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.
The information is general information only. Any advice is general advice only. Neither your personal objectives, financial situation or needs have not been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice. Adam Kiley (AR No. 458224) is an authorised representative of Intelligent Financial Markets Pty Ltd (AFSL No. 426359).
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About Lithium Australia NL
Lithium Australia NL (ASX:LIT) is a dedicated developer of disruptive lithium extraction technologies. LIT has strategic alliances with a number of companies, potentially providing access to a diversified lithium mineral inventory. LIT aspires to create the union between resources and the best available technology and to establish a global lithium processing business.
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