- Lithium Chile (LITH) has completed its second production well at its Salar de Arizaro Project in Argentina
- The company drilled well Argento 2 to a total depth of 649 m and identified a brine aquifer 255 m thick with assays as high as 350 mg/l lithium
- Measured thickness is up from 132 m at its maiden well, Argento 1, approximately 3.6 km to the southwest
- The discovery indicates a potential increase to the project’s NI 43-101 resource with an updated estimate planned for Q1 2023
- Lithium Chile is advancing a lithium property portfolio covering over 100,000 hectares in Chile and Argentina
- Lithium Chile (LITH) is unchanged, trading at $0.70 per share
Lithium Chile (LITH) has completed its second production well at its Salar de Arizaro Project in Argentina.
The company drilled well Argento 2 to a total depth of 649 m and identified a brine aquifer 255 m thick. The figure is up from 132 m at its maiden well, Argento 1, approximately 3.6 km to the southwest.
Argento 2 encountered the target brine aquifer between 343 m and 598 m.
Samples taken between 360 m and 450 m from the diamond drill hole on Argento 2 returned assays as high as 350 mg/l lithium.
The discovery indicates a potential increase to the project’s NI 43-101 indicated and inferred resource of 1,420,000 tonnes of lithium carbonate equivalent. An updated estimate is planned for Q1 2023.
Drilling for Argento 3 will begin imminently.
“Moving out 3.6 km and hitting the brine-bearing formation just 23 m deeper in the basin than the first production well is extremely encouraging,” stated Steve Cochrane, Lithium Chile’s President and CEO.
“Almost doubling the thickness of the lithium brine aquifer from 132 m to 255 m should significantly increase the resource potential on the Salar de Arizaro,” he added.
Order from the Investment Review Division, Canada
Chengze Lithium International, which owns approximately 19.35 per cent of Lithium Chile’s outstanding common shares, has received an order from the Investment Review Division, Canada.
Chengze is reviewing the order and the legal options with regard to it.
Lithium Chile is advancing a lithium property portfolio of 84,478 hectares covering 11 salars and 2 laguna complexes in Chile and 23,300 hectares in Argentina. The company also owns 5 gold, silver and copper properties covering 21,329 hectares.
Lithium Chile (LITH) is unchanged, trading at $0.70 per share as of 11:46 am ET.
