to Drill Cauchari Project
Brisbane, Aug 14, 2018 AEST (ABN Newswire) - Argentine-focused lithium exploration and project development company Lake Resources NL (
ASX:LKE) is pleased to announce that it will shortly commence drilling at its 100%-owned Cauchari Lithium Brine Project which adjoins SQM/Lithium Americas and Orocobre/Advantage Lithium's world-class combined 14.8 Mt LCE lithium brine projects (*1).
- Targeting same aquifers as SQM/Lithium Americas and Orocobre/Advantage Lithium
- Drill locations are likely extensions of 14.8 Mt LCE lithium resource (*1) with results that include 600mg/L lithium with high flow rates
- LKE expects these known high grade lithium brines to extend into its leases
- Drilling rig secured - mobilising to site within 4 weeks
- Lake holds 100% and secure title on 18,000 Ha Olaroz -Cauchari Lithium Projects
Lake originally secured the 18,000 hectare Olaroz-Cauchari leases in early 2016 and is the only ASX junior exploration company with a large lease area in a proven, world class lithium brine province.
Lake will commence drilling at its Cauchari West project (see figures 1 & 2 in link below) with drill locations on the margins of SQM/Lithium Americas project and Orocobre/Advantage Lithium's project where results include 600mg/L lithium with high flow rates and 470mg/L lithium on the immediate lease boundary (*2). Lake expects these known high grade lithium brines to extend into its leases.
A drilling rig has been secured and barring any unforeseen delays, drilling is targeted to commence at the end of next month. Lake is fortunate to have secured a rig given high exploration activity in the area.
Managing Director Stephen Promnitz said: "Lake's Cauchari lease has all the hallmarks of being another large-scale lithium brine project located in a world-class lithium brine basin. We believe that the same brines as SQM/Lithium Americas and Orocobre/AAL projects extend into our leases."
"Lake applied for these leases in early 2016, before the value of the adjoining brine projects were crystallised. Cauchari West, which has a strike length of 11km, and is nearly 2000 hectares in size, is an outstanding prospect and we are looking forward to commencing drilling.
"Systematically, we are advancing with the development of our large 100%-owned lithium projects and have lots of optionality in the asset base. Exploration at Kachi is ongoing and interest in the project from battery manufacturers and the lithium supply chain is high. The drilling of Cauchari is very likely to be a major value event for Lake and we look forward to keeping shareholders updated on progress."
"Lake's Chairman and Managing Director recently advanced discussions in China and Japan with major players in the growing lithium supply chain for cathodes used in electric vehicle batteries. Unlike some recent commentary regarding oversupply the interest level and demand was high. Strong and ongoing interest continues for both project development funding and offtake from major participants."
Footnotes:
(*1): Combined resource of lithium carbonate equivalent (LCE) from SQM/Lithium Americas (11.8 Mt LCE) and Orocobre/Advantage Lithium (3.0 Mt LCE) from their respective market releases on the TSX, ASX and NYSE.
(*2): Drill results released by Orocobre/Advantage Lithium from their respective market releases on the TSX and ASX
To view figures, please visit:
http://abnnewswire.net/lnk/8LU2MRTW
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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