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Millennial Lithium shares up as it posts positive lithium brine pump test results from Pastos Grandes

The company is advancing the Pastos Grandes Project in Salta, Argentina

Evaporation pond
One of the firm's pilot ponds

Millennial Lithium Corp (CVE:ML) (OTCQB:MLNLF) shares advanced Wednesday as the Argentina-focused company posted positive pump test results from its Pastos Grandes Project in Salta.

The well — PGPW18-17 —  was installed as a future production well, and until then, undertake pumping of lithium brine to determine the parameters of the aquifer and chemical variation during 72 hours from March 5 to 7.

READ: Millennial Lithium shares zip up on encouraging lithium brine pump test results from Pastos Grandes

At a pumping rate of 19.4 litres per second (L/s), the drawdown was around 30 metres (m), with rapid water level recovery, the company said.

"Millennial is very pleased with the results of our third pumping test in the central portion of the company's land position at Pastos Grandes," said Millennial's president and CEO Farhad Abasov.

"The transmissivity, calculated at about 100 m²/day, is encouraging and indicates the aquifer has good potential to sustain long term pumping."

He added: "With a strong cash position Millennial is on track to produce an updated 43-101 resource report early in Q2 and complete the Bankable Feasibility Study later in the quarter."

Millennial also noted Thursday that it continues to define the characteristics of the lithium-bearing aquifer in the southern portion of its land package with another pumping well, PGPW18-15, nearly complete with short term pumping tests and brine sampling to follow.

Shares in Toronto added 4.88% to stand at $1.72. In New York, they added 5.7% to $1.30.

Contact Giles at [email protected]    

Follow him on Twitter@Gile74    

Quick facts: Millennial Lithium

Price: 1.15 CAD

TSX-V:ML
Market: TSX-V
Market Cap: $95.72 m
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