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Quarterly Activities Report
Quarterly Activities Report
Brisbane, Jan 31, 2018 AEST (ABN Newswire) - Lake Resources NL (ASX:LKE) provides the Company's Quarterly Activities and Cashflow Report for the period ending 31 December, 2017.

HIGHLIGHTS

- 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.

To view the full report, please visit:
http://abnnewswire.net/lnk/3392J7GA


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 two flagship lithium brine projects are Kachi and Olaroz/Cauchari, 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/Gangfeng/Lithium Americas Cauchari project, with high grade lithium (600 mg/L) with high flow rates drilled immediately across the lease boundary. Drilling is planned to commence in early October 2018 Cauchari with a three hole programme to intersect and extend the same lithium brine aquifers identified in the adjoining world-class lithium resource. Lake Resources aims to repeat the same high grade lithium results in its leases as the recent geophysics shows the likely extension of the same horizon into Lake's leases. Drilling will follow later at Olaroz once the methodology is proven at Cauchari.

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 new direct extraction method is being tested in partnership with Lilac Solutions which promises far higher recoveries and in significantly shorter timelines, which will be trialled in tandem with conventional methods as part of a PFS after the resource statement. 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/Gangfeng/Lithium Americas Cauchari project. Gangfeng recently announced a US$237 million transaction to acquire 37% of the project from SQM, with a two year timeline to initial production. Projects nearby to Kachi and FMC's Hombre Muerto were recently acquired via a takeover offer of C$265 million for Lithium X, completed in March 2018, and the northern half of Galaxy's Sal de Vida resource, purchased for US$280 million by POSCO in June 2018. Major players in the lithium supply chain continue to secure prime projects in the best locations globally.

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.

  


Contact

Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au



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