September 17, 2009 09:53 am
Maybe some members could be interesting in this company. Producing copper mine
in Dominican Republic and a lithium play in Quebec.GlobeStar's Lithium Project
TORONTO, ONTARIO, Sep 17, 2009 (Marketwire via COMTEX News Network) --
GlobeStarMining Corporation ("GlobeStar") (TSX:GMI) today announced keyhighlights of the continuing development of GlobeStar's 60% ownedMoblan lithium deposit (the "Moblan Lithium Project") locatedapproximately 100 kilometres north of Chibougamau, Quebec. The MoblanLithium Project is located next to a local highway and is beingexplored in conjunction with SOQUEM Inc. ("SOQUEM"), a wholly ownedsubsidiary of Societe generale de financement du Quebec, an industrialand financial holding corporation of the government of Quebec.
-Drilling to date at the Moblan Lithium Project has outlined anear-surface 40 metre thick pegmatite sill which hosts a NI-43-101compliant inferred mineral resource estimate of high quality spodumenemineralization totalling 5.3 million tonnes grading 1.51% Li2O at acut-off grade of 0.43% Li2O. Included in this resource is a highergrade inferred mineral resource estimate of 2.1 million tonnes grading1.85% Li2O at the same cutoff grade. The deposit has been drilled to avertical depth of approximately 50 metres and remains open at depth.
-The pegmatite sill hosting the Moblan Lithium Project sub-crops belowthin overburden and is gently dipping at approximately 30A thus makingthe deposit suitable to open pit mining at an estimated stripping ratioof less than 1 to 1.
- Preliminary metallurgical testingindicates that a high quality lithium concentrate containingapproximately 91% spodumene and approximately 7.2% Li2O may be producedfrom the Moblan Lithium Project. High quality lithium concentrate maybe sold directly to end users in the glass and ceramic sectors or maybe further upgraded to battery quality lithium carbonate. Developers ofautomotive batteries are continuing to focus on lithium as one of thekey elements for such batteries.
- The robust outlook forlithium demand has prompted GlobeStar to initiate planning for the fasttrack development of the Moblan Lithium Project which based upon thegrades estimated to date could ultimately rank among the highest gradeundeveloped lithium deposits in the world.