- Drilling continues within lithium brines at Lake's 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina.
- Thick porous sands, which are excellent horizons for brines, have proven challenging to drill with slow progress, delaying the delivery of sufficient brine samples for results.
- Another drill rig is being contracted for immediate commencement to advance drill progress.
- Drilling is targeting depth of 300 metres to intersect further horizons which may show significant grades as suggested by nearby third party drilling.
- Discussions are progressing well to grant access to areas in Jujuy Province adjacent to SQM/Lithium Americas' and Orocobre's respective projects in Jujuy.
Drilling has been slower than anticipated due to the challenging nature of the sandy horizons with drilling advancing 25m in January. This has delayed the anticipated brine samples for assay results. As a result, Lake has contracted a larger drilling rig for immediate commencement to advance drill progress. The rig that has been contracted is a rotary rig better suited for testing brines rather than geology.
Drilling is aimed at reaching a target depth of 300m to intersect further brine horizons which are anticipated at depth. These may show significant results as suggested by nearby third party drilling with results above 250 mg/L lithium below 170m depth.
Kachi Lithium Brine Project - Background
The Kachi Lithium Brine Project covers over 50,000 ha of mining leases owned 100% by Lake's Argentine subsidiary, Morena del Valle Minerals SA, over the centre of the known salt lakes in the deepest part of a large basin. Surface sampling has revealed positive lithium results and drilling has shown conductive brines in thick porous sands with the potential for a significant lithium brine basin.
The company has a focus on an inclusive approach with local communities together with appropriate environmental management. A Letter of Intent was signed with Catamarca Province to facilitate the project through various permitting stages from exploration to production which bodes well for the future.
Update on Olaroz Cauchari Project in Jujuy Province
Lake also advises shareholders that discussions are progressing well to grant exploration access to areas within Lake's ~19,000 hectare Olaroz Cauchari Project in Jujuy Province. The project is adjacent to SQM/Lithium Americas development project and Orocobre's lithium production and targets the same aquifers.
To view figures, please visit:
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.