TNR Gold says report shows increased resource estimate for Mariana Lithium Brine project in Argentina

TNR Gold Corp (CVE:TNR) (OTCMKTS:TRRXF) (FRA:TNW), which holds a 1.8% net smelter return royalty on the Mariana Lithium Brine Project in Argentina, says International Lithium Corp (ILC) has released an apparent upbeat resource estimate for the project. According to TNR, ILC has received a 300-page report from its strategic partner Ganfeng Lithium Co Ltd (GFL) that contains an updated mineral resource estimate for the project.  TNR said the report states: 6,854,000 tonnes of lithium carbonate (Li2CO3) equivalent (LCE) in the Measured and Indicated Resource categories, an increase of 55% over the 2019 estimate of 4,410,000 tonnes. An additional 1,267,000 tonnes of Li2CO3 in the Inferred Resource category. READ: TNR Gold reveals new McEwen Copper $80M funding round for Los Azules Copper project in Argentina TNR said these amounts are also now stated as 7,863,000 tonnes of lithium chloride equivalent in the Measured and Indicated Resource categories, and an additional 1,454,000 tonnes of lithium chloride equivalent in the Inferred Resource category. TNR cautioned that the report was not prepared for public NI43-101 reporting standards, and therefore the company is unable to disclose it fully. However, TNR said Ganfeng Lithium and the Salta regional government in Argentina have both issued public news releases citing the report, thus compelling TNR to release some key details “in the interests of investor transparency and to avoid selective disclosure.” TNR said that Ganfeng reported that an Environmental Impact Report approval has been received from the Salta regional government for the construction of a plant with a designed annualized capacity of 20,000 tonnes per annum of lithium chloride. And the Salta regional government disclosed in its news release following its discussions with Ganfeng that the likely project expenditure from now to bring the Mariana Project to full production is around US$600 million. "I am very pleased to see this 55% increase in measured and indicated resources after the previously announced in 2020 increase ​of more than 250% in measured and indicated resources from the 2017 resource estimate at Mariana Lithium Project,” said Kirill Klip, executive chairman of TNR, in a statement. TNR said it does not have to contribute any capital for the development of Mariana and its NSR does not depend on the size of ILC's potentially diluted ownership in the Mariana Project.  Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham