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Arizona Lithium inks agreement for Big Sandy project

Arizona Lithium (ASX: AZL, OTC: AZLAF) announced on Monday that it has entered into a mining services agreement with Navajo Transitional Energy Company (NTEC) for the Big Sandy project.

As a wholly owned subsidiary of the Navajo Nation, NTEC will oversee permitting requirements, conduct additional exploration drilling, design mining operations, carry out environmental assessments, and manage the development of Big Sandy.

“Big Sandy represents a substantial development opportunity holding 320,800 tonnes of Lithium Carbonate Equivalent (LCE), with only 4% of the project drilling, providing significant exploration upside once permitted,” said Arizona Lithium MD Paul Lloyd.

A very shallow, flat lying mineralized sedimentary lithium resource, Big Sandy Project has 32.5 million tonnes (mt) indicated and inferred JORC resource, grading 1,850 parts per million lithium for 320,800t Li2CO3 (lithium carbonate), as estimated after a 2019 drill programme. The project is located between Phoenix and Las Vegas.

As part of the latest agreement, NTEC CEO Vern Lund, with more than 25 years in the mining industry, will become a member of the Arizona Lithium board.

Shares of Arizona Lithium rose 4.1% on Monday morning. The company has a market capitalization of A$114 million ($75 million).

Source: MINING.COM – Read More