Alpha Lithium (TSXV:ALLI) announces maiden resource at Tolillar Salar

• Alpha Lithium (ALLI) reported a maiden, but preliminary, lithium (Li) and potassium (K) resource statement for its Tolillar brine project in Argentina
• The resource estimate includes 2,119,000 tonnes of indicated, and 1,158,000 tonnes of inferred, lithium carbonate (Li₂CO₃) equivalent
• A total of 3,083 metres of drilling from 11 holes was evaluated for this resource estimate calculation, but only 33 per cent of the site has been explored
• Alpha Lithium Corp. (ALLI) is up 6.14 percent, trading at $1.21 at 11:20 am ET

Alpha Lithium (ALLI) reported a maiden, but preliminary, lithium (Li) and potassium (K) resource statement for its Tolillar brine project in Argentina.

The resource estimate includes 2,119,000 tonnes of indicated, and 1,158,000 tonnes of inferred, lithium carbonate (Li₂CO₃) equivalent. The resource estimate also includes 7,387,000 tonnes of potassium equivalent in the indicated category and a further 4,786,000 tonnes of potassium in the inferred category.

A total of 3,083 metres of drilling from 11 holes was evaluated for this resource estimate calculation. The total thickness of the basin, and the total thickness of saturated sediments, are unknown.

Only 90 sq. km. or 33 per cent, of the 275 sq. km. site has been explored and the resource does not include results from two wells that were drilled, completed, flow-tested and sampled as results have not been received back from the lab.

Hailing a robust NI 43-101 resource estimate from its hydrogeological consultants, Alpha President and CEO Brad Nichol expect to expand this resource by drilling deeper, as the team hasn’t reached basement rock laterally, as they have not drilled anywhere near the extents of the salar, and through increased lithium grades, as they improve their understanding of the salar’s hydrodynamics.

“Importantly, the company now has a strong, albeit preliminary, resource estimate in place that will allow us to proceed with our planned Economic Assessment. Since closing the recent bought deal financing and increasing our cash reserves to over $45 million, we are confidently advancing Tolillar to the next level.”

The Vancouver-based resource exploration company is focused on the development of the Tolillar and Hombre Muerto Salars in Argentina’s Lithium Triangle.

Alpha Lithium Corp. (ALLI) is up 6.14 percent, trading at $1.21 at 11:20 am ET.