A second, larger diamond drill rig operated by Foraco Argentina SA has progressed drilling to a depth of 141 metres at Lake Resources NL (Lake)’s 100 per cent owned Cauchari Lithium Brine Project in Jujuy – a province in Argentina’s remote northwest.
Located adjacent to world-class brine projects either in production or under development, the new round of drilling aims to unlock further value from the emerging project.
The larger diamond drill rig is targeting a sand horizon estimated between 350-450 metres deep and is set drill to 500 metres.
Two rigs are now operational at Cauchari and reporting results from representative samples is where the Company is focusing.
Foraco, the third largest global mineral driller, is operating concurrently with rotary rig drilling operations.
The rotary rig is targeting a shallower sand horizon of between 300-350 metres.
Both Lake’s rigs are operating at approximately 500 metres from where Ganfeng/Lithium Americas is about to drill a further production hole on their adjacent leases.
Lake plans to target the same sand horizons.
In commenting on the news this morning, Lake’s Managing Director, Steve Promnitz, detailed that the Company is aiming to generate brine samples showing the extension of the adjoining resource – which is the largest in the world – into Lake’s leases.
“Recent progress has been encouraging as we aim to advance this project as quickly as possible for the benefit of shareholders.”
“Notably, Lake is the only junior company drilling next to a major pre-production site in the best location for lithium brines, as demonstrated by Ganfeng recently paying over US$350 million for 50 per cent of the adjoining project,” Mr Promnitz commented.