BRISBANE, Australia, Nov. 7, 2017 /CNW/ -- Orocobre Limited (ORE: ASX, ORL: TSX) (Orocobre) is pleased to provide further drilling results announced by Advantage Lithium Corp. ("Advantage Lithium",TSXV:AAL, OTCQX: AVLIF, 35% owned by Orocobre) with initial sampling from CAU07 and CAU16 holes averaging 635 mg/l and 619mg/l lithium respectively.
Details are provided in the attached release from Advantage Lithium with updated drill locations.
Cauchari JV Drilling Update
Excellent Initial Results in First Two NW Sector Holes
CAU07 brine 635 mg/l Lithium and CAU16 brine 619 mg/l Lithium
Vancouver, British Columbia, November 7, 2017 – Advantage Lithium Corp. (the "Company" or "Advantage Lithium") (TSX Venture: AAL) (OTCQX: AVLIF) is pleased to provide this update on the first sample results from CAU07 and CAU16 in the previously undrilled NW Sector of the Cauchari JV property located in Jujuy Province, Argentina.
- Brine body discovered with high Lithium concentrations in NW Sector, where there was no previous drilling
- Initial samples from CAU07 returned an average of 635 mg/l Lithium and 4,772 mg/l Potassium at a depth of 236 m
- Initial samples from CAU16 between 169 and 199 m averaged 619 mg/l Lithium and 4,878 mg/l Potassium
- Samples from both holes show low Mg/Li ratios averaging 2.0:1 and 2.3:1 respectively
- Diamond drilling encountered extensive sandy sediments in both holes, suggesting high porosity and good permeability characteristics making it attractive for brine extraction
- Additional drilling is planned for resource definition in the NW Sector and to assess brine flows
- Diamond hole CAU16 located 4.5 km south of CAU07 further opens up the potential of the NW Sector.
President & CEO Mr. David Sidoo commented: "Initial high grade results of 635 and 619 mg/l Lithium amid a thick sequence of sandy sediments in the NW Sector confirm the potential of this highly prospective area to be a fast track lithium development project. Additional drilling will be planned to follow up CAU07 and CAU16 to conduct systematic sampling and define new resources in this area which is located immediately south of the Orocobre Olaroz project and adjacent to the SQM/LAC brine resource. This is very positive news for the scoping study planned on this project which will commence in 2018."
Mr. Sidoo further commented "Results of this caliber, will allow us to consider the most appropriate and fastest path to production with existing infrastructure and access to suppliers and contractors who have worked on South America's two most recent lithium projects".
CAU07 Drilling Results
The initial lithium concentration at a depth of 236 m averaged 635 mg/l Li and 4,772 mg/l K, with a Mg/Li ratio of 2:1 from three samples (a primary sample, a check sample and a field duplicate taken at this depth using a bailer). Systematic brine sampling is planned and results will be announced when available. Diamond drilling continued to a depth of 275 m, providing core samples for porosity test work, an important component of the upcoming resource estimation. CAU07 will now be deepened using a rotary drill, with the objective of reaching the underlying bedrock and conducting systematic brine sampling throughout the well, in addition to pumping tests for assessment of the brine flow.
CAU07 is located in the eastern part of the NW Sector, in close proximity to the brine resource of SQM/Lithium Americas Corp. Additional drilling will be undertaken in this area to allow further sampling of brine to support resource estimation.
CAU16 Drilling Results
Initial results have been received from samples between 169 and 199 m depth, averaging 619 mg/l Lithium and 4,878 mg/l Potassium, with individual sample results ranging from 564 to 648 mg/l Lithium and 4,460 to 5,069 mg/l Potassium. The average Mg/Li ratio is also low at 2.3:1, similar to that in CAU07 as well as the Orocobre Olaroz project and SQM/Lithium Americas Cauchari project. Additional sample results are awaited from batches of samples above and below this interval of the hole. Diamond drilling has now reached a final depth of 320 m and systematic sampling of the hole will now be completed using a packer or bailer sampling device. Once sampling is complete the hole will be installed as a monitoring well.
Drilling intersected a significant sequence of sandy material from surface, with gravels encountered deeper in the hole, showing many similarities to CAU07. These results confirm the presence of attractive concentrations of lithium brine in the NW Sector Cauchari JV properties, opening up the resource potential of this area.
CAU08 and CAU11 progress
In the SE sector rotary holes CAU08 and CAU11 reached a depth of 400 m and will be extended to explore for deep sand units described in the adjacent resource area of SQM/Lithium Americas Corp. Intersection of deep sand units in the SE Sector could add significant additional brine; with important sand units also noted in the deeper drilling conducted at Olaroz (refer to Orocobre announcement 23 October 2014, Large Exploration Target Defined Below Current Resource – which outlines the results of deeper drilling there).
The technical information in this news release has 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 in Argentina. Advantage Lithium has offices in Vancouver, Canada and in Salta, Argentina. 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 has acquired a 75% interest in a sixth, called Cauchari. The Cauchari project is located just 20 km south of Orocobre's flagship Olaroz Lithium Facility.
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 Orocobre Limited