Expands Kachi Project with Additional Leases(2,500 HA)
- Kachi Lithium Brine Project now covers total consolidated area of ~52,000 Ha
- ~90% of project leases now approved for exploration
- Results from near-surface brine sampling expected shortly
This is the first time the area has been consolidated under one owner 100%, with the great majority of all leases being approved for exploration.
More sample results are expected soon, to be followed by geophysics and an initial drilling programme.
More Leases - Kachi Lithium Brine Project
Further mining leases have been secured (~2,500 Ha) over the Kachi Lithium Brine Project in Catamarca province. These were critical areas of mining title to consolidate the area.
This is the first time the area has been consolidated under one owner 100%. These cover a combined area of ~52,000 Ha of adjoining consolidated leases. Virtually all leases have been approved for exploration (~90% by number), an important stage of progress for the Company, as set out in the shareholder approved acquisition of LithNRG Pty Ltd last year.
Results Soon - Kachi Lithium Brine Project
Results are expected soon from the near-surface brine sampling programme over the salt lakes in the Kachi Lithium Brine Project in Catamarca province. The Company's Board and Management look forward to updating shareholders as such results become available.
The Company is also pleased to confirm its new corporate identity which better reflect the operations and commodity focus of Lake Resources. LKE has also launched a new website which provides a source of useful information and reference for investors.
To view tables and figures, please visit:
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 provides the potential to provide security of supply demanded by battery and electric vehicle manufacturers located.
The three key brine projects, Olaroz/Cauchari, Paso and Kachi, 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 SQM/Lithium Americas Cauchari project, where high grade lithium (600 mg/L) with high flow rates have been drilled immediately across the lease boundary. 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 25km long and over 400m deep. Drilling over Kachi is aimed to produce a resource statement later in 2018. Drilling will commence in coming months at Olaroz-Cauchari now that tenure has been confirmed in a landmark agreement in March 2018. This will provide several catalysts for the company's growth. Scope exists to unlock considerable value through partnerships and corporate deals in the near-term.
Significant corporate transactions continue in adjacent leases with development of SQM/Lithium Americas Olaroz/Cauchari project with an equity/debt investment over $300 million and Advantage Lithium's equity transaction in some of Orocobre's leases. LSC Lithium has also raised over $60 million on a large lease package in similar areas as Lake's properties. Nearby projects of Lithium X were recently acquired via a takeover offer of C$265 million completed March 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