FULL DISCLOSURE: This is sponsored content for Lithium Chile.
Lithium Chile (TSXV: LITH) this morning is reporting that it has seen a significant increase in lithium grades at its Arizaro, Argentina project following a resampling program that recently took place.
The resampling program, which resampled three drill holes along with the ARGENTO-01, 02, and 03 production wells at the Salar de Arizaro, has seen substantial grade improvements from the program, the reasoning for which the company is currently exploring. The resampled values coming from using a GeoVista’s Fluid Sampler Tool, with resampling conducted by AMINCO S.A.
Hole ARDDH-04 saw its average grade increase to 683 mg/l lithium from that of 264 mg/l lithium, an increase of 158%. ARDDH-05 meanwhile saw grades improve to 1,118 mg/l lithium from 430 mg/l lithium, a 160% improvement. The improvements were noted over five and four samples, respectively.
The company is said to currently be working to understand the reasoning and subsequent impact of the improved grades. The company has noted that the values will need to be validated by an independent certified lab to be included within an update to the firms mineral resource update.
Drilling of a re-entry well on ARDDH-03, labelled as hole ARDDH-07, has also been completed with packer plus sampling currently underway. Drilled to a depth of 601 metres, the company intersected a brine aquifer below the 400-metre level, with initial sampling coming in at 271 mg/l lithium. The hole is located on the northern extension of claims, which has the potential to increase the overall mineral resource for the project.
Drilling meanwhile is underway at the firms Llamara, Chile, project, where the initial hole POZO LL-01 has reached 150 metres out of a planned drill depth of 500 metres. The well is the first of a four-well program currently planted for the project, which is targeting anomalies identified from a TEM geophysical program. Each well under the program is expected to take between two and three weeks to fully drill.
“With the new drill program underway in Chile and continued exploration ongoing in Argentina, Lithium Chile is the only lithium company with active exploration programs in two of the three countries within the lithium triangle. Our team is not only advancing our assets rapidly, but they are also proving the value and the quality of our assets; something our shareholders should be very excited about,” commented Lithium Chile COO Michelle DeCecco.
Lithium Chile last traded at $0.89 on the TSX Venture.
FULL DISCLOSURE: Lithium Chile is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Lithium Chile. The author has been compensated to cover Lithium Chile on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.
