- Lake Resources is the latest explorer touting successful lithium developments and quality grades from what’s known as ‘The Lithium Triangle’
- The region, which houses the world’s top multi-billion dollar lithium projects, borders across Argentina, Chile and Bolivia
- Lake Resources revealed today an exploration hole at its ‘Cauchari’ development is yielding grades up to 500 milligrams of lithium per litre
- The encouraging results, that reach depths of 460 metres, has caused the company to begin deepening its exploration
Lake Resources showed off an update to shareholders this morning, reporting high grade lithium from its Argentinian Cauchari development.
The company reveals a 288 metre wide discovery hole on site is yielding results up to 500 milligrams of lithium resources per litre.
The hole, spanning to depths of 460 metres, is also consistently turning seperate results of up to 496 mg/L.
The encouraging results are also consistently similar to positive grades from adjoining major billion-dollar projects in the area, held by other companies.
Cauchari is located in what is known as the ‘Lithium Triangle’, a hotbed of major lithium projects. The ‘Triangle’ spans across borders held by Chile, Argentina and Bolivia.
Due to the nature of Cauchari bearing successful resemblance to other projects, Lake Resources management has decided to extend the main drill hole’s depth.
“The excellent results are further confirmation of Lake’s major discovery at Cauchari, and the similarity with the adjoining projects moving into production,” Lake Resources Managing Director Steve Promnitz said.
The company is also currently awaiting detailed sampling results from Cuachari that was conducted with a packer instrument.
Successful businesses near Lake Resource’s Cauchari developments includes separate joint ventures by explorers Lithium Americas and Advantage Lithium.
“This is now a wider pay zone of lithium brines than at the adjoining project exceeding what was reported by Advantage Lithium and Lithium Americas in this area,” Steve added.
“Cauchari continues to advance as a major project for Lake, which added to our prospective Olaroz project and the world-class Kachi project comprises a portfolio of potentially highly valuable projects in the heart of the Lithium Triangle,”
The Olaroz project is Lake’s adjoining development to Cauchari, while Kachi is a seperate site spanning roughly 49,000 hectares.
“We look forward to announcing further results from Cauchari, followed by drilling at Olaroz, as we work to add value for shareholders,” concluded Steve.
Share prices in LKE have slightly rallied from yesterday’s closing price. Today shares are sitting at 6.5 cents, representing a 6.56 per cent premium.
The company’s market cap is currently valued for $29.17 million.