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Lake Resources NL

Lake Resources’ final drilling results confirm high-grade lithium discovery at Cauchari

Lithium brines intersected over 506 metres from 102 metres to a depth of 608 metres, the base of hole.

Lake Resources NL - Lake Resources’ final drilling results confirm high-grade lithium discovery at Cauchari
Lake’s drill operations at Cauchari

Lake Resources NL (ASX:LKE) has revealed high-grade final results from its Cauchari Lithium Brine Project in Argentina which confirm a significant discovery, interpreted as an extension to the world-class neighbouring project moving to production next year in the heart of the Lithium Triangle.

The high-grade results averaged 493 mg/L (milligrams per litre) lithium over 343 metres (from 117 metres to 460 metres), up to 540 mg/L, with a lithium/magnesium ratio of 2.9.

Summary lithium results/intervals with updated section from the drill hole at Cauchari with 506 metres brine zone

These results are similar to the adjoining major Cauchari project of Ganfeng/Lithium Americas (NYSE:LAC) which has a measured and indicated resource of 17.9 million tonnes LCE (lithium carbonate equivalent) at 581 mg/L lithium.

Lake’s results lead to an interpretation of an extension of the adjoining project, with a marginal difference in grade, in the same basin.

Brines were intersected over 506 metres from 102 metres to 608 metres. Lower flow rates below 465 metres depth led to the hole being completed at 608 metres.

A test sample of almost the entire hole averaged 444 mg/L lithium over 476 metres from 132 metres down to 608 metres.

The drill hole has had slotted casing installed to allow for future testing.

Cauchari Lithium Project, with adjoining Ganfeng / Lithium Americas combined resource and Orocobre / Advantage Lithium combined resource

Lake managing director Steve Promnitz said: “Independent assays and detailed sampling from Lake’s Cauchari drilling has conclusively demonstrated it is an extension to the adjoining large resources - a project with the world’s largest defined lithium brine resource.

“We are in the same basin and confident of growing the project with further drilling given we have a 7km strip along the salt lake. The approach to drill brines under alluvial cover around a salt lake has been proven and we aim to repeat that approach at our Olaroz project.

“This boosts confidence in the planned drilling being prepared at our 100% owned Olaroz Lithium Brine Project, with the goal of extending the brines that hosts current production by Orocobre (ASX.ORE).

Location of Lake’s drill operations at Cauchari in relation to Advantage Lithium/Orocobre & Gangfeng/Lithium Americas leases

“Olaroz has the potential to be another standalone project, with Lake aiming to have three defined lithium brine projects in the heart of the Lithium Triangle from where low-cost lithium production comes.

“Significantly for investors, major Chinese producer Ganfeng Lithium invested a combined US$397 million to acquire a 50% stake in its Cauchari project, demonstrating the value of such large, low cost lithium brine producing projects.

“Our discussions continue with potential development partners for our 100% owned Kachi Lithium Brine Project where a prefeasibility study is underway together with a pilot plant.”

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