Lithium Chile increases brine resource by 81% after bringing on second production well
Calgary-based Lithium Chile (OTCQB: LTMCF) has increased the total resource at its Salar de Arizaro brine project in Argentina to 2.587 million tonnes of lithium carbonate equivalent, which up 81% on the previous estimate.
Of that, 1.337Mt of contained lithium carbonate equivalent is within the indicated category, with the balance classified as inferred.
The latest resource is the result of the second production well that was drilled 3.6km from the first.
This second well encountered “significantly increased thickness in the brine reservoir” between 343m and 598m.
Proving up continuous brine reservoir
Of the latest well production test, Lithium president and chief executive officer Steve Cochrane said the success gives the company great confidence in the extent of Salar de Arizaro, which is described as one of the largest salars in Argentina.
“This is a significant resource increase as a result of just one additional well.”
Mr Cochrane pointed out that the second well has almost doubled the size of the initial resource.
There are two more test production wells as part of Lithium’s well testing program at Arizaro.
“Should our next two well tests be successful in establishing a continuation of the brine reservoir, the resource attributable to Lithium may be even more significantly increased as a result of filling in the area between the test wells,” he added.
Lithium Chile has also successfully drilled a freshwater aquifer on the southern flank of Sala de Arizaro and has applied for permission to draw 75 cubic metres per hour – enough to support its planned treatment plant.
‘Lithium Company of the Year’ award
Lithium Chile controls sections of 11 salars and two laguna complexes and covering 84,478 hectares in Chile, plus a further 23,000ha in Argentina.
It also owns five properties prospective for gold, silver and copper and is currently exploring its Carmona property which lies “at the heart” of Chile’s gold-silver-copper porphyry belt.
At the recent Mines and Money conference held in London, Lithium Chile was awarded the “Lithium Company of the Year” award.