19 March 2020

Mali Lithium receives further high grade results from Goulamina

Lithium Project

Investment highlights

  • Further high grade drilling results received from Mali Lithium's world-class100%-owned Goulamina Lithium Project in Mali, West Africa
  • The grade of Li2O mineralised intercepts being realised from the recently completed RC drilling program continues to improve
  • Drill results expected to improve confidence in the Ore body

Lithium and gold developer Mali Lithium Ltd (ASX:MLL) ('Mali Lithium', 'the Company') is pleased to announce further drilling results from its world-class100%-owned Goulamina Lithium Project ('the Project') in Mali, West Africa. The quality of Lithium Oxide (Li2O) mineralised intercepts being realised from the recently completed RC drilling program continues to improve at the Project.

Best new results since the last market update on the Project on 13 February 2020 include:

  • 72m @ 1.66% Li2O from 23m (GMRC365);
  • 71m @ 1.73 % Li2O from 126m (GMRC383);
  • 64m @ 1.85 % Li2O from 121m (GMRC378);
  • 81m @ 1.26 % Li2O from 133m (GMRC365);
  • 48m @ 1.82 % Li2O from 17m (GMRC369); and
  • 49m @ 1.82 % Li2O from 115m (GMRC369).

(See Annex1 below for the full listing of other new intercepts).

Results for approximately 70% of assays have now been received however the remainder of assays and the results of optical downhole surveys have experienced some delays due to the unprecedented conditions being experienced globally. Despite these delays, every effort will be made to meet the previously advised timetable for an updated Mineral Resource, Ore Reserve and the Definitive Feasibility Study (DFS).

Data validation, and statistical analysis has now commenced, leading up to estimation of a new Mineral Resource Estimate (MRE) for the Main, West l, West ll, Sangar l and Sangar ll domains and will be used to inform the DFS

An update to the Danaya MRE will be completed once additional data is received

Figure 1 Current Resource development drilling (red) superimposed on previous drilling (blue)

Figure 2 - Improved confidence in modelling the Resource & High grade intersections

Managing Director Chris Evans said: "Through this drilling program we continue to improve our confidence in the ore body and encounter high grade intersections particularly from the Sangar l and Sangar ll domains. We look forward to publishing the updated Mineral Resource shortly, followed by the Ore Reserve and DFS in May"

-ENDS-

Approved for release by:

Chris Evans Managing Director Mali Lithium

+61 419 853 904

About Mali Lithium

Mali Lithium Limited (ASX:MLL) is developing the world class Goulamina Lithium Project in Mali, West Africa. Goulamina is fully permitted and is one of the world's largest uncommitted hard rock Lithium Reserves. The company is currently completing its Definitive Feasibility Study and has released the results of its Pre-Feasibility Study (PFS) on the project to the ASX on 4 July 2018. The Company also has a diversified commodity portfolio containing prospective gold tenements in southern Mali from which it intends to generate near term value for shareholders.

Competent Person's Declaration

The information in this announcement that relates to Exploration Results and exploration objectives is based on

information compiled by Mali Lithium's Geology Manager, Mr Simon McCracken, a Competent Person. Mr McCracken

is a member of the Australian Institute of Geoscientists. Mr McCracken has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity he is undertaking to qualify as a

Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ('the JORC Code')". Mr McCracken consents to the inclusion in the report of the matters

based on his information in the form and context in which it appears.

Annex 1 - Significant Pegmatite Intersections

From

To (m)

Interval

Li2O (%)

HoleID

Easting

Northing

RL

(m)

(m)

Pegmatite Domain

GMRC364

613383

1254450

401

36

75

39

1.85

Sangar l

133

214

81

1.26

Sangar ll

GMRC365

613460

1254400

402

23

95

72

1.66

Sangar l

134

182

48

1.84

Sangar ll

GMRC366

613625

1254350

402

28

49

21

1.37

West l

137

179

42

1.62

Sangar l

GMRC367

613661

1254350

402

65

86

21

0.76

West l

137

139

2

1.18

West ll

141

144

3

1.00

West ll

170

185

15

1.04

Sangar l.

