Drilling Advances at Kachi Lithium Brine Project
- Drilling has advanced in the first rotary drill hole to a depth of 240 metres with encouraging indications of conductive brines in two thick sandy aquifers at Lake's 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina
- The rotary drill hole will continue to a further depth up to 300 metres and then be cased and sampled
- The additional drill rig has commenced operations on a drill hole 6 kilometres to the south east to assess whether the same conductive sandy aquifers can be intersected
- High grade and potentially economic lithium brine results and flows were announced within a short distance of Lake's lease boundary at the Cauchari Lithium Brine Project in Jujuy.
Kachi Lithium Brine Project, Catamarca - Update on drilling
This drill hole will continue to a suitable depth where a clay horizon is intersected up to 300 metres depth and then will be cased, logged with downhole geophysics, and sampled.
The additional larger rotary drill rig has commenced operations on a new rotary drillhole 6 kilometres to the south east of the current drilling to assess whether the same conductive sandy aquifers can be intersected.
Olaroz - Cauchari Lithium Brine Project, Jujuy - Update on nearby drilling
High grade and potentially economic lithium brine results with good flows rates of brines were reported recently from the leases immediately adjoining Lake's leases at the Cauchari Lithium Brine Project in Jujuy province. Advantage Lithium and Orocobre announced the results from their drilling of lithium bearing brines on their adjoining Cauchari Project. 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 3 lithium brine projects and 1 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 (~180,000Ha) secured in 2016 prior to a significant 'rush' by major companies. The large holdings provides the potential to provide security of supply demanded by battery makers and electric vehicle manufacturers.
The three key brine projects, Kachi, Olaroz/Cauchari, and Paso, are located adjacent to major world class brine projects either in production or being developed in the highly prospective Jujuy and Catamarca Provinces. The Olaroz-Cauchari project is located in the same basin as Orocobre's Olaroz lithium production and adjoins SQM/Lithium Americas Cauchari project, where high grade lithium (600 mg/L) with high flow rates have been drilled immediately across the lease boundary.
The Kachi project covers 50,000 Ha over a salt lake south of FMC's lithium operation and near Albemarle's Antofalla project. Drilling at Kachi has confirmed a large lithium brine bearing basin over 22km long and over 400m deep. Drilling over Kachi is aimed to produce a resource statement in 2018, anticipated in Oct 2018.
Drilling will commence in coming months at Olaroz-Cauchari now that tenure has been confirmed in a landmark agreement in March 2018. This will provide several catalysts for the company's growth. Scope exists to unlock considerable value through partnerships and corporate deals in the near-term.
Significant corporate transactions continue in adjacent leases with development of SQM/Lithium Americas Olaroz/Cauchari project with an equity/debt investment over $300 million and Advantage Lithium's equity transaction in some of Orocobre's leases. LSC Lithium has also raised over $60 million on a large lease package in similar areas as Lake's properties. Nearby projects of Lithium X were recently 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.
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 for many years.
Lake Resources NL