Lake Resources NL (ASX:LKE) (FRA:LK1) welcomed today the support of investors to advance its key projects with commitments to raise A$2 million, before costs, in a private placement to sophisticated and professional investors.
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.
The Olaroz-Cauchari and Paso brine projects are located adjacent to major world class brine projects either in production or being developed in the highly prospective Jujuy Province. The Olaroz-Cauchari project is located in the same basin as Orocobre's Olaroz lithium production and adjoins Ganfeng Lithium/Lithium Americas Cauchari project, with high grade lithium (600 mg/L) with high flow rates drilled immediately across the lease boundary.
Two drill rigs are currently drilling at Cauchari with results anticipated to extend the proven resources in adjoining properties into LKE's area with results anticipated from November into December 2018. This will be followed by drilling extensions to the Olaroz area in LKE's 100% owned Olaroz leases.
Significant corporate transactions continue in adjacent leases with development of Ganfeng Lithium/Lithium Americas Cauchari project with Ganfeng announcing a US$237 million for 37% of the Cauchari project previously held by SQM. Nearby projects of Lithium X were acquired via a takeover offer of C$265 million completed March 2018. The northern half of Galaxy's Sal de Vida resource was purchased for US$280 million by POSCO in June 2018. These transactions imply an acquisition cost of US$55-110 million per 1 million tonnes of lithium carbonate equivalent (LCE) in resources.
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.
Lake Resources NL (ASX:LKE) announced today high-grade final results from its 100% owned Cauchari Lithium Brine Project which confirm a significant discovery, interpreted as an extension to the world-class neighbouring project moving to production next year in the heart of the Lithium Triangle.
Lake Resources NL (ASX:LKE) LKEOB Options attached to the June Placement (approved by shareholders) and the Options attached to the Exercise of Bonus Options in June (expiry date 15 June 2019), commence trading today.
Video Interview with Steve Promnitz with higher-grade definitive lithium brine results over a wide interval at Lake Resources N.L. (ASX:LKE)(FRA:LK1) Cauchari Lithium Brine Project, in Argentina.
Lake Resources NL (ASX:LKE)(FRA:LK1) announced today new definitive results from detailed packer sampling from its 100% owned Cauchari Lithium Brine Project that compare favourably to the world-class neighbouring project moving to production next year, reaffirming the Company's confidence in Cauchari's potential.
Lake Resources NL (ASX:LKE) (FRA:LK1) is an exploration and development company with one of the largest lithium lease holdings in Argentina in the heart of the Lithium Triangle, with over 200,000 hectares comprising four prime lithium projects, namely three brine and one hard rock project.
Lake Resources NL (ASX:LKE) (FRA:LK1) announced today consistently high grade lithium brines from the base of the current discovery hole extending the lithium brine zone to 288 metres wide (from 172 - 460m depth) at its Cauchari Lithium Brine Project in Argentina.
In a major boost for its 100% owned project, Lake Resources NL (ASX:LKE) (FRA:LK1) announced today the discovery of multiple lithium brines over a zone of 144 metres (from 172 - 316m) at its Cauchari Lithium Brine Project in Argentina.
Lake Resources NL (ASX:LKE)(FRA:LK1) announced today further conductive brines with high flows were intersected in drilling at its 100% owned Cauchari Lithium Brine Project in Argentina as the hole progresses to the target depth.
Lake Resources NL (ASX:LKE)(FRA:LK1) is pleased to announce today that Sinead Teague has been appointed as Company Secretary of the Company, following the resignation of Mr Andrew Bursill.