GMRC368

613625

1254400

403

63

89

26

1.44

West l

155

207

52

1.44

Sangar l

GMRC369

613567

1254300

402

17

65

48

1.82

Sangar l

115

164

49

1.82

Sangar ll

GMRC370

613659

1254300

401

29

44

15

1.43

West l

90

101

11

1.46

West ll

142

165

23

2.02

Sangar l

GMRC371

613621

1254250

401

24

30

6

1.06

West ll

74

110

36

1.86

Sangar l

136

170

34

1.81

Sangar ll

GMRC372

613715

1254250

401

62

66

4

1.24

West l

206

219

13

0.66

Sangar l

GMRC373

613641

1254200

401

20

27

7

1.64

West ll

75

115

40

1.73

Sangar l

130

168

38

1.93

Sangar ll

GMRC374

613683

1254200

400

67

73

6

1.75

West ll

127

163

36

1.08

Sangar l

GMRC376

613687

1254100

399

91

120

29

1.89

Sangar l

From

To (m)

Interval

Li2O (%)

HoleID

Easting

Northing

RL

(m)

(m)

Pegmatite Domain

120

168

48

1.68

Sangar ll

GMRC377

613801

1253950

397

88

104

16

1.71

Sangar l

116

128

12

0.79

Sangar ll

GMRC378

613472

1254500

403

47

57

10

1.93

Not modelled West lll

121

185

64

1.85

Sangar l

GMRC380

613132

1254900

400

110

117

7

1.64

Not modelled

GMRC381

613140

1253650

398

62

117

55

1.75

Danaya Zone ll

GMRC383

613188

1253650

398

126

197

71

1.73

Danaya Zone ll

GMRC384

613242

1253650

399

75

118

43

1.61

Danaya Zone ll

168

197

29

1.65

Danaya Zone l

ANNEX 2 - JORC Code, 2012 Edition - Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (eg cut channels, random chips, or

One metre samples were collected using Reverse Circulation (RC)

techniques

specific specialised industry standard measurement tools appropriate

drilling with a ~140mm bit.

to the minerals under investigation, such as down hole gamma

The entire sample is collected from the cyclone on the rig in plastic

sondes, or handheld XRF instruments, etc). These examples should

bags and then split by hand using a riffle splitter to collect a nominal 2

not be taken as limiting the broad meaning of sampling.

kg sample in a prenumbered cotton sample bag.

Include reference to measures taken to ensure sample representivity

The entire sample is dried, then is crushed to 75% passing 2mm in a

and the appropriate calibration of any measurement tools or systems

jaw crusher.

used.

A 1.5kgsample is split using a riffle splitter.

Aspects of the determination of mineralisation that are Material to the

The 1,5kg split is pulverised in a tungsten carbide ring and puck

Public Report.

pulveriser to 805% passing 75 µm.

In cases where 'industry standard' work has been done this would be

Only samples that are not granitic material are prepared for assay.

relatively simple (eg 'reverse circulation drilling was used to obtain 1

6m composite samples are split from the collected material in logged

m samples from which 3 kg was pulverised to produce a 30 g charge

granitic rocks. To ensure that short mineralised intervals are

for fire assay'). In other cases more explanation may be required,

recognized.

such as where there is coarse gold that has inherent sampling

problems. Unusual commodities or mineralisation types (eg

submarine nodules) may warrant disclosure of detailed information.

Drilling

Drill type (eg core, reverse circulation, open-hole hammer, rotary air

All samples in the current campaign were collected using RC drilling

techniques

blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple

or standard tube, depth of diamond tails, face-sampling bit or other

type, whether core is oriented and if so, by what method, etc).

