Option Exercised on +70,000 Ha Pegmatite Lithium Catamarca Project
Brisbane, Sep 25, 2018 AEST (ABN Newswire) - Argentine-focused lithium exploration and project development company Lake Resources NL (
ASX:LKE) has taken the decision to exercise the option over a large belt of outcropping pegmatites in the Ancasti area of Catamarca province, Argentina (see figures 1, 2 and 3 in link below).
- Pegmatites in Catamarca a likely host for significant lithium mineralisation as spodumene.
- Decision made to exercise option and acquire project 100% of 70,000 hectare project.
- Recent field programme suggests a number of potential targets in a 150km mineralised belt.
- District in Catamarca has seen previous small scale production. Lake is using modern techniques to locate potential new large scale deposits.
A recent field programme has reinforced the view that the 150 kilometre-long belt favourably hosts significant lithium mineralisation as spodumene in large pegmatite swarms.
Lake signed an agreement with Argentine company, Petra Energy SA, in early 2017 over an area of exploration lease applications exceeding 70,000 hectares within a belt of outcropping pegmatites over 150 kilometres long.
A total of 19 million ordinary LKE shares will be issued to the vendors to acquire 100% of the local company and the project, of which 50% of the shares will be escrowed for 6 months. Previously only 1 million shares were issued, on signing of the option agreement in 2017, with the remainder to be issued in the coming days.
Recent field work in the Ancasti area has resulted in new exploration models being developed which clearly show potential for the belt to host large scale deposits. Previously, coarse grained spodumene crystals 30-70cm long had been identified in a number of locations. Further exploration activities will be conducted once the transaction is completed. Field based XRF analysis to vector in on potential new targets will be undertaken first, followed by trenching and auger sampling. Drill locations will then be defined by these results.
Managing Director Steve Promnitz said: "The pegmatite project in Catamarca is an enormous target with lots of exploration upside. We secured the project because the geology is very compelling and there is a history of production in the area. We have had considerable interest from third parties, both foreign and local Argentine companies, wanting to jointly explore Catamarca and we'll assess these carefully."
"Our in-country exploration team expects to commence work very soon on sampling and this will not inhibit progress being made at Kachi and Cauchari which are both on track and progressing to plan."
To view figures, please visit:
http://abnnewswire.net/lnk/R38R38YM
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.
| ||
|
