Sileach Moves to Stage Two Testing; Drilling Commences
We interviewed Managing Director, Adrian Griffin for an update on the second stage program as well as:
- The timing of these results and the next stage in the commercialisation of Sileach(TM);
- Exploration update for the Electra lithium project in Mexico where drilling recently commenced;
- Update on the company's other exploration projects in Australia and Canada;
- SPP capital raising and use of funds; and
- Graphite Australia IPO.
Analyst Comment: The initial test work results have been highly encouraging with all results meeting expectations to date. We are pleased with LIT's pragmatic approach to testing, as they continue to test a variety of different hard rock lithium sources, which will give the company greater flexibility in the future to be diversified across a spectrum of hard rock lithium sources.
With test work to begin at Pilbara Minerals (ASX:PLS) Pilgangoora project in the near term, we believe this has the potential to be a significant short term share price catalyst for LIT, as positive test work results could see the company make a decision on the first Sileach(TM) demonstration plant before the end of 2016.
Exploration: Despite continuing to receive little value for the company's vast exploration portfolio, LIT has commenced a 25 RC drill hole exploration program at their Electra JV Project in Mexico. The project neighbours the Buenavista concession owned by Bacanora Minerals Ltd, which is thought to be one of the world's largest lithium clay deposit identified. We look forward to these results being released over the coming months.
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About Lithium Australia NL
Lithium Australia NL (ASX:LIT) aspires to 'close the loop' on the energy-metal cycle. Its disruptive technologies are designed to furnish the lithium battery industry with ethical and sustainable supply solutions. Lithium Australia’s technology comprises the SiLeach(R) and LieNA(R) lithium extraction processes, along with superior cathode material production courtesy of VSPC Ltd (a wholly owned subsidiary of Lithium Australia) and enhanced recycling techniques for battery materials. By uniting resources and the best available technology, Lithium Australia seeks to establish a vertically integrated lithium processing business.
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