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Mali Lithium in trading halt ahead of announcement around Goulamina mineral resources increase

A resource estimate is required to complete a pit design and a mining schedule, which are the last inputs required to complete a definitive feasibility study.

Mali Lithium Ltd - Mali Lithium in trading halt ahead of announcement around Goulamina mineral resources increase
The company will resume trading on July 8 or when an announcement is released to market

Mali Lithium Ltd (ASX:MLL) has been granted a trading halt with an announcement pending in regard to a potential increase in Goulamina Lithium Project resources in Mali, West Africa.

Unless ASX decides otherwise, the securities will remain in a trading halt until the earlier of the start of normal trading on Wednesday, July 8, 2020, or when the announcement is released to the market.

Before the halt shares were up more than 30% to 15 cents and have risen from 4.1 cents at the close on April 7.

Strong lithium results

In June, the company received strong and broad lithium results from RC drilling at the Danaya zone of the Goulamina project, including:

  • 64 metres at 1.85% Li2O from 121 metres;
  • 81 metres at 1.47% from 63 metres;
  • 72 metres at 1.73% from 125 metres;
  • 57 metres at 1.38% from 57 metres and 35 metres at 1.48% from 162 metres;
  • 38 metres at 2.00% from 74 metres;
  • 46 metres at 1.83% from 12 metres; and
  • 37 metres at 2.03% from 139 metres.

A resource estimate is required to complete a pit design and a mining schedule, which are the last inputs required to complete the Goulamina definitive feasibility study (DFS).

The DFS is expected to be released later this quarter.

Quick facts: Mali Lithium Ltd

Price: 0.155 AUD

ASX:MLL
Market: ASX
Market Cap: $49.19 m
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