The project has a high-grade (indicated and inferred) resource of 12.8 million tonnes at 1.18% lithium and 158 ppm tantalum at a 0.5% lithium cut-off.
The maiden resource covers only 20% of the known southern swarm of lithium pegmatites. Ongoing drilling continues to expand the resource footprint.
The Bald Hill project is owned by Alliance Mineral Assets (SGX:40F) with Tawana earning a 50% interest.
Tawana and Alliance are targeting first lithium shipment for Q1 2018.
The companies are in the advanced stages of completing a feasibility study with off-take pricing, metallurgical and process engineering aspects of the study completed.
The substantial maiden resource complements the excellent recoveries from metallurgical test work.
Importantly, the maiden resource satisfies the condition precedent to the second offtake prepayment to be received from Burwill Holdings, due on 15 July 2017.
Tawana and Alliance have committed full 2018 and 2019 lithium ore concentrate produced from the planned Bald Hill Lithium and Tantalum Project with Burwill for a fixed price.
On 15 July 2017, Tawana and Alliance are eligible to receive $4,375,000 each towards offtake prepayment.
Tawana’s share price has almost doubled since the start of 2017, last trading at $0.225.