Brisbane, May 1, 2019 AEST (ABN Newswire) - Lake Resources NL (ASX:LKE) provides the Company's Quarterly Report for the period ending 31 March 2019.
- Pre-Feasibility Study (PFS) commenced at the Kachi Lithium Brine Project on a Top 10 global lithium brine resource (4.4 million tonne lithium carbonate (LCE) JORC Resource with 1.0 million tonne Indicated and 3.4 million tonne Inferred resource categories) (see Note 1 below).
- Pilot plant being planned for the Kachi Project due to successful Phase 1 Engineering Study generating a brine concentrate of over 25,000 mg/L lithium which showed US$2600/tonne LCE operating costs (+/-30%) with Lilac Solutions direct lithium extraction process (see Note 2 below).
- Cauchari drilling program expanded with new larger drill rig capable of targeting 350-500 metres depth with Foraco, an international drill company.
- Cauchari drilling is targeting an extension of a lithium brine-bearing sand horizon in the adjoining large scale lithium brine resources of Ganfeng/Lithium Americas pre-production areas (NYSE:LAC), which recently doubled in size.
- New investor support secured with funding of $1.65 million in February through convertible notes to mainly support the Kachi project. Further, $1 million was raised in April in new equity to support the Cauchari drilling.
- Bonus options, issued at ratio of 1 for 7, to shareholders in late April at $0.04/share with additional 1 for 1 option if converted prior to 15 June 2019.
1: Kachi Mineral Resource Statement in ASX market release titled "Large Maiden 4.4mt LCE Resource Estimate for Kachi Project" on 27 November 2018.
2: Phase 1 Engineering Study in ASX market release titled "Lilac Extraction Process Shows Potential For High Lithium Recoveries At Lowest Quartile Costs At Kachi" on 10 December 2018.
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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.
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