LMY Lithic Metals (SEE LSE:AFNR)

 

TIDMLMY 
 
RNS Number : 3551T 
Lithic Metals and Energy Limited 
04 June 2009 
 

Lithic Metals and Energy Ltd 
("Lithic" or "the Company") 
 
 
Initial 12.25 M tonnes Independent Nickel Resource: Mt Kpoté, Togo 
 
 
Lithic Metals and Energy ltd (AIM:LMY) today announces its maiden independent 
JORC - compliant Inferred Resource of surface nickel mineralisation at its Mount 
Kpoté Prospect, Haito Project, Togo. 
 
 
Highlights 
 
 
  *  Initial Inferred Resource (JORC) of 12.25 M tonnes @ 0.83% Ni, 0.045% Co using 
  0.5% Ni cut-off grade* 
  *  101,100 tonnes contained nickel in transitional and saprolite material 
  *  Significant resource upside at depth and along strike 
    *  Zone of >1% Ni at the base of test pits over 1.1km x 500m 
    *  Over 30km potential strike length within licences 
 
  *  Deposit located adjacent to sealed road and rail infrastructure, 150km from 
  modern port facilities and natural gas hub of capital city Lome 
 
*Resource calculation based on test pitting to maximum 12m depth (No drilling) 
 
 
Lithic's initial assessment of the Kpoté prospect has revealed a significant 
accumulation of nickel mineralisation at surface. 
 
 
Kpoté is prominent hill situated within a 30km long ophiolite complex of 
ultramafic lithology highly prospective for nickel mineralisation associated 
with the formation of tropical laterite.  The combined nickel, cobalt, magnesium 
and iron values indicate that pitting at Kpoté tested the lower limonite - 
transition zone of a tropical laterite profile. In normal tropical laterite 
profiles, weathering transitions from a limonite zone into saprolite, the latter 
typified by the presence of minerals such as garnierite (a hydrous Ni - Mg 
silicate) and nickel values in the 1 - 3% range. 
 
 
Testing of the deposit through shallow pitting has been confined to the top 12m 
but results from over half the test pits ended in nickel grades greater than 
0.5% with a significant proportion ending in grades over 1% in saprolite 
material. Garnierite was observed in several test pits with nickel grades up to 
6.38% Ni. 
 
 
The Kpoté deposit is open at depth and the interpretation of geophysical 
magnetic imaging shows a likely continuation of favourable geology immediately 
to the north and south of the deposit. These possible extensions are located 
under the laterite and soil cover that surrounds the base of the Kpoté hill. 
Lithic's regional reconnaissance of the 30 strike km of prospective ophiolite 
complex has encountered numerous locations of >1% nickel in rock chips and test 
pits, which provides evidence of additional prospective nickel resources within 
the existing licence areas. 
 
 
Of particular importance to future developments at Kpoté is its proximity to 
rail and road infrastructure, allowing ease of access to port facilities at the 
capital city Lomé, located just 150km from the project. Lomé boasts a modern 
port with bulk loading capacity that is adjacent to the Togo terminus and 
metering station of the West African Gas Pipeline, with obvious beneficial 
implications for any future project development 
 
 
This Inferred Resource calculation is based on nickel mineralisation encountered 
in shallow test pitting of saprolite material over the Kpoté prospect.A total of 
117 test pits comprising 771 sample intervals averaging 1m in length, excluding 
QAQC field duplicates, standards and blank samples were included in the resource 
estimation.The extent of nickel mineralisation between test pits was wire-framed 
on a sectional basis with grade estimation on a parent block model cell size of 
100mE x 50mN x 5m RL using Inverse Distance Squared methodology. 
 
 
+--------------+------------+---------+--------+------+--------+--------------+ 
|              In Situ Inferred Mineral Resource by Ni cut-off                | 
+-----------------------------------------------------------------------------+ 
| Cut-off Ni   | Tonnes*    | Ni ppm  | Co ppm | Mg%  | Fe2O3  | Contained Ni | 
| ppm          |            |         |        |      | %      | (t)          | 
+--------------+------------+---------+--------+------+--------+--------------+ 
| 0            | 16,881,000 | 6,946   | 424    | 6.32 | 19.16  |   117,000    | 
+--------------+------------+---------+--------+------+--------+--------------+ 
| 3000         | 16,127,000 | 7,198   | 440    | 6.50 | 19.79  |   116,000    | 
+--------------+------------+---------+--------+------+--------+--------------+ 
| 5000         | 12,248,000 | 8,255   | 452    | 7.34 | 20.08  |   101,100    | 
+--------------+------------+---------+--------+------+--------+--------------+ 
| 7000         | 7,205,000  | 9,923   | 525    | 7.16 | 21.91  |   71,500     | 
+--------------+------------+---------+--------+------+--------+--------------+ 
| 10000        | 2,842,000  | 12,620  | 645    | 6.8  | 23.86  |   35,900     | 
+--------------+------------+---------+--------+------+--------+--------------+ 
* Tonnes determined using a fixed specific gravity of 1.7 t/m³, which is 
considered appropriate to the material estimated in the resource calculation. 
 
 
Commenting on these results, Lithic MD Jim Kerr stated; "The results from this 
early stage exploration activity are very encouraging. Establishing a JORC 
Inferred Resource with an extensive high grade core is significantly in advance 
of what we initially expected from this test pitting programme. We shall now 
consider the next appropriate phase of development for the prospect. However, 
given the immediate proximity to road and rail hubs, 150 km from a major port 
with natural gas, a potential mine at Mt Kpoté is extremely interesting." 
 
 
A glossary of terminology can be found at http://www.lithicme.com/glossary.asp 
 
 
For more detailed information, please visit our website www.lithicme.com 
 
 
Or contact 
+-----------------------------------------------+-----------------------+ 
| Jim Kerr, Lithic Metals & Energy              | Tel: +61 8 9322 5804  | 
+-----------------------------------------------+-----------------------+ 
| Katy Mitchell, WH Ireland Limited             | Tel: +44 (0)161 832   | 
|                                               | 2714                  | 
+-----------------------------------------------+-----------------------+ 
| Laurence Read / Beth Harris, Threadneedle     | Tel: +44 (0)20 7653   | 
| Communications                                | 9850                  | 
+-----------------------------------------------+-----------------------+ 
 
 
 
 
Competent Persons Statement 
 
 
The information in this report that relates to Resource Estimations is based on 
information compiled by Mr Peter Ball (BSc, MAusIMM) of independent consulting 
group Datageo Geological Consultants and Mr Jim Kerr (BSc Geol, MSc Min Econ, 
MAusIMM, MSEG), Managing Director of Lithic Metals and Energy Ltd. Mr Ball and 
Mr Kerr are Competent Persons as defined in the Australasian Code for Reporting 
of Exploration Results, Mineral Resources and Ore Reserves, have sufficient 
experience in mineral resource estimation relevant to the style of 
mineralisation and type of deposit under consideration and consent to the 
circulation and inclusion in the report of the matters based on the information 
in the form and context in which it appears. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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