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LAKE RESOURCES N.L.

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FURTHER DRILLING REINFORCES CONFIDENCE IN SCALE OF SIGNIFICANT LITHIUM BRINE DISCOVERY- KACHI LITHIUM PROJECT

ASX Announcement 14 June 2018 

  • Initial drilling confirms the Kachi Lithium Brine Project is an exciting maiden discovery of a very large and deep salt lake basin, of similar size to globally significant lithium producers.
  • Kachi is likely to be a partially covered salt lake over 22 x 8 kilometres that hosts a very large lithium brine body with potential to increase further.
  • Eight rotary and diamond drill holes ended in lithium brine-bearing sediments. Results reported for 7 resource drill-holes, from 3 drill platforms, with variable depths up to 405 metres. 
  • Highlight is drill-hole K03R03 (northern area), with higher brine grades closer to the centre of the basin averaging 306mg/L lithium, low impurities and low average Mg/Li ratio of 4.3, a ratio similar to large Argentine projects of Galaxy and Neo Lithium.
  • K03R03 results indicate higher concentrations of lithium bearing brines occur at depth in the northern area compared to shallow drilling (<150m) from platform K03. Drilling is underway to explore deeper sections below the best results from K03. 
  • Passive Seismic Geophysical survey indicates lake sediments continue to depths greater than 600m. Drilling results from site K06 correlate with seismic survey results. 
  • Excellent passive seismic data vindicates the exploration approach and aids planning of additional drilling sites. The results of K03R03 in the north are being followed up to establish the lateral and depth extent of higher lithium grades and to assess flow rates. 
  • Drilling continues to expand the data set for an initial resource estimate in the coming months. 
  • Work in Jujuy province continues, aimed at gaining drill access to the Cauchari area.

Argentine-focused lithium exploration and project development company Lake Resources NL (ASX: LKE) is pleased to provide an update on drill results and ongoing exploration activities at its 100%- owned Kachi Lithium Brine Project in Catamarca Province.

The Company can now definitively demonstrate that lithium brine is present from near surface to over 400m depth in drill holes spaced 11km apart (Figure 1) across the project. Drilling and seismic geophysical surveying also confirms Kachi is a very large-scale partially covered salt lake over an area of at least 22 x 8 kilometres (more than 150 km2 ). Brine is interpreted to continue in sandy sediments beneath gravels and volcanic rocks with the potential to increase this area significantly as they may hide the true size of the basin.

Lake has been conducting two concurrent phases of drilling operations: 

  1. Resource and exploration drilling utilising a diamond drill rig to collect drill cores for porosity assessment and to obtain brine samples for resource estimation, and 
  2. Production well drilling using rotary drill rigs for additional resource estimation data and construction of wells for test pumping purposes. These will be available to pump lithium brine into trial evaporation ponds and test the brine evaporation and chemical evolution under site environmental conditions. A total of eight drill holes have been completed on three separate drill platform locations (Figure 1).

Click here to view the full announcement 


DRILLING CONFIRMS LARGE SCALE LITHIUM BRINE BASIN KACHI LITHIUM PROJECT, ARGENTINA

ASX Announcement 22 May 2018

  • Initial drilling confirms the Kachi Lithium Project is a maiden discovery of a very large deep lithium brine-bearing basin being a similar size to producing globally significant lithium projects. 
  • Lithium brines intersected in numerous horizons from surface to 400metres in drill holes spaced 11 kilometres apart at Lake’s 100%-owned Kachi Lithium Brine Project in Catamarca Province, Argentina. 
  • Seven rotary and diamond drill holes completed in lithium brine-bearing sediments in the Kachi salt lake. Results reported for four of the seven new resource drill-holes, with variable depths up to 402 metres. 
  • Highlights include drill-hole PP2-DV-003, which averaged 308mg/l lithium after 27 hours of airlifting, with low impurities and low average Mg/Li ratio of 4.3. 
  • Results are pending from a number of samples from depths below 200 metres with promising conductivities.
  • Six of the seven holes ended in sandy material, and remain open at depth. The extensive sands encountered have relatively high drainable porosity based on initial site observations, and are expected to have relatively high permeability, positive for future brine extraction requirements and resource estimation. 
  • Lake considers the Kachi project to be a covered salt lake over 25 x 15 kilometres hosting a very large lithium brine body in sandy sediments with high permeability and low impurities. 
  • A seismic survey and drilling data suggests the Kachi basin is over 400 metres deep with potential to host a very significant volume of brine. This vindicates the exploration approach, despite slow drilling and delays in results. 
  • Deeper horizons are being targeted to locate higher grades and assess flow rates and extend the potential. The implied size of the brine reservoir has made the Company contemplate further drilling rigs to accelerate the resource assessment.

Argentine-focused lithium exploration and project development company Lake Resources NL (ASX: LKE) is pleased to report initial drill results and ongoing exploration activities at its 100%-owned Kachi Lithium Brine Project in Catamarca Province.

The Company can now definitively demonstrate that lithium brine is present in numerous horizons from near surface to at least 400m depth in drill holes spaced 11km apart (Figure 1). Drilling also confirms Kachi is a very large-scale covered salt lake over an area of around 25 x 15 kilometres (375 km2 ).

Lake has been conducting two concurrent phases of drilling operations: 

  1. Resource exploration drilling utilising a diamond drill rig to collect drill cores for porosity assessment and to obtain brine samples for resource estimation, and 
  2. Production well drilling using rotary drill rigs for additional resource estimation data and construction of wells for test pumping purposes. These will have the potential to pump lithium  Lake Resources N.L. (ACN 079 471 980) ASX:LKE Suite 2, Level 10, 70 Phillip St, Sydney NSW 2000, Australia T: +61 2 9188 7864 E: [email protected] 2 brine into trial evaporation ponds and test the latest extraction methods. A total of seven drill holes have been completed on three separate drill platform locations (Figure 1).

Lake’s Managing Director, Steve Promnitz, commented “The significant scale of the Kachi basin is evident. We believe that there is a covered salt lake with an estimated area over 25 x 15 kilometres, hosting a very large brine body in sandy sediments with good permeability and low impurities.

Drilling has intersected multiple brine aquifers. The higher lithium values with a low Mg/Li ratio in hole003 area positive discovery and indicate good potential for future positive results. Three drill rigs are on site in the expanded drill programme to accelerate exploration to produce a resource statement.”

Click here to view the full announcement 



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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
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