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Cauchari Drilling Progresses - Video Update
Cauchari Drilling Progresses - Video Update
Brisbane, June 26, 2019 AEST (ABN Newswire) - Lake Resources NL (ASX:LKE) released today a video update from site of the drilling currently progressing at Lake's 100% owned Cauchari Lithium Brine Project in Argentina where high-grade lithium brine results have been previously reported of up to 538 mg/L from high flow brines (refer ASX announcements 28 May, 12 June 2019). These results show the continuity of Lake's drilling over a series of horizons extending similar results from adjoining major projects located in the heart of the Lithium Triangle.

- Drilling progresses at Lake's Cauchari Lithium Brine Project, Argentina, where high grade lithium brine results have been previously reported amid growing lithium demand.

- A video update is provided to show Lake drilling and the activity in the area and the proximity of Lakes drilling to pre-production of the Lithium Americas/Ganfeng world-class major project.

- The interview can be accessed at:
http://www.abnnewswire.net/lnk/454DSJ86

and on the Presentations and Videos section of the Investors section on the Lake Resources website:
http://www.abnnewswire.net/lnk/R46ZL71U

The video shows the drilling progressing next to the Cauchari salt lake and adjoining pre-production works of Ganfeng/Lithium Americas (LAC). Lake is clearly drilling in the same basin with similar brines with the potential to replicate the success of similar projects.

The diamond drill rig has experienced challenging conditions due to sandy/gravel horizons and high fluid pressures and has not advanced beyond the previously reported depth while the section has been cleaned, conditioned and drilled, but is now making good progress toward the target zone. The target is a sand horizon estimated between 350-450m which has recorded higher lithium values and fluid flows in the adjoining project. Lake will update the market as the hole progresses.

Commenting on the drilling, Lake's Managing Director Steve Promnitz said: "Lake has demonstrated proof that our Cauchari project is similar to the adjoining world class projects, and with the drilling continuing to progress, we see great potential to identify high-grade lithium values.

"Together with our emerging Kachi project in PFS stage, Lake is confident of delivering increased value for shareholders amid growing demand for these increasingly strategic assets in the heart of the Lithium Triangle."

To view figures, please visit:
http://abnnewswire.net/lnk/NR4U08YA


About Lake Resources NL

Lake ResourcesLake Resources NL (ASX:LKE) is a lithium exploration and development company focused on developing its three lithium brine projects and 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 (~200,000Ha) secured in 2016 prior to a significant 'rush' by major companies. The large holdings provide the potential to provide consistent security of supply demanded by battery makers and electric vehicle manufacturers.

The Kachi project covers 69,000 ha over a salt lake south of FMC's lithium operation and near Albemarle's Antofalla project in Catamarca Province. Drilling at Kachi has confirmed a large lithium brine bearing basin over 20km long, 15km wide and 400m to 800m deep. Drilling over Kachi (currently 16 drill holes, 3100m) has produced a maiden indicated and inferred resource of 4.4 Mt LCE (Indicated 1.0Mt and Inferred 3.4Mt) within a 8-17 Mt LCE exploration target (refer ASX announcement 27 November 2018).

A direct extraction technique is being tested in partnership with Lilac Solutions, which has shown 80-90% recoveries and lithium brine concentrations in excess of 3000 mg/L lithium and is planned to be trialled on site in tandem with conventional methods as part of a PFS to follow the resource statement. Scope exists to unlock considerable value through partnerships and corporate deals in the near term.

The Olaroz-Cauchari and Paso brine projects are located adjacent to major world class brine projects either in production or being developed in the highly prospective Jujuy Province. The Olaroz-Cauchari project is located in the same basin as Orocobre's Olaroz lithium production and adjoins Ganfeng Lithium/Lithium Americas Cauchari project, with high grade lithium (600 mg/L) with high flow rates drilled immediately across the lease boundary.

Two drill rigs are currently drilling at Cauchari with results anticipated to extend the proven resources in adjoining properties into LKE's area with results anticipated from November into December 2018. This will be followed by drilling extensions to the Olaroz area in LKE's 100% owned Olaroz leases.

Significant corporate transactions continue in adjacent leases with development of Ganfeng Lithium/Lithium Americas Cauchari project with Ganfeng announcing a US$237 million for 37% of the Cauchari project previously held by SQM. Nearby projects of Lithium X were 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. These transactions imply an acquisition cost of US$55-110 million per 1 million tonnes of lithium carbonate equivalent (LCE) in resources.

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.

  


Contact

Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au



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