Join our daily newsletter At The Bell to receive exclusive market insights
- Lake Resources (LKE) initiates an expansion and integration strategy dubbed the Target 100 program to fast-track development of its portfolio of lithium brine projects in Argentina
- The $21 million program has been targeted at supplying 100,000 tonnes of high purity lithium annually to market by 2030
- Drilling and brine testing will be undertaken at the Olaroz, Cauchari and Paso projects, with the aim of accelerating these projects into feasibility studies.
- Lake says discussions with potential partners to assist fast-tracking of the company’s projects into production are under way
- LKE shares down 1.66 per cent to 89 cents
Lake Resources (LKE) has initiated an expansion and integration strategy dubbed the Target 100 program to fast-track development of its portfolio of lithium brine projects in Argentina.
The company said the $21 million program brings forward planned drilling and brine testing programs across its wholly-owned Olaroz, Cauchari and Paso lithium projects in order to accelerate them into feasibility studies.
Lake said the ultimate aim of Target 100 and fast-tracking the development of the assets was to produce 100,000 tonnes per annum (tpa) of high-purity lithium by 2030.
Drilling and brine testing has kicked off at the Olaroz, Cauchari and Paso projects, with the first rotary well of a 4,000 metre, 10-hole program in the northern areas of the Olaroz leases.
Lake said the drill wells were designed to quickly quantify brines identified, develop the aquifers and conduct pumping tests to provide data for the initial feasibility studies.
The rotary wells will be followed by diamond drilling.
Chairman Stu Crow said discussions with potential partners to assist fast-tracking of the company’s projects into production were under way as part of ongoing discussions with battery metals customers.
Lake recently told investors the production target for its Kachi lithium brine project was doubled to 50,000 tpa lithium carbonate in the definitive feasibility study.
LKE shares were down 1.66 per cent at 89 cents at 11:05 am AEDT.
