The resource grades 6.3% borate and 0.037% lithium, with American Pacific saying it was targeting the identification of additional lithium resources outside of the defined borate resource. The ASX-listed company also said 86% of the resource was within a permit entailing commercial scale mining.
Completion of the bankable feasibility study by July next year is being targeted.
In October the company indicated the potential for pre-production capital expenditure in the range of US$80-90 million (including 25% contingency).
American Pacific listed five months ago following an A$15 million IPO that issued shares at 20c each.
Shares in the company were down 8% to 34.5c in afternoon trade, capitalising American Pacific at $58.5 million.