- Lithium Energy (LEL) further progresses the exploration program at its Solaroz lithium brine project in Argentina
- The company is currently undertaking an exploration program to define a maiden JORC mineral resource at the Salar de Olaroz basin
- The first stage of the exploration program includes passive seismic surveys to determine the base of the underlying basement rock beneath the whole concession package
- Additionally, LEL has signed a contract with a geophysics contractor to undertake a program, which will commence later this month
- LEL shares drop 15.6 per cent to $1.35 per share
Lithium Energy (LEL) has further progressed its exploration program at its Solaroz lithium brine project, located in the heart of South America’s Lithium triangle in Argentina.
The company is currently undertaking an exploration program to define a maiden JORC mineral resource at the Salar de Olaroz basin.
Lithium Energy has previously defined an exploration target for Solaroz of 1.5 to 8.7 million tonnes of contained lithium carbonate equivalent (LCE) based on a range of lithium concentrations of between around 500mg/L lithium and 700 mg/L lithium.
The first stage of the exploration program includes passive seismic surveys to determine the base of the underlying basement rock beneath the whole concession package.
A passive survey has already been completed on the Payo concession and results have confirmed the depth of the basement underneath this concession of up to approximately 150 metres.
Further surveys across the remaining concessions are planned to commence soon, with the site surveys expected to take up to three weeks to complete.
Additionally, LEL has signed a contract with a geophysics contractor to undertake a program, which will commence later this month.
The survey will include sampling at about 500 metre spacing across the concession package.
“The commencement of exploration activities on Lithium Energy Solaroz concessions is a very exciting phase in the growth of the company,” Executive Chairman William Johnson said.
“The current exploration program which seeks to validate the exploration target for Solaroz will bring to focus the highly prospective nature of the project and its world class potential to host a significant lithium brine deposit.”
On the market, LEL shares have dropped 15.6 per cent to $1.35 per share at 1:52 pm AEST.