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Lithium exploration company Lake Resources N.L. (ASX:LKE) ("Lake" or "LKE") has completed the first rotary drill hole to 240 metres with slotted casing in place to 237 metres to allow testing and sampling at the Company's 100%-owned Kachi Lithium Brine Project in Catamarca province, Argentina.

- A third drill rig has started at Lake's 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina.

- The additional diamond drill rig will assess the geology and stratigraphy while the other drill rigs are rotary rigs.

- Drilling was completed in the first rotary drill hole to a depth of 240 metres with encouraging indications of conductive brines in thick sandy aquifers. Testing and results will be reported in the coming weeks.

- Lake's Olaroz-Cauchari Project continues to look promising given the recent results from the adjoining leases showing high grade lithium with high flow rates. Lake has progressed with the process to have drilling approved adjacent to this area.

Kachi Lithium Brine Project, Catamarca - Update on drilling

Conductive brines were intersected in two thick sandy aquifers but these horizons have proven challenging to drill with rotary and diamond drill rigs. Testing and results will follow in the coming weeks.

Based on the solid progress being made at Kachi, a third rig - a diamond drill rig - has been deployed and commenced operations adjacent to the second rotary drill rig, 11 kilometres to the south east of the recently completed rotary drillhole to assess whether the same conductive sandy aquifers can be intersected. The diamond drilling company has an excellent track record of drilling brines under salt lakes in Argentina. The intention is to assess which of the three rigs produces the best results and the drilling programme will then be extended based on these outcomes.

Olaroz - Cauchari Lithium Brine Project, Jujuy - Update on nearby drilling results

Further high-grade lithium brine results averaging 476 mg/L lithium with other holes up to 720 mg/L lithium with high flow rates of brines were reported from the leases immediately adjoining Lake's leases at the Cauchari Lithium Brine Project in Jujuy province by Advantage Lithium and Orocobre (ASX:ORE) (OTCMKTS:OROCF).

Lake's subsidiaries have progressed with the process to have drilling approved adjacent to this area and it is Lake's intention to target the same aquifers.

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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.



Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864

Link: Additional Drill Rig at Kachi Lithium Brine Project

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Financial General Mining Lithium