Higher Lithium Grades Wider Interval at Cauchari
Brisbane, July 25, 2019 AEST (ABN Newswire) - Lake Resources NL (
ASX:LKE)(LK1:FRA) announced today new definitive results from detailed packer sampling from its 100% owned Cauchari Lithium Brine Project that compare favourably to the world-class neighbouring project moving to production next year, reaffirming the Company's confidence in Cauchari's potential in the heart of the Lithium Triangle. Please see the table below showing the range of lithium grades and intervals.
The higher results of 340m averaging 505 mg/L lithium, and up to 540 mg/L lithium, with a Li/Mg ratio of 2.9, compare favourably to similar results obtained from the adjoining major project advancing towards production. The Ganfeng/Lithium Americas (NYSE:LAC) Cauchari project has a Measured and Indicated Resource of 17.9Mt LCE at 581 mg/L lithium (Apr 2019 NI 43-101). The nearest drillhole of the Advantage Lithium (AAL)/ Orocobre joint venture averaged 198m at 450 mg/L lithium, within a Measured and Indicated Resource of 4.8Mt LCE at 476 mg/L lithium (Apr 2019 NI 43-101). These neighbouring results are not LKE's results and no inference is made as to the potential of Lake's project. The grades are shown to provide a relevant comparison as Lake's view is that these are similar lithium brines in the same basin.
Major Chinese producer Ganfeng Lithium has invested a combined US$397 million, including debt support, to acquire a 50% stake in its Cauchari project, demonstrating the value of such projects in the Lithium Triangle, home to half the world's lithium output at the lowest cost.
Lake's definitive results from detailed sampling at Cauchari, in comparison to earlier preliminary results, vindicate the decision to extend drilling to approximately 600m depth, currently at 540m, following a brief pause at 460 metres depth.
Lake's Managing Director Steve Promnitz said: "Lake is drilling next door to the largest defined lithium brine resource on the planet and our assay results mirror the grades of this project. These latest results have only further strengthened our recognition of the Cauchari project as a major discovery adding value for shareholders, given the prices paid for investment in nearby projects. In addition, this is now a wider pay zone of lithium brines than at the adjoining project. To use an analogy, we are in the same swimming pool, filled with sand, clay and lithium brines, and we still have more to come."
"While Cauchari is a potential company-maker for Lake, we are determined to fully exploit the value of our project pipeline. Following Cauchari, we are planning a new drilling program at our 100% owned Olaroz Lithium Brine Project, to test the same basin that also hosts current production. This has potential to be another standalone project to add to our exciting discovery at Cauchari and confirmed deposit at Kachi.
"Analysts continue to upgrade their forecasts for the lithium market, with Benchmark Mineral Intelligence and Wood Mackenzie both pointing to a major supply deficit by the early-to-mid 2020s and Macquarie analysts turning bullish as a result of automakers' expansion plans for electric vehicles.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/7JS583Q0
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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