleaned at the end of every 6m rod as caking occurs from the mandatory use of dust suppression equipment.

Drilling November 2018 - 2021
Subsequent to 2018 update, 5,912m (41 holes)m of new reverse circulation (RC) and 273.65 of diamond tails (2 holes) has been completed (excluding metallurgical and geotechnical) has taken place.

From 1m of drilling and sampling, two 12.5% splits are taken by a static cone splitter in calico drawstring bags. This obtains two 2kg to 4kg samples with one being retained as an archive sample and the other submitted for assay, where required an archive bag is used as the duplicate sample.

A 4.5-inch diameter rod string is used and the cyclone is cleaned at the end of every 6m rod as caking occurs from the mandatory use of dust suppression equipment.

Drilling April 2022 onwards

A total of 81 holes drilled for a total of 19,177 metres and 47 holes remaining planned for a total remaining of 11,155 metres as of 14 September, 2022.

Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). RC drilling hammer diameter was generally 4 & 5/8 inches in early exploration, from 2009 and 2010 the bit diameter was 5 ¼ inches.

RC 2017 - 2020
5.25-inch face sampling hammer, reverse circulation, truck mounted or tracked drilling rigs, Three Rivers Drilling, Castle Drilling.

Diamond core is generally RC from surface, and either PQ size tails in weathered rock and narrowed to HQ in fresh rock (standard tubing). Core was not oriented as the disseminated and weathered nature of the mineralization does not warrant or allow it. Diamond core is typically for metallurgical test-work. Precollars drilled short of mineralisation.

RC 2021
A 5.25-inch face sampling hammer, used in reverse circulation. ASX (Australian Surface Exploration) drillers used for RC (including pre-collars).

Diamond 2021:
Wizard Drilling utilised for diamond drilling from surface. HQ size Metallurgical and geotechnical diamond drilling (standard tubing). Two Metallurgical holes were diamond tails from approximately 70m to 80m. Four Geotechnical holes were diamond from surface and two tails from 50-60m depth.

RC 2022

PXD, RC drilling, 5 1/3 inch, face sampling hammer.

Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.
The total length and percentage of the relevant intersections logged.
All DD, RC and OH (PC) and RAB intervals were geologically logged (where applicable); RQD (DD only), interval weights, recovery, lithology, mineralogy and weathering were recorded in the database.

The DD core was oriented using the Ezy-Mark tool and after 2019 using the Reflex ACT electronic orientation tool.
Geological logging was qualitative.

Recording of interval weights, recovery and RQD was quantitative.
All DD core was photographed and representative 1m samples of RC and OH (PC) chips were collected in chip trays for future reference and photographed.
All drill holes were logged in full.

2017-2022 logging
All drill holes are logged and validated via LogChief/DataShed systems. Stored in MS SQL server database.
Assays, standards and control limits are monitored after loading of each batch and reports supplied on demand. All drill holes are logged in full.

Different Lithium bearing mineral species and crystal sizes are logged in detail.

Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being sampled.
Pre-2016 sampling
All fresh rock DD core was quarter-cored using a stand mounted brick saw. Soft, weathered DD core was also sampled quarter-core, using a knife and scoop where applicable and practical.

RC samples were collected using a two stage riffle splitter. All samples were dry or dried prior to riffle-splitting.

All 2kg 1m drill samples were sent to SGS, dried, crushed, pulverized and split to approximately -75µ to produce a sample less than 3.5kg sub-sample for analysis.

Sampling was carried out under Galaxy Resources QAQC protocols and as per industry best practice.

Duplicate, blank and standard reference samples were inserted into the sample stream at random, but averaging no less than 1 blank and standard in every 25 samples.

Samples were selected periodically and screened to ensure pulps are pulverized to the required specifications.

Duplicate quarter-core samples were taken from DD core at random for testing averaging one in every 25 samples.

Duplicate riffle-split RC samples were taken at random, but averaging one every approximately 25 samples.

The sample sizes are appropriate to the style, thickness and consistency of the mineralization at Mt Catlin.

