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Laguna Verde Records Assays up to 417mg/L – Additional Wells at Francisco Basin to Upgrade Resource Estimate
Laguna Verde
- LV02 re-sampling in Q2 2023 – assays from re-sampling of well LV02 received, with an improvement in average lithium grade to 203mg/L and a peak grade of 417mg/L lithium
- New wells at LV05 and LV06 completed Q2 2023 – reached drilling depths of 434m and 405m with aquifer thickness of 375m and 342m respectively
- At LV05, 62 samples were collected and analysed with an average lithium grade of 202mg/L, and at LV06 53 samples recorded an average lithium grade of 174mg/L
- Based on the completion of the 2023 drilling and pump test programmes, a JORC resource upgrade is expected in the coming weeks
Francisco Basin
- All three new wells planned for the 2023 drilling campaign completed and two additional wells added to the programme underway to further test the extension of the resource
- JORC resource upgrade expected early Q3 2023
- Scoping Study nearing completion to follow JORC resource upgrade
Llamara
- Exploration drill hole LL01 drilled to ~300m depth, encountered porous sandstone that recorded brine and a gas sequence which, for safety reasons, necessitated hole shut-in
- Brine encountered at shallower depth than expected which is seen as a positive sign
- Following evaluation of seismic data, a second exploration drill hole LL02 has recently commenced, drilling reaching a depth of 183m to date
- Field programme on sampling of surface evaporite deposit to commence in Q3 2023
Chile’s National Lithium Strategy / Minister of Mining Clarification
- Minister of Mining, Marcela Hernando, clarifies in a recent interview with Mining.com that the government will only seek control of the operation in projects that are considered ‘strategic’ and currently the only strategic lithium area is in Salar de Atacama
- The Company confirms that its projects are not subject to state participation requirements but the Company has the option to invite a state company to participate and will endeavour to develop the projects to the optimal benefit of all stakeholders
Aldo Boitano, Chief Executive Officer, of CleanTech Lithium PLC, said:
“CleanTech Lithium continues to make significant progress on the ground across all three of our projects, with drilling campaigns running simultaneously and delivering results and valuable insights to inform our path to production.
“At Llamara, while unexpected to encounter gas which required the well to be remediated before reaching the intended depth, the Board is encouraged by the findings, encountering brine at shallower depths than expected. We have already commenced drilling a well in a new location which, based on seismic data, is not expected to intersect gas.
“In the coming weeks we will be updating the market on JORC upgrades from Laguna Verde and from Francisco Basin, with the Scoping Study for Francisco Basin following shortly afterwards.
“We continue to have very positive discussions with the Government and state entities regarding the development of our projects and will provide further updates on progress in the coming weeks.”
Click here for the full Press Release
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