Drill Rig Mobilises to Cauchari
- Drill rig mobilising to LKE's Cauchari Lithium Brine Project - drilling commences next week.
- Lake is drilling four holes over 1500 metres - first results expected end of October
- Drilling anticipated to show a likely extension of the high-grade lithium brine sequence from adjoining world-class lithium resources of Ganfeng Lithium (SHE:002460) /Lithium Americas and Orocobre / Advantage Lithium.
- Cross-sections shows initial targeted high grade lithium brine horizon of four hole programme.
Drilling is anticipated to show a likely extension to the high grade lithium brines of Ganfeng Lithium / Lithium Americas in adjacent properties (see Figures 1,2 in link below). The cross-section shows the high grade lithium brine horizon targeted in first hole of a four hole programme (see Figure 3 in link below). The drill rig is now mobilising to site and Lake has contracted a high quality and experienced drilling team. Drilling is on-track to commence next week.
Third party drill results on the adjoining project include 600-705mg/L lithium with high flow rates close to the lease boundary (see Note below). Based on recent seismic lines, Lake expects these high-grade lithium brines to extend into its leases and brine bearing sediments are estimated to extend to 300-400 metres deep, based on the interpretation of the seismic line completed by Lake.
Lake originally secured the 18,000 hectare Olaroz-Cauchari leases in early 2016 and is the only ASX junior exploration/development company with a large lease portfolio within this proven lithium brine province.
Managing Director Steve Promnitz said from Argentina: "We will be drilling approximately 400-500 metres away from a proven lithium resource with nearby high grade results which we aim to repeat. We anticipate drilling 4 holes totalling 1500 metres and the program is expected to take 4 months. First results are likely at the end of October.
"We are also most encouraged by Ganfeng Lithium's recent large long term contracts to deliver lithium to one of the largest lithium battery makers, LG Chem, and agreements with Tesla and BMW. This lithium will presumably be partly sourced in the future from the adjoining Cauchari project when it reaches production in a little over two years.
"We look forward to reporting a steady stream of news as drilling progresses. The Cauchari drilling marks a key milestone for Lake and we are pleased to be starting drilling at what is very highly prospective ground. "
Note: Drill results released by Orocobre (ASX:ORE) from their market releases on the ASX on 18 April 2018, 29 June 2018 and 19 Sept 2018.
To view figures, please visit:
About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world's lithium is produced at the lowest cost.
This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.
Lake Resources NL
Jiangxi Ganfeng Lithium Co Ltd