Drilling continues at Kachi Lithium Project
Brisbane, Jan 29, 2018 AEST (ABN Newswire) - Lithium exploration company Lake Resources N.L. (
ASX:LKE) ("Lake" or "LKE") is pleased to report that drilling of lithium brines within porous sands, which are excellent host horizons, is progressing at the Company's 100%-owned Kachi Lithium Brine Project in Catamarca.
- Drilling continues within lithium brines at Lake's 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina.
- Thick porous sands, which are excellent horizons for brines, have proven challenging to drill with slow progress, delaying the delivery of sufficient brine samples for results.
- Another drill rig is being contracted for immediate commencement to advance drill progress.
- Drilling is targeting depth of 300 metres to intersect further horizons which may show significant grades as suggested by nearby third party drilling.
- Discussions are progressing well to grant access to areas in Jujuy Province adjacent to SQM/Lithium Americas' and Orocobre's respective projects in Jujuy.
Drilling has been slower than anticipated due to the challenging nature of the sandy horizons with drilling advancing 25m in January. This has delayed the anticipated brine samples for assay results. As a result, Lake has contracted a larger drilling rig for immediate commencement to advance drill progress. The rig that has been contracted is a rotary rig better suited for testing brines rather than geology.
Drilling is aimed at reaching a target depth of 300m to intersect further brine horizons which are anticipated at depth. These may show significant results as suggested by nearby third party drilling with results above 250 mg/L lithium below 170m depth.
Kachi Lithium Brine Project - Background
The Kachi Lithium Brine Project covers over 50,000 ha of mining leases owned 100% by Lake's Argentine subsidiary, Morena del Valle Minerals SA, over the centre of the known salt lakes in the deepest part of a large basin. Surface sampling has revealed positive lithium results and drilling has shown conductive brines in thick porous sands with the potential for a significant lithium brine basin.
The company has a focus on an inclusive approach with local communities together with appropriate environmental management. A Letter of Intent was signed with Catamarca Province to facilitate the project through various permitting stages from exploration to production which bodes well for the future.
Update on Olaroz Cauchari Project in Jujuy Province
Lake also advises shareholders that discussions are progressing well to grant exploration access to areas within Lake's ~19,000 hectare Olaroz Cauchari Project in Jujuy Province. The project is adjacent to SQM/Lithium Americas development project and Orocobre's lithium production and targets the same aquifers.
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About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
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