Lake Resources NL: Quarterly Activities Report Q1/2017
Brisbane - Lake Resources NL (ASX:LKE) are pleased to provide the Company's latest Quarterly Report for the period ending 31 March 2017.HIGHLIGHTS
- Exploration programme advanced over lithium lease applications in Argentina.
- Drilling on Kachi Lithium Brine Project in Catamarca will be next key step.
- Lithium lease holdings significantly expanded to ~170,000 Ha in Argentina, , including areas under option.
- Lake expanded size and optionality for investors with one of the largest listed lithium lease holdings in the sector.
- Major Pegmatite Lithium Project (~72,000 Ha) secured under option in Catamarca over newly recognised 150km belt of pegmatites at low altitude accessible year round.
- Positive results from surface sampling programme up to 322ppm Lithium at Kachi Lithium Brine Project.
- Leases expanded and consolidated at Kachi Project to ~50,000Ha prior to drilling.
- Virtually all mining leases approved for exploration at Kachi Project.
- Leases expanded over prime lithium brine bearing basins (~100,000 Ha) in 3 areas over in NW Argentina among largest players in lithium sector.
- Capital raising completed Feb 2017 to fund planned initial exploration programme in Argentina in 2017.
- Outlook - Focus in June Quarter on drilling, geophysics and initial drill results from the Kachi Lithium Brine Project
- Outlook - Advance leases over Olaroz/Cauchari and complete initial sampling/assessment of the Catamarca Lithium Pegmatites Project
To view the full Quarterly Report, please visit:
http://abnnewswire.net/lnk/JJYN3748
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