Drilling Advances at Cauchari Lithium Brine Project
- Two drill rigs drilling on site advancing a four-hole 1500 metre program.
- Diamond drilling underway on first hole, currently at about 110 metres depth of a targeted 400 metres depth with the second rotary rig at 100 metres.
- Drill targets expected to show likely extension of high-grade lithium brines from adjoining proven lithium resources with initial results anticipated in two weeks.
- New short-term unsecured $0.5 million facility established with current shareholder.
The diamond drill rig has advanced on drill hole #1 and is currently at about 110 metres.
The rotary rig has been completed the pre-collar to 100 metres depth at drill hole #2. This will assist the diamond rig through the upper gravels into the brine sequence in this hole. The two holes are 2500 metres apart.
Assays are expected in the coming weeks from the brines being targeted. Drilling is anticipated to support the geophysics which has shown a likely extension to the high grade lithium brines of Ganfeng Lithium/Lithium Americas and Orocobre/Advantage Lithium in adjacent properties (see Figures 2,3,4 in link below). Third party drill results close to the lease boundary include 600-705mg/L lithium with high flow rates (see Footnotes below).
The Company advises that an unsecured $500,000 facility has been established with a current shareholder, immediately available for short term funding of the exploration activities including the advancement of drilling at Cauchari. The facility has a commercial interest rate. The Company is in discussions with a number of potential strategic investors to advance the flagship projects through prefeasibility study and/or feasibility study. With current facilities, Lake has sufficient funds to continue current exploration activities.
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