Lithium exploration and project development company, Lake Resources NL have confirmed that drill hole locations have now been determined for the upcoming drill program at their 100 per cent owned Cauchari Lithium Brine Project in Argentina.
Following recent discussions with relevant authorities in Argentina this week, the company has announced plans to drill three holes, with a possible fourth hole, to depths of 400 metres. Drilling is anticipated to show a likely extension to the high-grade lithium brines in adjacent properties and work is likely to commence in early October, barring any unforeseen delays.
Third party drill results on the adjoining project were found to include 600mg/L lithium with high flow rates and 470mg/L close to the lease boundary. Based on recent seismic lines, Lake expects these high-grade lithium brines to extend into its leases and brine bearing sediments are estimated to extend to 300-400 metres deep.
Lake’s Cauchari Lithium Brine Project adjoins the proven Cauchari lithium brine projects of SQM/Lithium Americas, with an indicated resource of 8.7 Mt lithium carbonate equivalent (LCE) and an additional measured resource of 3 Mt LCE, and the Cauchari resource of Orocobre/Advantage Lithium with an inferred resource of 3.0 Mt LCE, which is in the process of being upgraded to measured and indicated classification.
Lake’s Managing Director, Steve Promnitz said that this is a large development for the company, given the Cauchari leases show an extension from the adjoining proven lithium brine project which aims to be in production in two years.
“We will be drilling approximately 400-500 metres away from nearby high-grade results which we aim to repeat. Lake is the only junior exploration company with such highly prospective and large exploration projects in Olaroz-Cauchari, and successful drilling will add materially to the value of our assets here,” he explained.
“We are also working hard to deliver a maiden resource estimate for Kachi very soon. Interest in this project from offtake partners is very high,” Mr Promnitz added.
Recent reports by the Argentine Government with respect to temporary changes to export taxes, have been confirmed that they will have no impact on the lithium exploration and project development company.
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 portfolio in the world-class lithium brine province.
More information on the project can be found here.