- Exploration program continues over lithium mining leases in Argentina despite winter weather.
- Drilling to commence in the near term at Kachi Lithium Brine Project in Catamarca pending final approval.
- Lease approvals significantly advanced in the Olaroz/Cauchari and Paso Projects in Jujuy province adjacent to Orocobre and Lithium Americas/SQM.
- Planned initial drill program in Argentina in 2017 is fully funded.
- Lake holds one of the largest listed lithium lease holdings in Argentina of 170,000 Ha, including areas under option - 3 Brine Projects and 1 Hard rock.
- Kachi Lithium Brine Project covers ~50,000Ha consolidated mining leases over an undrilled salt lake near to Albermarle's Antofalla Project.
- Catamarca Pegmatite Lithium Project (~72,000 Ha), under option, shows large pegmatite swarms indicating new discovery potential at low altitudes.
- Focus in September Quarter on drilling at Kachi Lithium Brine Project; Results expected to be substantially higher than current positive surface results.
- Lake sufficiently funded to meet current exploration initiatives with ~$1.4m cash at bank and low quarterly burn.
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About Lake Resources NL
Lake Resources NL (ASX:LKE) is a lithium exploration and development company focused on developing its three lithium brine projects and 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 (~200,000Ha) secured in 2016 prior to a significant 'rush' by major companies. The large holdings provide the potential to provide consistent security of supply demanded by battery makers and electric vehicle manufacturers.
The Kachi project covers 69,000 ha over a salt lake south of FMC's lithium operation and near Albemarle's Antofalla project in Catamarca Province. Drilling at Kachi has confirmed a large lithium brine bearing basin over 20km long, 15km wide and 400m to 800m deep. Drilling over Kachi (currently 16 drill holes, 3100m) has produced a maiden indicated and inferred resource of 4.4 Mt LCE (Indicated 1.0Mt and Inferred 3.4Mt) within a 8-17 Mt LCE exploration target (refer ASX announcement 27 November 2018).
A direct extraction technique is being tested in partnership with Lilac Solutions, which has shown 80-90% recoveries and lithium brine concentrations in excess of 3000 mg/L lithium and is planned to be trialled on site in tandem with conventional methods as part of a PFS to follow the resource statement. Scope exists to unlock considerable value through partnerships and corporate deals in the near term.
Lake Resources N.L.