Quarterly Activities Report Ending 31 March 2018
- Four prime lithium projects - 3 brine projects and 1 hard rock project in Argentina - with one of the largest lithium lease holdings in Argentina of 180,000 hectares, including areas under option.
- Landmark agreement signed with Jujuy Province in Argentina confirmed tenure of Lake's ~45,000 Hectares of leases 100% owned in world class lithium production area
- Olaroz-Cauchari leases adjoin lithium brine production / development projects in Jujuy, Argentina in the same basin as Orocobre and SQM/Lithium Americas. Activity on Lake leases had been stalled for two years pending approvals but now granted.
- Leases were pegged prior to the recent rush for lithium projects with the process underway to commence drilling after the standard process is completed
- Three rigs drilling at the Kachi Lithium Brine Project in Catamarca. Results soon from conductive brines in porous sandy horizons over 11 km distance.
- Kachi Lithium Brine Project is a large salt lake 20 km x 12 km owned 100% by Lake with ~54,000 ha leases.
- Lake raised A$4.5 million (before costs) in March 2018 in an oversubscribed private placement at $0.135 per share with an attached 1-for-2 option at $0.20 which the company is seeking to have listed.
- Lake is sufficiently funded to pursue current exploration initiatives with $4.2 million cash position.
Lake Resources NL is an exploration and development company with one of the largest lithium lease holdings in Argentina of 180,000 ha, including areas under option with four prime lithium projects: 3 brine projects and 1 hard rock project. Each project is capable of being a 'company maker'.
These include the Kachi Lithium Brine Project which covers ~54,000 ha of consolidated mining leases over a previously undrilled salt lake; the Olaroz/Cauchari and Paso Projects in Jujuy province adjacent to Orocobre and SQM/Lithium Americas; and the Catamarca Pegmatite Lithium Project (~72,000 ha), under option, with large pegmatite swarms over 150km of strike.
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About Lake Resources NL
Lake Resources NL (ASX:LKE) is undertaking an aggressive exploration programme to explore and develop prime lithium projects in Argentina, owned 100%, among some of the largest players in the lithium sector. Lake holds one of the largest lithium tenement packages in Argentina (~170,000Ha) secured prior to a significant 'rush' by major companies with three key lithium brine projects located in the Lithium Triangle which produces half of the world's lithium. Lake also holds one large package of lithium pegmatite properties which were an unappreciated source of lithium in Argentina until recently.
The three key brine projects, Olaroz/Cauchari, Paso and Kachi, have similar settings to major world class brine projects being developed in the highly prospective Jujuy and Catamarca Provinces. One project is located next to Orocobre's Olaroz lithium production and SQM/Lithium Americas Cauchari project. 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 shown conductive brines in thick porous sands with results anticipated over the coming months. Surface sampling has revealed positive lithium results which will be expanded through the drilling program and geophysics. Exploration and permitting over Kachi and the other projects will provide several catalysts for the company's growth as these areas are assessed for major discoveries.
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 subject to a takeover offer of C$265 million in December 2017.
Lake Resources NL