Second rig will fast-track the exploration and development program
TSX Venture Exchange Symbol: AAL
VANCOUVER, July 10, 2017 /CNW/ - Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSXV: AAL; OTCQX: AVLIF) is pleased to announce that a second rotary drill rig has been mobilized and has commenced drilling at the Company's lithium property located in the Cauchari Salar of Jujuy province in NW Argentina.
Cauchari News Update
- A second drill rig has been added to speed up the exploration program. Drilling commenced on hole CAU09 in the SE target area1, 2 km southwest of drill hole CAU10 (Figure 1).
- Like CAU10 this hole is located near the property boundary with the Lithium Americas Corp. large lithium resource2 (Figure 2) to extend the existing Cauchari JV resource to greater depth.
- Hole CAU10 has now reached a final depth of 429 m. The hole will be widened to install well filters and casing then sampled for brine.
- The five planned rotary holes will be installed as test production wells to allow pump testing at potential production flow rates. These wells could be used for future production, reducing future infrastructure requirements.
David Sidoo, CEO of Advantage Lithium, commented, "The second drill rig will fast track the development program on our Cauchari project. Our exploration team, headed by Miguel Peral, is doing an excellent job of advancing this drill program. We are focused on expanding the existing resource at the project and testing a large exploration target. As such the drill holes in our program are designed to test the exploration target at significantly greater depths than previous drilling. This very exciting project is in the heart of the lithium triangle, between established lithium producer Orocobre and the Cauchari development project of Lithium Americas-SQM and represents one of the best undeveloped lithium brine opportunities in South America. At this time lithium assay results are expected to be available in late August."
Drilling in CAU10 intersected intervals of sand, silt and clay within the thick salt sequence intersected in previous Cauchari drilling in 2011. Hole CAU09 (Figure 1) to date has intersected a mixture of sand and clay intervals to a depth of 68 m.
Holes CAU09 and CAU10 are being drilled though the existing Cauchari resource area in the SE of the project. This area is immediately underlain by the SE area of the exploration target (which consists of both SE and NW areas – see Figure 1). This large exploration target1 has been defined with a range of 125 to 1,855 million cubic metres of brine at between 260 and 600 mg/l lithium and 2,500 to 5,350 mg/l potassium for the lower and upper ranges1 respectively; this represents an in situ range of contained product of between 0.25 to 5.6 mt of lithium carbonate equivalent (LCE) and 0.9 to 19 mt of potash (KCl).
Drilling is being conducted near the eastern property boundary of the Lithium Americas Corp. resource, where the highest lithium grades in that project are presented in public announcements.
The rotary drilling sequence is as follows (refer to Figure 1 for locations):
- Complete CAU10
- Complete CAU09
- Rig returns to complete CAU07 (upper portion previously cased and cemented)
- Drill CAU08
- Drill CAU11
Having successfully completed hole CAU10 to 429m (one of the deepest holes drilled in the Cauchari basin), down-the-hole geophysical profiling will be correlated with lithological logs to provide the basis for filter installation and brine sampling.
The Cauchari exploration program consists of a number of phases of work to provide information for an updated resource estimate and as inputs for the planned scoping study. These are as follows:
- Rotary drilling and well installation
- Brine sampling
- Diamond drilling to take core samples for porosity testing and install monitoring wells
- Laboratory analysis of brine samples
- Laboratory measurements of porosity samples
Advantage plans to mobilise a diamond drill rig to the project shortly, to install monitoring wells for the pump test wells. This will see three rigs operating on the project.
An exploration target is not a mineral resource. The potential quantity and grade of the exploration target is conceptual in nature, and there has been insufficient exploration to define a Mineral Resource in the volume where the Exploration Target is outlined. It is uncertain if further exploration drilling will result in the determination of a Mineral Resource in this volume.
Immediately between the NW and SE exploration targets properties are held by Lithium Americas Corp. in Joint Venture with major lithium producer SQM. This project has an announced resource of 11.75 mt of Lithium Carbonate Equivalent at an average grade of 585 mg/l (Lithium Americas Corp NI 43 – 101 Technical Report Updated Feasibility Study Reserve Estimation and Lithium Carbonate Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina – March 29, 2017).
The technical information in this news release has been reviewed and approved on behalf of the company by Murray Brooker, MAIG, RPGEO, a "Qualified Person" as defined in NI 43-101.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. The common shares of the company are listed on the TSX Venture Exchange (TSX-V:AAL), and the company is also traded on the OTCQX Best Market in the U.S. (OTCQX: AVLIF). The company has acquired a 100% interest in five projects in Argentina and up to a 75% interest in a sixth, called Cauchari. Cauchari is located just 20 km south of Orocobre's flagship Olaroz Lithium Facility. The Company is also earning an interest from Nevada Sunrise Gold Corp., in a portfolio of five lithium brine projects in the Clayton and Lida Valley regions of Nevada, USA, including 70% in Clayton NE.
Further information about the Company can be found at www.advantagelithium.com.
ADVANTAGE LITHIUM CORP.
David Sidoo, President
Tel: 604.343.3760 | Fax: 604.683.1585
Email: [email protected]
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "is expected","intends", or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage that involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. The forward-looking statements included in this press release are made as of the date of this press release and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Advantage Lithium Corp
For further information: David Sidoo, President, Tel: 604.343.3760 | Fax: 604.683.1585, Email: [email protected]