Source: Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Patagonia Lithium (ASX: PL3) has reached a milestone at its Formentera project in northwest Argentina, completing a successful pump test at maiden well JAM 24-01 which yielded a flow rate of 292 litres per hour from a 2-inch pipe.

According to the testing parameters, 5000 litres of brine were extracted from the top 105 metres of the well over 24 hours through this pipe.

More specifically, 5,000L of brine was extracted from the top 105 metres over a 24-hour period through a 2-inch pipe, with an airlift from the well being used to extract the brine.

Executive chairman of Patagonia, Phillip Thomas, said the testing at JAM 24-01 represented an important step in the development of Formentera, the company’s flagship project.

“I’m very pleased with the specific gravity values and the brine flow from this test,” he said.

“Brine flow is as important as lithium assay values and we have achieved evidence of one part of the equation of a successful project.”

In addition, a second well, JAM 24-04, commenced on April 15 even as the surrounding territory of the Jama basin experienced high winds of up to 77 kilometres per hour and subzero temperatures.

Patagonia shares have been trading at 12c.

PL3 by the numbers
More From The Market Online
The Market Online Video

Market Open: ASX200 set to rise as VIX hits 5-year-low

Good morning. It’s looking like a good start to the week on the futures market with…

Keystone US Navy supply chain firm picks up AML3D’s 3D-print tech

Defence-focused metals-based 3D printing tech company AML3D has confirmed a US Navy supplier has leased its…

Canberra greenlights Maximus for Korean firm’s 30% farm-in at Lefroy

Maximus Resources has received approval from Canberra for a Korean mining firm to farm-in for 30%…

Telix Pharma gears up to launch US IPO

Telix Pharmaceuticals has announced it's working with Morgan Stanley to list depository shares on the NASDAQ.