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Millennial Lithium Corp.
Summary
| Project: | Pastos Grandes | |
|---|---|---|
| Deposit: | Pastos Grandes | |
| Location: | Argentina | |
| Commodities: | Lithium | |
| Date: | 10/16/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 16-10-2018: Millennial Lithium Corp. announces an Exploration/Drilling Update report for its Pastos Grandes deposit at the Pastos Grandes project. Drilling results incl. 545m @ 444mg/l Li from 60m. Millennial Lithium Corp. (ML: TSX.V) (A3N2:GR: Frankfurt) | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Iain Scarr (Internal) | |
| ABSTRACT: | Millennial Lithium Corp. (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) (“Millennial” or the “Company”) is pleased to report positive drilling and analytical results from the latest exploration wells at its Pastos Grandes Project in Salta, Argentina. Two new exploration holes (PGMW18-16 and 17) have intersected, and bottomed in, lithium-bearing brine zones, with PGMW18-17 intersecting positive lithium grades in a 545 meter thick lithium-bearing horizon, including a high grade of 701 mg/L Li. A 40 person camp is being installed at the site, including a state of the art solar-hybrid power system as work advances at the site on a pilot plant to produce battery grade lithium carbonate. Millennial is also pleased to announce that it has engaged Credit Suisse to act as a lead financial advisor to assist the Company with respect to potential future project financing alternatives and ongoing strategic discussions. Millennial CEO, Farhad Abasov, commented: "We are very encouraged to see that drilling on the REMSA license at Pastos Grandes salar continues to encounter lithium-rich brine, significantly extending the area of known lithium-rich brine further west toward the edge of the salar. Millennial has already started a full feasibility study on its lithium brine project in Pastos Grandes, Salta, which is scheduled to be completed in Q2 2019. Millennial is fully funded to complete the feasibility study as well as all other programs with a very strong cash balance of C$56 million. The Company is embarking on a process of securing construction financing which is planned to be concluded in 2019.” Exploration holes PGMW18-16 and PGMW18-17 were drilled to depths of 641 metres (m), and 605m respectively and both wells terminated in brine-bearing sand. These holes confirm the extension of the brine on to the contiguous REMSA license southeast and southwest of the original core Pastos Grandes licenses suggesting additional potential to expand the currently calculated resource beyond the initial Pastos Grandes licenses. | |
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