Results are in for the Lithium exploration. Looks very commercial. They seem to think they will begin operations by the end of the 2023. Will be interesting to see how the punters view it
Key Highlights
Maiden independent Faraday lithium Mineral Resource Estimate (MRE) of 481,000t @ 0.59% Li2O (0.30% Li2O
cut-off) in Southern Starter Pit location to a maximum depth of 65m
High grade core of 106,000t @ 0.87% Li2O defined (at 0.80% Li2O cut-off)
Fast-track work streams continue to prove up DSO opportunity:
o 106,000t @ 0.65% Li2O (0.30% Li2O cut-off) Indicated resource defined by 10m by 10m drill spacing
o Initial mineralogy completed on select samples indicates that spodumene is the dominant lithiumbearing
mineral present
o Metallurgical testwork confirms robust upgrade and ability to produce saleable concentrate
o Ongoing discussions with potential offtakers and industry participants
o Fast tracked DSO starter pit design commenced. Faraday is a potential low-cost mining operation with
minimal strip ratio due to shallow outcropping resource
The Faraday DSO pit is expected to be production-ready in the second half of 2023
The Faraday Lithium Project resource remains unconstrained. Field mapping confirms Faraday pegmatite
extends 300m to the north of maiden MRE envelope, more than doubling the potential strike extent of the
maiden Faraday Mineral Resource
Aggressive drilling program commenced to grow the Mineral Resource and to upgrade the remainder of the
MRE to Indicated status
Lithium activities are consistent with Widgie’s strategy to create value for shareholders by commercialising our
expanding mineral inventory which now contains a pipeline of lithium and nickel sulphide development
opportunities
Managing Director and CEO Mr Steve Norregaard commented “Widgie’s lithium is now for real. In just a few months from
November 2022 to now be declaring our maiden lithium resource demonstrates Widgie’s resolve to capitalise on the strong
demand fundamentals for battery metals. This is just the beginning of a growth story, as we roll our sleeves up to realise
value for shareholders in the short term, we have also got our eyes firmly focussed on expanding our lithium vision for the
Company and its future.
“The Faraday Lithium Project has all the hallmarks of a very low-cost development able to be commercialised in the near
term. Interest in the DSO from industry participants is growing rapidly and we expect to provide updates on this in the
coming quarter”.
Maiden Resource Proves Up Faraday DSO Starter Opportunity (PDF 2,858.7 KB)