The drill rig has reached below 300 metres depth and is targeting a 350-450-metre horizon within the next 7-10 days that is anticipated to show higher lithium values within a sand horizon.
Notably, recent lithium brine results with lithium values up to 538 mg/L show continuity of a number of lithium brine horizons into Lake’s leases from adjoining major projects.
These adjoining projects are considered world-class, owned by major industry players, and are in the pre-production stage.
Lake’s managing director Steve Promnitz said: “Lake is on track to finally reach the target horizon soon at Cauchari and declare a major discovery.
“A series of brine horizon continue to be intersected prior to the target horizon.
“Cauchari is rapidly gaining momentum as a highly valuable project for Lake, adding to our portfolio of 100% owned projects in the heart of the Lithium Triangle, including Olaroz and the world-class Kachi project.
“With talks progressing with potential development partners, we are in an excellent position to deliver increased value for shareholders.”
Proactive caught up with the company last month for an update.