Millennial Lithium Corp. Provides a Corporate Update on Pilot Production Operations at its Pastos Grandes Project, Salta, Argentina
Vancouver, December 18, 2020 - Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) ("Millennial" or the "Company") is pleased to provide a corporate update on the Company's flagship Pastos Grandes Project, Salta, Argentina. The Company is in the process of commissioning its lithium carbonate pilot plant which has a design capacity of 3 tonnes per month of battery grade lithium carbonate.
Farhad Abasov, President and CEO commented "Millennial is pleased with the progress at its pilot pond-lithium concentration facilities achieving a feed source with 3% Li and we are pleased with the initial progress of the process through the solvent extraction (SX) portion of the pilot plant. Our engineering team has performed very well identifying and addressing some minor issues and while some optimization of certain plant components has been necessary the overall impact on the project timeline has been minimal. We look forward to producing battery grade lithium carbonate early in 2021 and finalizing our process design for the commercial plant. Millennial remains well funded and continues in its financing efforts to advance development of the Pastos Grandes Project. Despite COVID-19 restrictions and slowdowns the Company has continued progressing its work with a number of off-takers and strategic investors. We are well on track with all our corporate programs."
With help from the seasonal high evaporation rates a number of the Company's concentration ponds in the evaporation pond string have reached 3% Li content and brine is being directed to the pilot plant for processing. The initial processing stage, Solvent Extraction (SX), is designed to remove boron (B) from the brine. The first batch processed contained an initial boron concentration of approx. 120 mg/l, well below modeled levels for the impurity; after the SX treatment the boron had reduced significantly to less than 5mg/L to 6 mg/L, well within the design range for the production flow sheet and pilot plant, indicating the SX system is working very well. The main brine chemistry from the ponds, particularly B, K, Ca, Mg, and SO4 concentrations are in line with the process and plant design parameters.
Minor pre-operational design adjustments to the primary brine purification carbonation reactors, filtering systems, the main lithium carbonate precipitation reactor, and the CO2 purification system are ongoing and resulted in the replacement of several components to optimize recoveries. Optimization of reactors and tanks is planned for completion by the end of Q4, 2020 with the production of battery grade lithium carbonate now scheduled for Q1, 2021. Upgrades and infrastructure improvements at the Company's ICP lab on site have also been completed to ensure accurate analytical data for the processed brine and solids. Millennial is continuing the pilot plant ramp-up with a significant staffing increase, including retaining experienced process engineers, supervisors and operators as well as additional lab staff and an expanded liming plant work force. As part of the Company's corporate initiative to develop people within the Company and the local communities, staff continue to train and educate operators and facilitate plant operation with the end-goal of providing fully qualified staff prepared for future commercial operation. A comprehensive Health, Safety and Environmental protocol and training program has been implemented for all stages of the plant.
Readers are encouraged to visit the Millennial website (www.millenniallithium.com) and view the recent video of the pilot plant.
The Company would also like to report the granting, subject to regulatory acceptance, of 4,500,000 incentive stock options to certain officers, directors, consultants and employees of the Company (the "Options"). The Options have a term of 5 years and are exercisable at a price of $2.75 per common share.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.
"Farhad Abasov"
President, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Argentina which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/70571
