Standard Lithium Provides Updates on Fully Funded Resource Assessments Program Underway
VANCOUVER, British Columbia, June 20, 2018 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLL) (FRA:S5L) is pleased to provide the following updates on the Company’s fully funded resource assessment programs underway at its two brownfield lithium brine project locations.
In Arkansas, the Company has begun sampling at all current, active, and permitted brine production wells from the 150,000+ acres of brine leases recently announced by the Company on May 9th, 2018 (link to news release here). The Company has also received total brine production data from the Arkansas Oil and Gas Commission (the “AOGC”) for the last six years of production. The Company will continue sampling brine from these active production wells at regular intervals over the next one to two months. Analyses from this sampling program, combined with production volume data from the AOGC and extensive geophysical data the Company has received, will be used to assist in completing a forthcoming resource assessment for this large brine lease area.
In the area of Standard Lithium’s 30,000+ acre brine lease package announced January 8, 2018 (link to news release here), the Company is working with an existing operator allowing the Company to access existing wells to confirm well completion and integrity and will conduct brine sampling through a program that will purge static brine from the wells to allow flow of representative Smackover Formation brines to the surface. The chemistry and flow data collected from the wells, combined with extensive historical lithium brine information from the lease package, will be incorporated into the forthcoming resource assessment for the 30,000+ acre Standard Lithium lease area.
In California, the Company has successfully completed six of a seven exploration drill program, and a new drilling rig is scheduled to be mobilised to the Bristol Dry Lake Project site to complete the final and deepest exploration borehole at the project. As part of the Company’s on-going brine processing work, a third series of evaporation pond tests at the Mojave project has been completed, and the concentrated brine from this testing round will be shipped to the Company’s mini-Pilot plant site for additional process testing work. A round of brine sampling has also been completed from the brine production wells at the neighbouring Cadiz Dry Lake Project and data will be incorporated into the ongoing resource model compilation.
Dr. Andy Robinson, COO and President of Standard Lithium, commented, "Having access to permitted and operating wells in areas of our Southern Arkansas project for brine sampling is a unique data gathering opportunity.” Dr Robinson added, “With our exploration program in California near completion and our technical teams processing the huge amount of geological, geophysical and hydrogeological data available in Southern Arkansas, we are now close to having a complete conceptual model for all of our lithium brine project areas, and this current phase of work will round-out our resource model assessments, which we hope to finalise later this summer."
Quality Assurance
Raymond Spanjers, Registered Professional Geologist (SME No. 3041730), is a qualified person as defined by NI 43-101, and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Spanjers is not independent of the Company as he is an officer in his role as Vice President, Exploration and Development.
About Standard Lithium
Standard’s value creation strategy encompasses acquiring a diverse and highly prospective portfolio of large-scale brownfield domestic brine resources, led by an innovative and results-oriented management team with a strong focus on technical skills and modern brine processing technologies. The Company’s flagship project is in southern Arkansas, where it is engaged in the testing and proving of commercial viability of lithium extraction from 150,000+ acres of permitted brine operations and also the resource development of 30,000+ acres of separate brine leases, both located in the Smackover Formation. It is also engaged in the exploration and resource development of approximately 45,000 acres at the Bristol and Cadiz Dry Lake Lithium Projects located in the Mojave Desert, San Bernardino County, California. All of Standard Lithium’s Project areas have significant infrastructure in-place, with easy road and rail access, abundant electricity and water sources, and already permitted brine extraction and processing operations.
Standard Lithium is listed on the TSX Venture under the trading symbol “SLL”; quoted on the OTCQX under the symbol “STLHF”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
For further information, contact Anthony Alvaro at (604) 240 4793
On behalf of the Board,
Standard Lithium Ltd.
Robert Mintak, CEO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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 other 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, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. 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.
Readers are cautioned that a “Qualified Person” (as that term is defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects) has not done sufficient work to specify any mineral resource or reserve on the Properties.