Lake Resources NL: Quarterly Activities Report - Ending 30 June 2017
Brisbane - Lake Resources NL (ASX:LKE) provides the Company's Quarterly Activities Report for the period ending 30 June, 2017.HIGHLIGHTS
- Exploration program continues over lithium mining leases in Argentina despite winter weather.
- Drilling to commence in the near term at Kachi Lithium Brine Project in Catamarca pending final approval.
- Lease approvals significantly advanced in the Olaroz/Cauchari and Paso Projects in Jujuy province adjacent to Orocobre and Lithium Americas/SQM.
- Planned initial drill program in Argentina in 2017 is fully funded.
- Lake holds one of the largest listed lithium lease holdings in Argentina of 170,000 Ha, including areas under option - 3 Brine Projects and 1 Hard rock.
- Kachi Lithium Brine Project covers ~50,000Ha consolidated mining leases over an undrilled salt lake near to Albermarle's Antofalla Project.
- Catamarca Pegmatite Lithium Project (~72,000 Ha), under option, shows large pegmatite swarms indicating new discovery potential at low altitudes.
- Focus in September Quarter on drilling at Kachi Lithium Brine Project; Results expected to be substantially higher than current positive surface results.
- Lake sufficiently funded to meet current exploration initiatives with ~$1.4m cash at bank and low quarterly burn.
To view the full report, please visit:
http://abnnewswire.net/lnk/XJ53GVV9
About Lake Resources NL:
Lake Resources NL (ASX:LKE) is undertaking an aggressive exploration programme to explore/develop prime lithium projects in Argentina, owned 100%, among some of the largest players in the lithium sector. Lake holds 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. Lake holds one of the largest lithium tenement packages in Argentina (~165,000Ha) secured prior to a significant ‘rush’ by major companies.
The three key brine projects held by Lake have similar settings to major world class brine projects being developed – Olaroz/Cauchari, Paso and Kachi in the highly prospective Jujuy and Catamarca Provinces. One project is located next to Orocobre’s Olaroz lithium production and Lithium Americas Cauchari project, with another south of FMC’s lithium operation. Upcoming exploration in lithium brine basins, one which is adjacent to some of the leading lithium producers/developers, including Orocobre and SQM, may provide several catalysts for the company’s growth as these areas are assessed for major discoveries.
Significant corporate transactions continue in adjacent leases with development of Lithium Americas Olaroz/Cauchari project with a 28% equity investment of C$106 million, from Gangfeng, an important Chinese producer, and BCP Innovation with a US$205 million debt facility. Advantage Lithium announced a transaction to earn 57% equity in some of Orocobre’s leases, including Cauchari, raising C$20 million in the market. LSC Lithium has also raised $40 million on a large lease package.
Contact:
Steve Promnitz Managing Director
Lake Resources NL
T: +61-2-9188-7864
E: steve@lakeresources.com.au
