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Lithium Power International (ASX:LPI) - CEO, Cristobal Garcia Huidobro
CEO, Cristobal Garcia Huidobro
Source: Finance News Network
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  • Lithium Power International (LPI) has provided an update on the new field program at the company’s Maricunga Project in Chile 
  • The company has completed two out of five diamond core holes to the target depth of 400 metres, earlier than expected
  • Lithium Power is awaiting core sample analysis results, but already believes the project may host high lithium concentrations  
  • The company expects that further drilling will significantly expand the current resource at the Maricunga Project
  • Lithium Power International is up 6.38 per cent and trading at 25 cents per share

Lithium Power International (LPI) has provided an update on the new field program at the company’s Maricunga Project in Chile.

The company began the field program of additional exploration in February, in order to expand the project’s current resource. 

Since then, Lithium Power has completed two out of the five planned diamond core holes, to the target depth of 400 metres. This was accomplished ahead of the company’s schedule. 

Lithium Power has collected undisturbed core samples between 200 metres and 400 metres deep, and sent them for analysis in a laboratory. Specifically, the company expects the laboratory to measure the samples for drainable porosity and other hydraulic parameters. 

While Lithium Power is still awaiting the results of the core sample analysis, the company already has good reason to be optimistic about the Maricunga Project. 

The company has undertaken positive preliminary field analysis, which has confirmed the expected geological structure for the interval between 200 metres and 400 metres depth. The analysis also confirmed the existing hydrogeological model of the area, with favourable specific yield and permeability characteristics.

Furthermore, results from samples collected at 12-metre intervals during the drilling showed positive brine density, which indicated high lithium concentrations. 

Lithium Power International’s CEO, Cristobal Garcia-Huidobro, commented on the company’s encouraging progress thus far.

“We are pleased with the positive preliminary results on the targeted resource expansion work, with the completion of the first two drill holes and the positive preliminary field analysis which confirmed the expected geological structure for the interval, as well as the existing hydrogeological model of the area,” he said.

“Activities are continuing as planned and we remain ahead of the timeline for exploration work,” he added.

The company expects that further drilling will significantly expand the current resource at the Maricunga Project.

Lithium Power International is up 6.38 per cent, trading at 25 cents per share at 12:15 pm AEDT.

LPI by the numbers
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