NEW YORK, NY –
CGRA is excited to share the latest progress from Metminec (Pty) Ltd, the primary geological consultant responsible for advancing the company towards proven reserve status. Metminec is currently focused on completing the initial resource estimate and initiating drilling and other vital programs, pivotal steps towards the completion of a Preliminary Economic Assessment (PEA) scheduled for Q2 2024.
Metminec’s teams on the ground have made significant strides in the project. To date, 24 out of the 30 planned surface samples have been collected and forwarded to the SGS laboratory in Mwanza, Tanzania, for analysis. The results, which are expected in the coming week, are anticipated to confirm lithium occurrence in these samples. The current developments are encouraging, with magnetic surveys uncovering potential pegmatite formations and geophysical data exhibiting characteristics indicative of lithium and rare earth-bearing rock.
CGRA’s optimism regarding the project’s potential continues to grow as we eagerly anticipate the upcoming results from the 24 samples currently undergoing laboratory analysis. The company is extremely optimistic that these initial results will lead to a discovery announcement of significant importance, potentially marking a major milestone in the project’s journey.
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