Drill sample

Method of recording and assessing core and chip sample recoveries

The entire sample was collected from the cyclone and subsequently

recovery

and results assessed.

split by hand in a riffle splitter.

Measures taken to maximise sample recovery and ensure

Condition of the sample is recorded (ie Dry, Moist, or Wet)

representative nature of the samples.

Where samples were wet (due to ground water there is a possibility

Whether a relationship exists between sample recovery and grade

that the assay result could be biased through loss of fine material.

and whether sample bias may have occurred due to preferential

loss/gain of fine/coarse material.

Logging

Whether core and chip samples have been geologically and

Chips were geologically logged at site in their entirety, and a

geotechnically logged to a level of detail to support appropriate

representative fraction collected in a chip tray. The logs are

Mineral Resource estimation, mining studies and metallurgical

sufficiently detailed to support Mineral Resource estimation. Logged

studies.

criteria included, lithology, weathering, alteration, mineralisation,

Criteria

JORC Code explanation

Commentary

Whether logging is qualitative or quantitative in nature. Core (or

veining, and sample condition.

costean, channel, etc) photography.

Geological logging is qualitative in nature although percentages of

The total length and percentage of the relevant intersections logged.

different lithologies, sulphides, and veining are estimated.

Sub-sampling

If core, whether cut or sawn and whether quarter, half or all core

All samples are riffle split by hand using a stand-alone splitter. This

techniques

taken.

technique is appropriate for collecting statistically unbiassed samples.

and sample

If non-core, whether riffled, tube sampled, rotary split, etc and

The riffle splitter is cleaned with compressed air and soft brushes

preparation

whether sampled wet or dry.

between each sample

For all sample types, the nature, quality and appropriateness of the

Samples are weighed to ensure a sample weight of between 2 and 3

sample preparation technique.

kg. Samples of between 2 and 3 kg are considered appropriate for

Quality control procedures adopted for all sub-sampling stages to

determination of contained lithium and other elements using the

maximise representivity of samples.

sodium peroxide fusion process.

Measures taken to ensure that the sampling is representative of the

Certified reference standards, Blanks, and duplicates are inserted into

in-situ material collected, including for instance results for field

the sample stream as the samples are collected at a rate of 10%.

duplicate/second-half sampling.

o Field duplicates are inserted every 20 samples

Whether sample sizes are appropriate to the grain size of the material

o Blanks (derived from unmineralized river sand) and

being sampled.

Certified reference material standards (CRMs) are

inserted alternately every 20 samples

Quality of

The nature, quality and appropriateness of the assaying and

Samples are analysed for Lithium using an industry standard

assay data

laboratory procedures used and whether the technique is considered

technique SGS method ICP90A.

and

partial or total.

by:

laboratory

For geophysical tools, spectrometers, handheld XRF instruments, etc,

o drying the sample

tests

the parameters used in determining the analysis including instrument

o crushing the sample to 75% passing -2mm

make and model, reading times, calibrations factors applied and their

o 1.5kg split by riffle splitter

derivation, etc.

o Pulverise to 85% passing 75 microns in a tungsten

Nature of quality control procedures adopted (eg standards, blanks,

Carbide ring and puck pulveriser

duplicates, external laboratory checks) and whether acceptable levels

o Samples are analysed for Lithium and other elements by

of accuracy (ie lack of bias) and precision have been established.

ICPOES after a sodium peroxide fusion

Laboratory checks include

o Every 50th sample is screened to confirm % passing

2mm and 75 microns.

o 1 reagent blank every 84 samples

o 1 preparation blank every 84 samples

o 2 weighed replicates every 84 samples

o 1 preparation duplicate (re split) every 84 samples o 3 SRMs every 84 samples

Certified reference standards, Blanks, and duplicates are inserted into

Criteria

JORC Code explanation

Commentary

the sample stream as the samples are collected at a rate of 10%.

o Field duplicates are inserted every 20 samples

o Blanks (derived from unmineralized river sand) and

Certified reference standards (CRMs) are inserted

alternately every 20 samples

Verification of

The verification of significant intersections by either independent or

All drilling and exploration data are stored in the company database

sampling and

alternative company personnel.

which is hosted by an independent geological database consultant.

assaying

The use of twinned holes.

