Millennial Lithium Corp. Provides Update on Activities at its Pastos Grandes Project, Salta, Argentina
Vancouver, August 25, 2020 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) ("Millennial" or the "Company") is pleased to provide an update on its activities at its flagship Pastos Grandes Lithium Project in Salta, Argentina. Despite the restrictions in the country for COVID-19, Millennial has been advancing both pilot ponds and its pilot plant at the project site. In addition, Millennial continues to work with the local Pastos Grandes community and has advanced additional work on the shared community centre/warehouse located in the village as well as the commissioning of the freshwater well and pumping system.
Farhad Abasov, President and CEO commented "Millennial is pleased report that it continues to operate in the Puna region and advance its Pastos Grandes Project with very few delays due to COVID-19. Feed brine in the pilot ponds is concentrating lithium as designed and we have reached 2% Li in several of the feeder ponds. In addition, testwork in the pilot plant indicates no leakages in the system and the initial SX testing shows all equipment is in good working order. Testing of other stages in the process is ongoing and we are planning to fully commission the plant in the next few weeks. Millennial remains well funded and continues in its financing efforts to advance development of the Pastos Grandes Project. Despite the COVID-19 restrictions and slowdown the Company has continued progressing its talks and documentation with a number of offtakers and strategic investors. We are well on track with all our corporate programs."
Pilot pond work at Pastos Grandes continues to concentrate lithium in the brine which will be used to feed the pilot plant once target grade of 2.5%-3% Li is reached. Currently, the grade of several of the smaller feeder ponds is 2% Li and it is anticipated that with the high evaporation season approaching the brine will reach the 2.5%-3% Li plant design grade in the next several months. Brine chemistry, particularly B, Ca, Mg, and SO4 concentrations, are in line with the plant design parameters.
The pilot plant, designed to produce 3 tonnes per month of lithium carbonate, has been undergoing leak tests and final optimization in readiness for the feed brine. Leak tests and trial runs through the Solvent Extraction (SX) system have been successful with only minor adjustments to the equipment. Additional testing of the carbonation reactors, the main carbonation-stage reactor, ion exchange (IX) and the CO2 purification system are ongoing. All reagents are on site and no delays due to lack of materials are anticipated once the feed brine is at plant grade and the plant is commissioned.
Millennial continues to work with the local community at Santa Rosa de los Pastos Grandes and design work is underway to initiate Phase 2 of the community centre construction, primarily offices and work spaces for small local businesses. In addition, the electrical hook-up for the fresh water well and pumping station have been completed and fresh, clean water is available to the people of Pastos Grandes.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
"Farhad Abasov"
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Argentina which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties, export policies or taxes in Argentina and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Pastos Grandes Project may be impacted by economic uncertainties arising out of Covid-19 pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Pastos Grandes Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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