- Lithium Energy (LEL) has completed the first drill hole at its Solaroz lithium brine project in Argentina
- The hole intersected a cumulative 235 metres of lithium brine mineralisation across upper and lower aquifers within the hole
- While full assays are pending, LEL says initial packer sampling results show “highly encouraging” lithium concentrations of up to 555 milligrams per litre in the upper aquifer
- Lithium Energy believes these are positive indicators for a “potentially significant” maiden mineral resource estimate for Solaroz
- Lithium Energy shares are down 7.21 per cent to 96.5 cents at 11:02 am AEDT
Lithium Energy (LEL) has completed the first drill hole at its Solaroz lithium brine project in Argentina.
The company drilled the hole to a depth of 337.5 metres, and it reported cumulative intersections of up to 235 metres of lithium brine mineralisation across upper and lower aquifers within the hole.
LEL said preliminary packer sampling assays of conductive brines returned “highly encouraging” lithium concentrations of up to 555 milligrams per litre (mg/L) in the upper aquifer, with positive flow rates and low magnesium-to-lithium ratio.
“Encountering up to 235 metres of cumulative lithium brine mineralisation for our maiden drillhole at Solaroz is a significant lithium discovery for the company,” LEL Executive Chair William Johnson said.
Mr Johnson also said the high initial lithium grades, positive flow rates and low Mg/L ratio were “very positive indicators” for a “potentially significant” maiden mineral resource estimate (MRE) at Solaroz.
Lithium Energy reportedly attempted to drill deeper into the lower aquifer into the basement rock, but it faced “challenging” drilling conditions and couldn’t risk damaging the hole as this may have prevented the company from proceeding with geophysical logging.
The drilling conditions also prevented the company from collecting any packer samples
from 293 metres to the bottom of the hole. However, Lithium Energy noted the brines encountered were mostly contained in sandstone, which is considered favourable for potential future brine extraction.
Full hole assays are pending, with core samples sent to a US laboratory for centrifuge brine extraction, chemical analysis, and porosity and specific yield testwork.
A second rig is currently mobilising to the project to continue with diamond drilling as the company focuses on accelerating the 5000-metre program to complete a maiden MRE.
Lithium Energy shares were down 7.21 per cent to 96.5 cents at 11:02 am AEDT.