Cauchari Drilling and Corporate Update
Brisbane, Jan 17, 2019 AEST (ABN Newswire) - Argentine-focused lithium exploration and project development company Lake Resources NL (
ASX:LKE) has progressed drilling at Lake's 100% owned Cauchari Lithium Brine Project (see Figure 1 in link below).
- Drilling ongoing at Lake's Cauchari Lithium Brine Project adjacent to major projects.
- High fluid pressures experienced downhole are very encouraging but have made drilling progress challenging - third hole is now underway with adjusted drilling method
- Drilling has extended brine conditions encountered in the adjacent brine producing basin extends into LKE's leases
- New York based consultants RB Milestone engaged to broaden access to North American market.
Cauchari Drilling
Drilling has encountered high fluid pressures downhole, which are encouraging, but to date have prevented the hole reaching the targeted horizons, so that representative brine samples have not yet been able to be taken. Nevertheless, it is encouraging that drilling has encountered brine within sandy horizons, demonstrating that the large Cauchari brine-producing basin extends itself well into the company's leases.
Drill hole #3 is now underway and is currently at 140 metres depth (see Figure 3 in link below). The diamond drill rig that attempted to drill the second hole has been removed and adjusted drilling methods are being reviewed.
High grade third party drill results continue to be reported close to the lease boundary, including 611mg/L lithium with high flow rates from a deeper sand unit reported by Orocobre/Advantage Lithium (see Note below) (see Figures 2,3 in link below). This is also very encouraging for Lake.
Lake's Managing Director Stephen Promnitz said: "While drilling has been frustratingly slow at Cauchari, the upside is that the challenging downhole conditions show that the large, adjoining producing brine basin extends into our leases. Our focus is on getting to the targeted horizons and sampling them as quickly as possible."
Engagement of US-Based Consulting Firm RB Milestone Group
Lake has also engaged US based consultants, RB Milestone Group LLC ("RBMG"), in North America to broaden access to a wider investor audience. This initialises an enhanced program for Lake whereby RBMG will provide strategic planning, market intelligence and research initiatives, as well as business referrals related to business development and general corporate opportunities. The program allows Lake to reach a wider audience of financial and strategic professionals across the United States and Canada. These services will help Lake communicate its corporate characteristics to applicable investment and media outlets in that region.
Corporate activity continues unabated in the lithium brine sector in Argentina with a C$111 million cash offer for LSC Lithium (CVE:LSC) from an oil and gas operator PlusPetrol.
About RB Milestone Group LLC ("RBMG")
RBMG is a US-based consulting firm with offices in Stamford, Connecticut and New York City. RBMG specializes in assisting small and venture-stage companies with enhancing corporate strategy, business development, market intelligence and research. RBMG partners with clients internationally and across a wide range of industry segments, but with a strong focus on the battery metals space. Staff specialists have diverse sector knowledge centered on capital markets. RBMG is not a registered investment advisor or broker-dealer, does not raise capital, and does not receive transaction-based fees. For more information on RBMG, please visit: www.rbmilestone.com. In the purview of Section 17(b) of the Securities Act of 1933 and in the interest of full disclosure, RBMG encourages the reader to view RBMG's full disclaimer by visiting: www.rbmilestone.com/disclaimer.html.
Note: Drill results released by Orocobre (ASX:ORE) from their market releases on the ASX on 18 April 2018, 29 June 2018, 19 Sept 2018 and 10 Jan 2019.
To view figures, please visit:
http://abnnewswire.net/lnk/28010JZI
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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