1. Most Discussed
  2. Gainers & Losers
LKE 20.0¢

LAKE RESOURCES N.L.

Refresh
1,779 posts · 12,148 Monthly Visits *
[​IMG]

LAKE RESOURCES RAISES $1.66 MILLION IN UNSECURED NOTE OFFER
  • Lake pleased with oversubscribed support for unsecured debt security of $1.66 million
  • Debt security avoids dilution of shareholders and allows drilling to advance
Lithium exploration company Lake Resources N.L. (ASX:LKE, “Lake” or “LKE”) announces that it has secured commitments to raise $1.665 million in an oversubscribed offer by way of the issue of 1,665,000 unsecured notes (Notes) to sophisticated and professional investors.

The intention was to raise $1.5 million but due to demand, the offer was upsized. The funds received from the issue of the Notes will be used by Lake for exploration expenditure, including the costs of advancing drilling, and working capital. A diamond drill rig will commence a maiden drilling programme in the coming days, with formal approval, over the Kachi Lithium Brine Project in Catamarca.

Lake Resources’ Managing Director Steve Promnitz, said: “Lake is grateful for the financial support to advance drilling over the Kachi Project to unlock further value. This allows time for the company to provide further results showing the scale and potential of the project.” As the Notes will only be issued to eligible sophisticated and professional investors, the Company does not currently intend to issue a prospectus or other disclosure document in relation to the Notes.

However, under the terms of the Notes the Company may elect to do so in the future to facilitate further transferability of the Notes. A further announcement will be made in due course once the Notes are issued. As the Notes are debt securities and are otherwise not convertible into ordinary shares, the Company does not intend to seek shareholder approval for their issue.

[​IMG]

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.


LKE Project map.JPG
[​IMG]
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:
Steve Promnitz
Managing Director
+61 2 9188 7864
[email protected] http:
//www.lakeresources.com.au
This is a paid advertisement. HotCopper does not endorse, approve or take responsibility for the statements made.
Forum
Stock Code
SubjectView as
Poster
Views
Rating
Date
    ×
    Australia's leading analysts are standing by.
    Ask any question FREE on any ASX listed company, we will answer your question by next business day and give you share recommendations from our Award-Winning team, FREE for 21 days
  1. Sponsored
  2. 11,376
    3
    12:4812:48
  3. 11,376
    3
    12:1812:18
  4. 11,376
    1
    11:2811:28
  5. 11,376
    6
    10:5010:50
  6. 11,376
    5
    10:2910:29
  7. 11,376
    1
    10:2410:24
  8. 11,376
    10:1010:10
  9. 11,376
    09:1009:10
  10. 7,191
    1
    21/01/1821/01
  11. 7,191
    12
    21/01/1821/01
  12. 7,191
    5
    21/01/1821/01
  13. 7,191
    1
    20/01/1820/01
  14. 7,191
    1
    20/01/1820/01
  15. 7,191
    2
    20/01/1820/01
  16. 7,191
    5
    20/01/1820/01
  17. 7,191
    4
    19/01/1819/01
  18. 7,191
    19/01/1819/01
  19. 7,191
    19/01/1819/01
  20. 7,191
    19/01/1819/01
  21. 7,191
    19/01/1819/01
  22. 7,191
    19/01/1819/01
  23. 7,191
    5
    19/01/1819/01
  24. 7,191
    19/01/1819/01
  25. 7,191
    1
    19/01/1819/01
  26. 7,191
    6
    19/01/1819/01
  27. 7,191
    16
    19/01/1819/01
  28. 7,191
    1
    19/01/1819/01
  29. 7,191
    2
    19/01/1819/01
  30. 7,191
    9
    19/01/1819/01
  31. 7,191
    5
    19/01/1819/01
  32. 7,191
    1
    19/01/1819/01
  33. 7,191
    1
    19/01/1819/01
  34. 7,191
    2
    18/01/1818/01
  35. 46,231
    2
    18/01/1818/01
  36. 46,231
    3
    18/01/1818/01
  37. 46,231
    1
    18/01/1818/01
  38. 46,231
    4
    18/01/1818/01
  39. 46,231
    2
    17/01/1817/01
  40. 46,231
    4
    17/01/1817/01
  41. 955
    2
    17/01/1817/01
  42. 955
    2
    17/01/1817/01
  43. 46,231
    17/01/1817/01
  44. 46,231
    4
    17/01/1817/01
  45. 46,231
    5
    17/01/1817/01
  46. 46,231
    6
    17/01/1817/01
  47. 46,231
    17/01/1817/01
  48. 46,231
    3
    17/01/1817/01
  49. 46,231
    1
    17/01/1817/01
  50. 46,231
    16/01/1816/01
  51. 46,231
    1
    16/01/1816/01
  52. 46,231
    7
    16/01/1816/01
  53. 46,231
    5
    16/01/1816/01
  54. 46,231
    6
    16/01/1816/01
  55. 46,231
    16/01/1816/01
  56. 46,231
    1
    16/01/1816/01
  57. 46,231
    1
    16/01/1816/01
  58. 46,231
    4
    16/01/1816/01
  59. 46,231
    3
    16/01/1816/01
  60. 46,231
    16/01/1816/01
  61. 46,231
    1
    16/01/1816/01
  62. 46,231
    1
    16/01/1816/01
  63. 46,231
    5
    16/01/1816/01
  64. 46,231
    1
    16/01/1816/01
  65. 46,231
    2
    16/01/1816/01
  66. 46,231
    16/01/1816/01
  67. 46,231
    2
    16/01/1816/01
  68. 46,231
    15/01/1815/01
  69. 46,231
    5
    15/01/1815/01
  70. 46,231
    15/01/1815/01
  71. 46,231
    5
    15/01/1815/01
  72. 448
    3
    15/01/1815/01
  73. 448
    15/01/1815/01
  74. 46,231
    6
    15/01/1815/01
  75. 46,231
    15/01/1815/01
  76. 46,231
    15/01/1815/01
  77. 46,231
    15/01/1815/01
  78. 46,231
    1
    15/01/1815/01
  79. 46,231
    15/01/1815/01
  80. 3,779
    1
    15/01/1815/01
  81. 46,231
    15/01/1815/01
  82. 46,231
    1
    15/01/1815/01
  83. 3,779
    15/01/1815/01
  84. 3,779
    3
    15/01/1815/01
  85. 46,231
    15/01/1815/01
  86. 46,231
    2
    15/01/1815/01
  87. 3,779
    15/01/1815/01
  88. 46,231
    1
    15/01/1815/01
  89. 46,231
    15/01/1815/01
  90. 46,231
    15/01/1815/01
  91. 3,779
    4
    15/01/1815/01
  92. 3,779
    15/01/1815/01
  93. 3,779
    1
    15/01/1815/01
  94. 293
    15/01/1815/01
  95. 46,231
    1
    15/01/1815/01
  96. 46,231
    14/01/1814/01
  97. 46,231
    14/01/1814/01
  98. 46,231
    1
    14/01/1814/01
  99. 46,231
    1
    14/01/1814/01
  100. 46,231
    19
    13/01/1813/01
  101. 46,231
    13/01/1813/01
Top