BRISBANE, Australia, July 2, 2018 /PRNewswire/ -- Orocobre Limited (ASX: ORE, TSX: ORL) ("Orocobre" or "the Company") is pleased to advise the NI43-101 Technical Report on the resource upgrade of the Cauchari Lithium Project in Jujuy, Argentina has been completed.
The report, prepared by FloSolutions S.A.C., has increased the inferred resource to a volume of approximately 1,200 million cubic metres of brine at average grades of 450 mg/l lithium and 4,028 mg/l potassium for 3.0 Mt of Lithium Carbonate Equivalent (LCE) and is the basis for a Preliminary Economic Assessment to be completed in
Q3 2018.
The report is available on the Orocobre website and demonstrates:
- +6-fold increase of the inferred resource to 3.0 Mt LCE at Cauchari at 450 mg/l Lithium
- The updated resource covers a significantly larger area and extends to greater depth in the NW and SE Sectors
- Significant potential for additional resource expansion at depth
- The brine has excellent chemistry for processing and the Mg/Li ratio averages 2.5, very similar to the Olaroz operation
- Phase III drilling is underway to upgrade this inferred resource and underlying brine to measured and indicated resources for the Definitive Feasibility Study scheduled for completion in Q2 2019.
The evaluation program is being managed by joint venture partner Advantage Lithium Corp. ("Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) who hold 75% of Cauchari. Orocobre owns 29% of Advantage Lithium's issued capital and 25% directly in the joint venture.