Quarterly Activities Report
- Initial drilling at the Kachi Lithium Brine Project in Catamarca has intersected conductive brines in porous sandy horizons.
- Kachi Lithium Brine Project covers ~52,000Ha consolidated mining leases over previously undrilled salt lake.
- Results delayed due to slow drilling progress - another rig contracted for additional capacity.
- Focus in current Quarter on expanding drilling at Kachi Lithium Brine Project with assay results to be reported.
- Lease approval discussions advanced to access the Olaroz/Cauchari and Paso Projects in Jujuy province adjacent to Orocobre and SQM/Lithium Americas.
- Four prime lithium projects - 3 brine projects and 1 hard rock project in Argentina - with one of the largest lithium lease holdings in Argentina of 170,000 Ha, including areas under option.
- Lake completed a A$1.6m debt security facility to provide additional funding for a drill program without equity dilution.
Lake Resources NL is an exploration and development company with one of the largest lithium lease holdings in Argentina of 170,000 Ha, including areas under option with four prime lithium projects, 3 brine projects and 1 hard rock project in Argentina. Each project is capable of being a 'company maker'.
These include the Kachi Lithium Brine Project which covers ~52,000Ha consolidated mining leases over a previously undrilled salt lake; the Olaroz/Cauchari and Paso Projects in Jujuy province adjacent to Orocobre and SQM/Lithium Americas; and Catamarca Pegmatite Lithium Project (~72,000 Ha), under option, with large pegmatite swarms over 150km of strike.
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About Lake Resources NL
Lake Resources NL (ASX:LKE) is undertaking an aggressive exploration programme to explore and develop prime lithium projects in Argentina, owned 100%, among some of the largest players in the lithium sector. Lake holds one of the largest lithium tenement packages in Argentina (~170,000Ha) secured prior to a significant 'rush' by major companies with three key lithium brine projects located in the Lithium Triangle which produces half of the world's lithium. Lake also holds one large package of lithium pegmatite properties which were an unappreciated source of lithium in Argentina until recently.
The three key brine projects, Olaroz/Cauchari, Paso and Kachi, have similar settings to major world class brine projects being developed in the highly prospective Jujuy and Catamarca Provinces. One project is located next to Orocobre's Olaroz lithium production and SQM/Lithium Americas Cauchari project. 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 shown conductive brines in thick porous sands with results anticipated over the coming months. Surface sampling has revealed positive lithium results which will be expanded through the drilling program and geophysics. Exploration and permitting over Kachi and the other projects will provide several catalysts for the company's growth as these areas are assessed for major discoveries.
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 subject to a takeover offer of C$265 million in December 2017.
Lake Resources NL