Drilling and sampling procedures have been developed to ensure

Documentation of primary data, data entry procedures, data

consistent sampling practices are used by site personnel.

verification, data storage (physical and electronic) protocols.

Logging and sampling data are collected on a Toughbook PC at the

Discuss any adjustment to assay data.

drill site and provided directly to the database consultant, to limit the

chance of transcription errors.

Where duplicate assays are measured the value is taken as the first

value, and not averaged with other values for the same sample.

QAQC reports are generated regularly by the database consultant to

allow ongoing reviews of sample quality.

Location of

Accuracy and quality of surveys used to locate drill holes (collar and

Drill hole collars are located using GPS.

data points

down-hole surveys), trenches, mine workings and other locations

Down hole dip and azimuth are collected using a Gyro measuring

used in Mineral Resource estimation.

every 20 to 50m for RC drilling.

Specification of the grid system used.

Coordinates are recorded in UTM WGS94 29N

Quality and adequacy of topographic control.

Topographic control is considered adequate for the current drill

spacing.

Data spacing

Data spacing for reporting of Exploration Results.

Drill holes are spaced approximately 30 to 50 metres apart on 50m

and

Whether the data spacing and distribution is sufficient to establish the

spaced sections.

distribution

degree of geological and grade continuity appropriate for the Mineral

The spacing is sufficient to establish grade and geological continuity

Resource and Ore Reserve estimation procedure(s) and

and is appropriate for Mineral Resource and Ore Reserve estimation.

classifications applied.

Samples from unmineralized granites are collected every metre, but

Whether sample compositing has been applied.

are composited to 6m prior to assay.

Orientation of

Whether the orientation of sampling achieves unbiased sampling of

Mineralized zones are interpreted to dip moderately to the east, to

data in

possible structures and the extent to which this is known, considering

northeast. Drilling is generally oriented -60 degrees due west.

relation to

the deposit type.

Intersection angles on the mineralised zone are between 35 and 65

geological

If the relationship between the drilling orientation and the orientation

degrees depending on the local strike of the mineralised pegmatite.

structure

of key mineralised structures is considered to have introduced a

True widths of mineralisation are between about about 75% and 40%

Criteria

JORC Code explanation

Commentary

sampling bias, this should be assessed and reported if material.

of downhole widths.

The relationship between drilling orientation and structural orientation

is not thought to have introduced a sampling bias.

Sample

The measures taken to ensure sample security.

Samples are delivered from the drilling site in batches of 300 to the

security

SGS laboratory with appropriate paperwork to ensure the chain of

custody is recorded. Prepared pulps are shipped by SGS using DHL

from Bamako to their South African facility for assay determination

Audits or

The results of any audits or reviews of sampling techniques and data.

QAQC checks of individual assay files are routinely made when the

reviews

results are issued

A QAQC report for the entire program is generated and reviewed at

the end of the program to document any laboratory drift or assay bias.

1.1 Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral

Type, reference name/number, location and ownership including

The Goulamina Project is entirely within the Torakoro Exploitation

tenement and

agreements or material issues with third parties such as joint

Permit PE 19/25 in Mali , PE19/25 is 100% held Timbuktu

land tenure

ventures, partnerships, overriding royalties, native title interests,

Ressources SARL a 100% held subsidiary of Mali Lithium.

status

historical sites, wilderness or national park and environmental

settings.

The security of the tenure held at the time of reporting along with any

known impediments to obtaining a licence to operate in the area.

Exploration

Acknowledgment and appraisal of exploration by other parties.