Drilling 2016 (SGS)
Core was halved by saw and sample lengths typically 0.5m in length. Sample preparation involved crushing followed by splitting of sample if sample greater than 3 kg using a riffle splitter (SPL26), Dry sample, crush to 6mm, pulverise to 75µm (PRP88) in a LM5 Mill.

Drilling 2017-2021
Diamond drilling was typically sawn half core with whole core used for metallurgical test work.

Intertek (2017-8)
Samples are sorted and weighed. Samples >3kg are riffle split and milled in LM5 to obtain 85% passing 75 Microns. A 400g pulp is taken and a nominal 0.25g sub-sample is fused with sodium peroxide.

Nagrom: 2018-2021
RC chips are dried to 105C°, crushed to nominal top-size of 2 mm in a Terminator Jaw crusher using method CRU01. Pulverised up to 3 kg in a LM5 pulveriser mill at 80% or better passing 75µm, using method PUL01. If the sample is greater than 3 kg, the sample is dried, and split with rotary splitter before analysis, Diamond core is dried, crushed in a Terminator Jaw crusher to top size 6.3 mm, and pulverised in a LM5 mill up to 2.5 kg using method CRU01. If the sample is greater than 2.5 kg, the sample is riffle split after drying to reduce the sample size.

Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
Pre-2016 QAQC

All samples were dried, crushed, pulverized and split to produce a 3.5kg and then 200g sub-sample for analysis For Li (method AAS40Q), for Ta, Nb and Sn (method XRF78O) and in some cases for SiO2, Al2O3, CaO, Cr2O3, Fe2O3, K2O3, MgO, MnO, P2O5,
SO3, TiO2 and V2O5 were analysed by XRF78O. This process involves fusing the sample in a platinum crucible using lithium metaborate/tetraborate flux. For Cs, Rb, Ga, Be and Nb from time to time analysis was by IMS40Q - DIG40Q to ICPMS end.

Duplicate, blank and certified reference samples were inserted into the sample stream at random, but averaging one every ~25 samples.Galaxy Resources utilized certified Lithium standards produced in China and one from SGS in Australia, STD-TAN1.

Inter-laboratory checking of analytical outcomes was routinely undertaken to ensure continued accuracy and precision by the preferred laboratory.
Samples were selected periodically and screened by the laboratory to ensure pulps are pulverized to the required specifications. All QAQC data is stored in the Mt Catlin database and regular studies were undertaken to ensure sample analysis was kept within acceptable levels of accuracy; the studies confirmed that accuracy and precision are within industry standard accepted limits.
Umpire analysis performed on pulps at Genalysis and Ultratrace Perth.

2016-QAQC
In 2016 Perth SGS were used for a small 6 hole diamond program by General Mining. Samples were digested using a sodium peroxide fusion digest, method DIG90Q and the resultant solution from the digest was then presented to an ICP-MS for the quantification of Li2O, using method IMS40Q. The majority of standards submitted performed within expected ranges with a positive bias observed for two standards.

2017 - 2021 QAQC

Samples (including QA/QC samples) were processed by Intertek PLC, Perth laboratory in 2017 and 2018, by utilised method FP1 digest (Peroxide Fusion - complete), MS analytical finish, 22 elements, Li2O detection limit 0.03% Ta2O5 detection limit, 0.2 ppm. Monthly review of QA/QC, which includes blanks, field duplicates, high grade standards and CRM (certified reference materials) and SRM (standard reference materials). FS_ICPMS is a Laboratory Method FP1/MS (mass spectrometry) used to analyze for Cs, Nb, Rb, Ta,Th, and U . FS/ICPES (inductively coupled plasma emission spectroscopy) is Laboratory method FP1/OE used to analyze Al, Fe, K, Li, and Si. Reports include calculated values of oxides for all elements.

RC samples and diamond (including QA/QC samples) have been processed by Nagrom Perth, Perth Western Australia. Methods utilised from Lithium and Tantalum are ICP004 and ICP005 (Peroxide Fusion - complete). ICP005 utilises tungsten carbide bowl to reduce iron contamination at exploration and resource development stages (detection limit of 10ppm and 1ppm for Li2O and Ta respectively) Monthly review of QA/QC, which includes blanks, field duplicates, high grade standards and CRM (certified reference materials) ) and SRM (standard reference materials).. All sampling has rigorous QAQC in terms of reference sampling as well as blank and standards introduced into the sample steam.

