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Lake Resources NL
Summary
| Project: | Cauchari | |
|---|---|---|
| Deposit: | Cauchari | |
| Location: | Argentina | |
| Commodities: | Lithium-Magnesium-Potassium | |
| Date: | 7/25/2019 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 25-7-2019: Lake Resources NL announces an Exploration/Drilling Update report for its Cauchari deposit at the Cauchari project. Grades averaging 505 mg/L Li returned from packer sampling. Lake Resources NL (ASX: LKE) announced today new definitive results | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Andrew Fulton (Groundwater Exploration Services Pty Ltd.) | |
| ABSTRACT: | Lake Resources NL (ASX: LKE) announced today new definitive results from detailed packer sampling from its 100% owned Cauchari Lithium Brine Project that compare favourably to the world-class neighbouring project moving to production next year, reaffirming the Company’s confidence in Cauchari’s potential in the heart of the Lithium Triangle. Please see the table below showing the range of lithium grades and intervals. The higher results of 340m averaging* 505 mg/L lithium, and up to 540 mg/L lithium, with a Li/Mg ratio of 2.9, compare favourably to similar results obtained from the adjoining major project advancing towards production. The Ganfeng/Lithium Americas (NYSE:LAC) Cauchari project has a Measured and Indicated Resource of 17.9Mt LCE at 581 mg/L lithium (Apr 2019 NI 43-101) (1 ). The nearest drillhole of the Advantage Lithium (AAL)/ Orocobre joint venture averaged 198m at 450 mg/L lithium, within a Measured and Indicated Resource of 4.8Mt LCE at 476 mg/L lithium (Apr 2019 NI 43-101) (2 ). These neighbouring results are not LKE’s results and no inference is made as to the potential of Lake’s project. The grades are shown to provide a relevant comparison as Lake’s view is that these are similar lithium brines in the same basin. Major Chinese producer Ganfeng Lithium has invested a combined US$397 million, including debt support, to acquire a 50% stake in its Cauchari project, demonstrating the value of such projects in the Lithium Triangle, home to half the world’s lithium output at the lowest cost. Lake’s definitive results from detailed sampling at Cauchari, in comparison to earlier preliminary results, vindicate the decision to extend drilling to approximately 600m depth, currently at 540m, following a brief pause at 460 metres depth. | |
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