The maiden, but preliminary resource statement, also includes 7.39 tonnes of potassium equivalent in the indicated category and a further 4.79 tonnes in the inferred category.

"We expect to expand this resource by drilling deeper, as we haven't reached basement rock; laterally, as we have not drilled anywhere near the extents of the salar; and through increased lithium grades, as we continually improve our understanding of the salar's hydrodynamic," Alpha president and CEO Brad Nichol said.

Alpha noted 33% of the 27,500-hectare has been explored. That, along with, the absence of data from two drilled wells, and the inclusion of lower bound lithium grades were the reasons given for the preliminary status of the resource statement.

Nichol said it'll allow the company to proceed with its planned economic assessment.

Alpha's share price was C$1.17 (US$0.90) on 24 August. The company has a market capitalisation of C$186.16 million.