An update to Winsome Resources‘ (ASX: WR1) Adina lithium project in the Eeyou Istchee James Bay region of Quebec raises the resource estimate by 33% over the previous estimate in 2023.
The company said the new resource comes to 61.4 million indicated tonnes grading 1.14% lithium oxide (Li2O), with the inferred resource totalling 16.4 million tonnes, at an unspecified grade.
“This is an exciting time for Winsome, the simultaneous implementation of our exploration, development and corporate strategies are achieving well planned and executed progress,” general manager Carl Caumartin, said.
“The update to the MRE affirms the significance of our global resource and solidifies our position and strategic location at the heart of the green energy industry and EV supply chain in North America,” Winsome chair and CEO Chris Evans said.
The Adina deposit outcrops at surface and includes 48.7 million tonnes at 1.2% Li2O within 150 metres of the surface. This portion of the deposit is suitable for open pit mining. The Main zone contains 8.7 million measured tonnes and 28.4 indicated tonnes at 1.23% Li2O.
Adina was first identified in 2016 and received a boost to its potential when Winsome discovered the Jamar outcrop (now the Main zone) in 2022. The company discovered the Footwall zone in 2023, adding potential for multiple parallel zones below the main orebodies. With the addition of the Jackpot property north of Adina in 2023, the project area was increased to 44 sq. km.
Winsome announced last month that it has made an offer to purchase the Renard diamond mine in Quebec, aiming to repurpose the processing plant to treat lithium ore.
Shares in Winsome were up 4.4% to A$1.29 on Tuesday, valuing the company at A$245.1 million ($222.3 million). Its shares traded in a 52-week range of A53¢ and A$2.24.
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