Mali Lithium (Formerly Birimian Gold) has completed substantial

done by other

exploration in the area including soil sampling, Auger Drilling, Air-core

parties

Drilling and RC Drilling as well as limited diamond drilling. The current

program was designed to infill areas of broad spaced (100m sections)

drilling and extend the depth potential of the Goulamina deposit.

Geology

Deposit type, geological setting and style of mineralisation.

The deposit is a pegmatite hosted spodumene lithium deposit. The

pegmatites are hosted entirely within granitic rocks.

Drill hole

A summary of all information material to the understanding of the

Drilling completed by Birimian Gold in the period from 2015 to 2018

Information

exploration results including a tabulation of the following information

has been reported in various market updates on the Goulamina

for all Material drill holes:

Lithium deposit which are available on the Mali Lithium web site

o easting and northing of the drill hole collar

Drill hole collar information for all drilling in the Goulamina area is

o elevation or RL (Reduced Level - elevation above sea level in

tabulated elsewhere in this report.

metres) of the drill hole collar

Criteria

JORC Code explanation

Commentary

o dip and azimuth of the hole

o down hole length and interception depth

o hole length.

If the exclusion of this information is justified on the basis that the

information is not Material and this exclusion does not detract from

the understanding of the report, the Competent Person should clearly

explain why this is the case.

Data

In reporting Exploration Results, weighting averaging techniques,

All sample lengths are 1m. a weighting of 1 has been applied to all

aggregation

maximum and/or minimum grade truncations (eg cutting of high

samples.

methods

grades) and cut-off grades are usually Material and should be stated.

Top cuts have not been used.

Where aggregate intercepts incorporate short lengths of high grade

Metal equivalent grades have not been reported

results and longer lengths of low grade results, the procedure used

for such aggregation should be stated and some typical examples of

such aggregations should be shown in detail.

The assumptions used for any reporting of metal equivalent values

should be clearly stated.

Relationship

These relationships are particularly important in the reporting of

Five northwest-southeast striking pegmatite and 11 north south

between

Exploration Results.

striking pegmatities are interpreted to dip moderately to the northeast

mineralisation

If the geometry of the mineralisation with respect to the drill hole

and steeply to the east respectively. Drilling is generally oriented -60

widths and

angle is known, its nature should be reported.

degrees due west. Intersection angles on the mineralised pegmatites

intercept

If it is not known and only the down hole lengths are reported, there

vary between 35 and 75 degrees. True widths of mineralisation vary

lengths

should be a clear statement to this effect (eg 'down hole length, true

depending on the local strike and dip of the pegmatite

width not known').

Diagrams

Appropriate maps and sections (with scales) and tabulations of

Reported intercepts are incremental/additional to the known

intercepts should be included for any significant discovery being

mineralisation and do not in themselves represent a significant

reported These should include, but not be limited to a plan view of

discovery. A plan showing the resource development program and

drill hole collar locations and appropriate sectional views.

indicative section as well as tabulated results and collar coordinates

are provided elsewhere in this report

Balanced

Where comprehensive reporting of all Exploration Results is not

Reporting all assay results is not practical in this update. Intercepts

reporting

practicable, representative reporting of both low and high grades

that are not reported, can generally be assumed to contain

and/or widths should be practiced to avoid misleading reporting of

insignificant or no spodumene mineralisation.

Exploration Results.

Other

Other exploration data, if meaningful and material, should be reported

Other exploration information is not meaningful or material to this

substantive

including (but not limited to): geological observations; geophysical

report, or has been reported previously.

exploration

survey results; geochemical survey results; bulk samples - size and

data

method of treatment; metallurgical test results; bulk density,

groundwater, geotechnical and rock characteristics; potential

deleterious or contaminating substances.

Criteria

JORC Code explanation

Commentary

Further work

The nature and scale of planned further work (eg tests for lateral

extensions or depth extensions or large-scalestep-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

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Mali Lithium Limited published this content on 19 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 March 2020 00:47:09 UTC