Half Yearly Report and Accounts
Brisbane, Mar 17, 2020 AEST (ABN Newswire) - Lake Resources NL (
ASX:LKE) (LK1:FRA) holds three lithium brine projects in Argentina including one project, Kachi, moving into pre-production with the construction of a direct extraction pilot plant. Lake holds one of the largest lease holdings of lithium in the heart of the Lithium Triangle in South America.
During the half-year ended 31 December 2019, Lake advanced its 100% owned Kachi Lithium Brine Project in Argentina. In partnership with Lake's technology provider, Lilac Solutions, a pilot plant was being constructed using a new, disruptive, direct extraction process using ion exchange. Post the financial half-year end, high purity battery grade lithium carbonate was produced and the financial supporters of the technology partner were announced which included funds supported by the best known billionaires. Samples for potential off-takers will be produced from this pilot plant. The Company also advanced and has neared the completion of a Pre-Feasibility Study over the Kachi Project using lab results of the direct extraction process to be released in late March 2020. The Kachi Project hosts a large JORC Mineral Resource (Indicated and Inferred) of 4.4 million tonnes Lithium Carbonate Equivalent (LCE). The project together with the technology offers future sustainable and scalable lithium production, demanded by the larger Electric Vehicle makers and an increasing number of battery/cathode makers.
At the Cauchari Lithium Brine Project in Argentina, a successful drilling programme was completed, which has shown lithium brines over a wide interval (506m) with high grades (averaging 493 mg/L lithium from 117- 460m) with up to 540 mg/L lithium. These results are similar to lithium brines in adjoining leases scheduled for production in late 2020 and infer an extension and continuity of these brines into Lake's 100% owned leases.
Corporate acquisitions continue to support the underlying valuation of Lake's projects. At the Cauchari project, adjoining Lake's leases, Ganfeng Lithium increased their equity to 51% from 50% for US$16 million, and Advantage Lithium is being actively acquired by Orocobre in an all-scrip bid which values the leases adjoining Lake at around A$110 million.
To view the report, please visit:
https://abnnewswire.net/lnk/75311RV9
About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
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