FNN INTERVIEW – LAKE RESOURCES INKS LANDMARK DEAL IN ARGENTINA – INTERVIEW WITH MANAGING DIRECTOR
Argentina focused lithium exploration company Lake Resources N.L. (ASX:LKE, “Lake” or “LKE”) is pleased to provide shareholders with a video interview with Finance News Network (FNN) regarding the company’s landmark deal in Argentina in Jujuy province as discussed by Lake’s Managing Director, Steve Promnitz.
To view the full interview, please copy the link below into the internet browser:
The interview is also available on the Presentations and Videos section of the Investors section on the Lake Resources website:
Background on Lake Resources NL (ASX:LKE)
Lake Resources NL (ASX:LKE, Lake) is undertaking an aggressive exploration programme to explore and develop prime lithium projects in Argentina, owned 100%, among some of the largest players in the lithium sector. Lake holds one of the largest lithium tenement packages in Argentina (~170,000Ha) of any listed entity, secured prior to a significant ‘rush’ by major companies with three key lithium brine projects located in the Lithium Triangle which produces half of the world’s lithium. Lake also holds one large package of lithium pegmatite properties which were an unappreciated source of lithium in Argentina until recently.
Lithium Brine Projects are:
Olaroz/Cauchari Project (~19,000 Ha) Jujuy Province
Paso Project (~29,000 Ha) Jujuy Province
Kachi Project (~52,000 Ha) Catamarca Province
Lithium Pegmatite Project is:
Catamarca Pegmatites (~72,000 Ha) Ancasti, Catamarca Province.
The three key brine projects, Olaroz/Cauchari, Paso and Kachi, have similar settings to major world class brine projects being developed in the highly prospective Jujuy and Catamarca Provinces. One project is located next to Orocobre’s Olaroz lithium production and SQM/Lithium Americas Cauchari project. The Kachi project covers 50,000 Ha over the centre of a salt lake in the deepest part of the basin, south of FMC’s lithium operation and near Albemarle’s Antofalla project.
Drilling has started at Kachi and results are anticipated over the coming months. Surface sampling has revealed positive lithium results which will be expanded through the drilling program and geophysics.
Exploration and permitting over Kachi and the other projects will provide further catalysts for the company’s growth as these areas are assessed for major discoveries
Significant corporate transactions continue in adjacent leases with development of SQM/Lithium Americas Olaroz/Cauchari project with an equity/debt investment over $300 million and Advantage Lithium’s equity transaction in some of Orocobre’s leases. LSC Lithium has also raised over $60 million on a large lease package in similar areas as Lake’s properties.
LAKE BRINE DRILLING PROGRESSING WELL AT KACHI LITHIUM BRINE PROJECT
• Drilling has intersected brine in a second drillhole within brines below the lithium bearing salt lake of the 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina
• The second diamond drillhole is below 125m depth in permeable sandy horizons containing brines with promising conductivities and densities
• Initial assay results from the brines are anticipated in early January
Lithium exploration company Lake Resources N.L. (ASX:LKE, “Lake” or “LKE”) is pleased to announce that drilling is progressing well in the second drillhole, successfully intersecting concentrated brine horizons in saturated sands and silts below the 100%-owned Kachi Lithium Brine Project in Catamarca.
These brines display encouraging conductivities and densities - positive indicators for future results. Initial assay results are anticipated in early January. The second drill hole is at 126m depth and planned to continue to below 250m after the Christmas recess (12 days) to test deeper aquifers. The first hole was terminated at 71m after testing the near surface aquifer. These holes are part of a maiden 1,000m diamond drilling programme.
The programme can be extended pending the outcome of assay results. After returning from site this week, Lake Resources’ Managing Director Steve Promnitz said: “Drilling has intersected brine saturated sediments from a metre from surface, which includes significant permeable sands.
The first set of assay results will be reported as soon as possible. Activity in the lithium sector has intensified with a neighbouring project under a takeover offer on market for C$265 million. This bodes well for Lake given the scale of the four projects in Argentina’s Lithium triangle and the fact that they are 100% owned.”
Project Background The Kachi Lithium Brine Project covers over 50,000 ha of mining leases owned 100% by Lake’s Argentine subsidiary, Morena del Valle Minerals SA, over the centre of the known salt lakes in the deepest part of a large basin.
Surface sampling has revealed positive lithium results in conductive brines which will be expanded through the drilling program and geophysics. The company has a focus on an inclusive approach with local communities together with appropriate environmental management.
The Kachi Project was selected by the State of Catamarca to be accelerated, together with a small group of energy and mining projects in the province, to ensure appropriate development. A Letter of Intent was signed with Catamarca Province to facilitate the project through various permitting stages from exploration to production which bodes well for the future.
For further information please contact:
+61 2 9188 7864
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