Extra Drill Rig Arrives at Kachi Lithium Brine Project and Jujuy Update
- The additional larger rotary drill rig will commence operations in the coming days at Lake's 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina.
- The extra drill rig has been contracted to accelerate the current drilling programme.
- High grade lithium brine results and flows have been announced immediately adjacent to Lake's leases at the Cauchari Lithium Brine Project in Jujuy.
Kachi Lithium Brine Project, Catamarca - Update on drilling
Lake's Managing Director, Steve Promnitz said: "We are very pleased to be accelerating our current drilling programme in Kachi with the arrival of the additional drill rig. We have also been pleased to hear about high grade lithium brine results and good flows of brines recently reported from leases immediately adjoining Lake's leases at the Cauchari Lithium Brine Project in Jujuy province. The results, announced by Advantage Lithium (CVE:AAL) together with its partner Orocobre, are drilling lithium bearing brines on their Cauchari Project, adjacent to SQM/Lithium Americas development project. It is Lake's intention to target the same aquifers".
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About Lake Resources NL
Lake Resources NL (ASX:LKE) is a lithium exploration and development company focused on developing its 3 lithium brine projects and 1 hard rock project in Argentina, all owned 100%. The leases are in a prime location among the lithium sector's largest players within the Lithium Triangle where half of the world’s lithium is produced. Lake holds one of the largest lithium tenement packages in Argentina (~180,000Ha) secured in 2016 prior to a significant 'rush' by major companies. The large holdings provide the potential to provide security of supply demanded by battery makers and electric vehicle manufacturers.
The Kachi project covers 50,000 Ha over a salt lake south of FMC's lithium operation and near Albemarle's Antofalla project. Drilling at Kachi has confirmed a large lithium brine bearing basin over 22km long and over 400m deep. Drilling over Kachi is aimed to produce a resource statement in 2018, anticipated in Oct 2018. A direct extraction technique is planned to be trialled on site in tandem with conventional methods as part of a PFS to follow the resource statement. Scope exists to unlock considerable value through partnerships and corporate deals in the near-term.
The three key brine projects, Kachi, Olaroz/Cauchari, and Paso, are located adjacent to major world class brine projects either in production or being developed in the highly prospective Jujuy and Catamarca Provinces. The Olaroz-Cauchari project is located in the same basin as Orocobre's Olaroz lithium production and adjoins Ganfeng Lithium/Lithium Americas Cauchari project, with high grade lithium (600 mg/L) with high flow rates drilled immediately across the lease boundary.
A drill rig has been mobilised to Cauchari with results anticipated to extend the proven resources in adjoining properties into LKE's area with results anticipated from late October into December 2018. This will be followed by drilling extensions to the Olaroz area in LKE's 100% owned Olaroz leases.
Significant corporate transactions continue in adjacent leases with development of Ganfeng Lithium/Lithium Americas Cauchari project with Ganfeng announcing a US$237 million for 37% of the Cauchari project previously held by SQM. Nearby projects of Lithium X were recently acquired via a takeover offer of C$265 million completed March 2018. The northern half of Galaxy's Sal de Vida resource was purchased for US$280 million by POSCO in June 2018.
The demand for lithium continues to be strong for lithium ion batteries in electric vehicles, according to recent data from the leading independent battery minerals consultant - Benchmark Mineral Intelligence. Supply continues to be constrained suggesting good opportunities for upstream lithium companies for many years.
Lake Resources NL
Advantage Lithium Corp