- Two drill rigs drilling on site advancing a four-hole 1500 metre program.
- Diamond drilling underway on first hole, currently at about 110 metres depth of a targeted 400 metres depth with the second rotary rig at 100 metres.
- Drill targets expected to show likely extension of high-grade lithium brines from adjoining proven lithium resources with initial results anticipated in two weeks.
- New short-term unsecured $0.5 million facility established with current shareholder.
The diamond drill rig has advanced on drill hole #1 and is currently at about 110 metres.
The rotary rig has been completed the pre-collar to 100 metres depth at drill hole #2. This will assist the diamond rig through the upper gravels into the brine sequence in this hole. The two holes are 2500 metres apart.
Assays are expected in the coming weeks from the brines being targeted. Drilling is anticipated to support the geophysics which has shown a likely extension to the high grade lithium brines of Ganfeng Lithium/Lithium Americas and Orocobre/Advantage Lithium in adjacent properties (see Figures 2,3,4 in link below). Third party drill results close to the lease boundary include 600-705mg/L lithium with high flow rates (see Footnotes below).
The Company advises that an unsecured $500,000 facility has been established with a current shareholder, immediately available for short term funding of the exploration activities including the advancement of drilling at Cauchari. The facility has a commercial interest rate. The Company is in discussions with a number of potential strategic investors to advance the flagship projects through prefeasibility study and/or feasibility study. With current facilities, Lake has sufficient funds to continue current exploration activities.
Drill results released by Orocobre (
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.