Duplicate field samples show some evidence of high nugget effect. Typically, duplicate pairs plot within acceptable limits. Field duplicates have been submitted at a rate of 1 per 20.5 samples.

Standards ASM0343, ASM0340 AMIS0339, OREAS147, OREAS148 and OREAS149.

Standards reported only one result outside three standard deviations from 533 assays for Lithium. The vast majority of Tantalum standards reported within three standard deviations.
Corse blanks have shown no evidence of systematic contamination from 2016-2021 with results consistently low.

2022 Drilling: Lithium by Peroxide Fusion in Ni crucible with OES at both Intertek and Nagrom. Tantalum by Peroxide Fusion in Ni crucible with MS at Nagrom and Intertek or by XRF at Nagrom.

Review of QA/QC, which includes blanks, field duplicates, high grade standards and CRM (certified reference materials) ) and SRM (standard reference materials) are conducted as assays are returned. All sampling has rigorous QAQC in terms of reference sampling as well as blank and standards introduced into the sample steam.

Duplicate field samples show some evidence of high nugget effect. Typically, duplicate pairs plot within acceptable limits. Field duplicates have been submitted at a rate of 1 per 20.1 samples.

Standards AMIS0339, AMIS0340, OREAS147, OREAS148, OREAS750 and OREAS751. Standards are submitted at a rate of 1 per 25 samples and Blanks after/within high grade zones at a target rate of approximately 1 per 20 samples.

Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
Discuss any adjustment to assay data.
Pre-2018 Verification

An external geological consultant and GXY staff have visually assessed and verified significant intersections of core and RC and PC chips.
Several core holes were compared to neighboring RC and PC drill holes.
The geological logging of the DD holes supports the interpreted geological and mineralization domains.
Studies on assays results from twinned holes showed a close correlation of geology and assays.
Primary data is recorded by hand in the field and entered Excel spread sheets with in-built validation settings and look-up codes.
Scans of field data sheets and digital data entry spread sheets are handled on site at Galaxy.
Data collection and entry procedures are documented and training given to all staff.
QAQC checks of assays by Galaxy identified several standards out of control, these were subsequently reviewed and results rectified.
No clear and consistent biases were defined by Galaxy during the further investigations into QAQC performances although deviations were noted by Galaxy.

2017-8 Verification
CP independently verified drilling, sampling, assay and results from validated, externally maintained and stored database.
No adjustments to assay data other than conversion from Li to Li20 and Ta to Ta2O5.

2018 - 2021 Verification
The CP independently verified drilling, sampling, assay and results from validated, externally maintained and stored database.
No adjustments to assay data other than conversion from Li to Li20 and Ta to Ta2O5.

Primary data capture by Maxwell LogChief and management by Maxwell DataShed. Assay data loaded directly from Laboratory supplied .csv files as are downhole and collar surveys.

An independent data verification was completed as part of a 2021 Ni-43-101 filing by then then competent person.

The CP has verified the drill collar, assay and assay QAQC data.

Section 2: Reporting of Exploration Results

Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status
  • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The security of the tenure held at the time of reporting along with any known impediments to obtaining a license to operate in the area.
Mining Lease M74/244 was amalgamated and awarded on 04/08/2009 and is valid until 23/12/2030 and covers 1830 Ha.

The project is subject to normal projects approvals processes as regulated by the WA Department of Mines, Industry and Regulation.

The tenement is subject to the Standard Noongar Heritage agreement as executed 7 February 2018.

The underlying land is a mixture of freehold property owned by Galaxy and vacant Crown land. The property Freehold title is held by Galaxy Resources or its child subsidiaries.

Exploration done by other parties
  • Acknowledgment and appraisal of exploration by other parties.
During the 1960's WMC carried out an extensive drilling program to define the extent of t local spodumene bearing pegmatite. The WMC work led onto a further investigation into project feasibility.

