(TheNewswire)
Lithium Chile Inc. Feature Analysis – Aug 26, 2021
“On Track & Ahead of Schedule: Top Lithium Project Drill Continues to Impress”
Click Image To View Full Size
(Image via Lithium Chile Inc.)
Engaged in the acquisition and development of mineral properties in South America, a Canadian miner has begun work on a new project that is already shaping up to be a premier asset in its portfolio.
Lithium Chile Inc. (TSX-V: LITH, OTC: LTMCF, Forum) has commenced drilling a production test well on its Arizaro property in Salta Province, Argentina.
Lithium Chile is advancing a lithium property portfolio consisting of 68,000 hectares covering sections of 12 lithium prospective Salars in Chile and now, 23,300 hectares in Argentina.
In an August 2021 news release for investors, President and CEO of Lithium Chile, Steve Cochrane commented that the speed with which this Argentinian management team has been able to plan and execute on the Arizaro production test well has met and even exceeded expectations.
“They have assembled a group of service providers that are regarded as the best in Salta province and I am confident they will bring this project in successfully on time and on budget. Given the immense size and potential of the Arizaro prospect this is truly a game changing opportunity for Lithium Chile”
Click Image To View Full Size
(Image via Lithium Chile Inc.)
Highlights:
-
-A definitive agreement to acquire 60% interest in Arizaro property has now been executed.
-Lithium Chile’s wholly-owned Argentinian subsidiary, Argentum Lithium has been legally incorporated and registered;
-Indigenous Community Approval: Production test program approved and supported by the Indigenous community of Tolar Grande;
- drill pad for production well, 17 km access road completed;
-Drilling Rig ‘ready to start’: Drilling contractor, Andina Perforaciones, has been contracted to work on the Arizaro property and is currently mobilizing the drill rig;
-Pandemic not affecting timetable – the timetable is currently unaffected by Covid restrictions
Road and infrastructure construction commenced on August 9th, 2021 and was completed on August 20th. 17 km of road and drill pad have been completed, fuel tanks have been set up and brine pits have been dug. The production test well drilling will commence the week of August 23rd, 2021.
The initial production test well will be drilled to a depth of 500 metres and is anticipated to take 60 days to complete. The original exploration well identified a lithium bearing aquifer between 310 and 350 meters where the well ended. 6 samples returned lithium grades between 733 and 951 mg/l with the average of 850 mg/l.
Geophysics show that the target brine aquifer identified by the prior exploration well is between 300 and 500 metres deep. Samples are planned for every 50 metres. After the production well is completed, a downhole pump will be installed, and a planned 30-day pump test is planned. This pump test is designed to provide data on flow rates, recharge capacity and lithium grade of the brine produced. The data collected will determine the commercial potential of the lithium prospect.
We have been tracking LITH stock for a few months now and have noted an 84% increase year-to-date, punctuated by string of recent, solid news updates that has kept the name fresh among headlines that traders are following. Over the past month alone, this stock has risen 39.6%.
Click Image To View Full Size
This well has the potential to take Lithium Chile from a pure exploration play to a producing story over the next 90 days.Now that the company has made a move into Argentina and is already seeing success with its drilling program, investors would be wise to deepen their due diligence into what this operation has to offer before its share price climbs higher.
For the latest updates on this Company, visit lithiumchile.com.
Copyright (c) 2021 TheNewswire - All rights reserved.