Half Yearly Report and Accounts
Sydney, Mar 10, 2020 AEST (ABN Newswire) - Significant milestones occurred in the development of the Maricunga Lithium Brine Project in Chile during the financial half-year included:
MARICUNGA JOINT VENTURE - CHILE
- During the financial half-year, the consolidated entity's main focus was, through the Maricunga joint venture ('JV') company, Minera Salar Blanco S.A. ('MSB'), to continue the development of its flagship Maricunga Lithium Brine Project ('the Maricunga').
- A non-binding Memorandum of Understanding ('MOU') was entered into with the Chilean State-owned mining company, Codelco. The MOU sets out the basic terms to jointly develop the Maricunga salar lithium project. The MOU is currently progressing through its Due Diligence stage.
- LPI and MSB continued to work with the Chilean government services to progress the Maricunga's Environmental Impact Assessment. On 4 February 2020, MSB received environmental approval for the Maricunga Project following a 15-month review process.
- Discussions have advanced with a number of well-established companies regarding product off-take agreements and project finance for the construction of the project.
- In-depth discussions with a number of competing international engineering Contractors for the EPC bidding process continued throughout the last quarter of 2019.
- US$1 million was advanced to MSB in December as part of the Company's US$1.3 million pro rata share of a capital call from MSB due to be made in January 2020.
CENTENARIO - ARGENTINA
- Early stage discussions commenced to engage with a third party company to jointly develop the Centenario lithium brine project.
- Further geophysical data was collected over the project which shows the basin within the properties reaches a depth of approximately 500 metres.
GREENBUSHES - WESTERN AUSTRALIA
- Ministerial approval was received for an Environmental Management Plan for exploration activities in the Western Australian State Forests, encompassed in the Greenbushes project.
- An initial program has been conducted with 174 laterite and soil samples taken in the forestry areas. This data was used to update the geological map for the area.
- A survey was also undertaken for the mapping of vegetation types in the area and for identification of fauna types, to comply with the Management Plan.
- Agreements have been reached with two separate native title holders that cover the area which will allow the plan of works to commence.
TABBA TABBA - WESTERN AUSTRALIA
- 31 holes were drilled for 3,081 metres, targeting mapped pegmatites in greenstone belts on the property.
- Drilling returned maximum values of 0.47% Li2O.
- Exploration was suspended with the seasonal high temperatures prohibiting safe field work. This area will be reassessed in the future for new possible targets.
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https://abnnewswire.net/lnk/10N1617L
About Lithium Power International Ltd
Lithium Power International Limited (ASX:LPI) is a pure play lithium company with three distinct project regions to provide diversification. One is located in South America's brine region and three are in Australia's spodumene hard rock areas of Western Australia.
The primary focus is to develop of Chile's next high-grade lithium mine on the Maricunga Salar in an area known as the Lithium Triangle. The Company has also expanded its tenement holdings of lithium exploration prospects in Western Australia.
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