- Lithium Energy ( LEL ) reports further “significant” lithium concentrations in its first well at the Solaroz lithium brine project in Argentina
- The company says it has extended the drill hole to a depth of approximately 335 meters and penetrated its primary target, the underlying Deep Sandstone aquifer.
- Meanwhile, packer analysis of conductive brine samples showed “very encouraging” lithium concentrations of up to 555 milligrams per liter of lithium
- LEL says it received a second rig for mobilization in November to accelerate completion of Solaroz’s 10-well drilling program
- Shares in Lithium Energy rose 0.45 percent to trade at $1.12 at 1:46 p.m. ET.
Lithium Energy ( LEL ) reported further “significant” lithium concentrations in its first well at the Solaroz lithium brine project in Argentina.
The company extended the first well to a depth of approximately 335 meters and penetrated its primary target, the lower Deep Sandstone aquifer.
Lithium Energy said it has now discovered significant lithium deposits in both the upper and lower aquifers.
Additional analysis results from packer sampling of conductive brines revealed up to 555 milligrams per liter of lithium in the upper aquifer to a depth of 230 meters and up to 517 mg/L of lithium in the lower aquifer at a depth of 265 meters to 325 meters.
Executive Chairman William Johnson said the discovery of new concentrations of lithium in the first well was another “very positive” milestone for the company.
“With lithium grades up to 555mg/L lithium generally continuing to increase with depth, the company remains very encouraged by these early results for our first well,” Mr Johnson said.
Meanwhile, the company has secured a second rig, which is scheduled to be mobilized to the site in November to accelerate Solaroz’s 10-well drilling program.
The next two planned wells will be completed north of the first well to test deeper conductive targets believed to contain lithium-rich brines within the Chico 1 and Chico 5 concessions.
Core samples were regularly prepared for brine extraction and chemical analysis and will be sent to a US laboratory for special analysis and testing that cannot currently be performed in Argentina.
LEL said the assay, along with packer readings, geological logging and geophysical well logging, will provide the detailed information needed to delineate the first JORC mineral resources for Solaroz.
Shares of Lithium Energy rose 0.45 percent to trade at $1.12 at 1:46 p.m. ET.