In 1989 Pancontinental Mining, Limited drilled 101 RC drill holes. In 1990 Pancontinental drilled a further 21 RC drill holes.

In 1997 Greenstone Resources drilled 3 diamond holes and 38 RC holes, undertook soil sampling and metallurgical test work on bulk samples from the mine area.
Haddington Resources Ltd in 2001 drilled 9 diamond holes for metallurgical test work and undertook further sterilization drilling.

Galaxy acquired the M72/12 mining tenement from Sons of Gwalia administrators in 2006.

Geology
  • Deposit type, geological setting and style of mineralization.
The Mount Catlin Project lies within the Ravensthorpe Suite, with host rocks comprising both the Annabelle Volcanics to the west, and the Manyutup Tonalite to the east. The contact between these rock types extends through the Project area.
The Annabelle Volcanics at Mt Cattlin consist of intermediate to mafic volcanic rocks, comprising both pyroclastic material and lavas.

The pegmatites which comprise the orebodies occurs as a series of sub-horizontal sills, hosted by both volcanic and intrusive rocks, interpreted as a series of westward verging thrusts.

Typical coarse grained spodumene (grey-green colour) from the NW pegmatite shown below.

The NW pit pegmatites extend from near surface sub-crop to vertical depths of 250-300m and further down dip extensions are interpolated form 2D seismic data generated by previous owners.

The pegmatites remain open down dip.

Drill hole Information
  • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level - elevation above sea level in meters) of the drill hole collar
  • dip and azimuth of the hole
  • down hole length and interception depth
  • hole length.

Pre-2017 drilling reported 4 August 2015 by subsidiary GMM (ASX:GMM). Last prior resource and update was August 2022.

2019-2021 drill collars
New resource development collar information is presented in Table 1 above. Holes are generally steeply inclined between -80 to -70 degrees to determine true width or due to infrastructure.
Data aggregation methods
  • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.
  • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • The assumptions used for any reporting of metal equivalent values should be clearly stated.
Pre-2017 Data
Where higher grade zones internal to broader intervals of lower grade mineralization were reported, these were noted as included intervals and italicized.

2019-2021 Drilling
New results are reported to a 0.4% cut-of grade (below), minimum 4m width, maximum 1m internal dilution. Only drillholes incorporated into the resource model are reported.

2022 Drilling
Minimum cut-off 0.4% Li2O; minimum 4m interval; maximum 2m of internal waste.

No metal equivalent values are used.

Relationship between mineralization widths and intercept lengths
  • These relationships are particularly important in the reporting of Exploration Results.
  • If the geometry of the mineralization with respect to the drill hole angle is known, its nature should be reported.
  • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').
All intersection grades have been reported previously as length weighted average grades using a 0.4% Li2O lower grade cut-off except where stated.

Intersections were calculated allowing a maximum of 2m of internal dilution with no top-cut applied. Cutting of high grades is not required due to nature of the mineralization and grade distribution/estimation.

The Mt Cattlin lithium and tantalum mineralization occurs as a thick horizontal to gently dipping pegmatite and generally lies 30 to 200m below the current topographic surface resulting in drill intercepts nearing true widths.

2022 reported intersections are true widths.

Diagrams
  • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

Diagrams, both plan and section, are included in the text above.

Balanced reporting
  • Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

2022 - All significant intersections above 0.4% Li2O have are reported.
Other substantive exploration data
  • Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk sample- size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Fe2O3 is modelled with Li and Ta to determine the effect of deleterious chemistry and mineralogy at or near pegmatite contacts and rafts of surrounding country rock with pegmatite.
Further work
  • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).
  • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

Development and extraction of the NW Pit Mineral Resource and Reserve.

Ongoing resource development drilling. New geotechnical and metallurgical test work drilling.

Resource extension drilling to the SW.

Resource update is expected in Q1, 2023 with study work to start Q4, 2022.

Graphics accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e6a4b0dc-668b-4a68-ab2a-16f1900fec8c

https://www.globenewswire.com/NewsRoom/AttachmentNg/b561eb58-bb52-46cc-8e33-be7ad6f9e1ea


 
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