The most recent drill results from Millennial Lithium’s Pastos Grandes project in Argentina show the lithium grades extend to depth.
Millennial Lithium Corp. (ML:TSX.V; MLNLF:OTCQB) reported that two holes drilled vertically to 355 meters and 400 meters at the Pastos Grandes project in Argentina in the Lithium Triangle have returned high lithium grades to depth. The Lithium Triangle is the area where Argentina, Bolivia and Chile meet and is home to over half of the world’s identified supply of lithium. The two holes Millennial Lithium drilled in the northern part of the salar, according to the company, “ended in brine bearing formations and confirm that the salar’s brine carrying capacity extends to much greater depths than encountered in previous exploration.”
The company noted that its drilling has been confined to the northern part of the salar and it is in negotiations to expand the southern land package. “Future drilling will include the Southern end of the salar where lithium values are expected to be higher. Two historical holes drilled by Eramine SA in 2011, in the southern portion of Pastos Grandes returned average lithium grades of 558 mg/L and 566 mg/L, significantly higher than Eramine drill holes in the Northern portion.”
Iain Scarr, AIPG CPG., VP Development and Exploration, commented, “We are very pleased that our work has improved on historical results and has significantly increased the potential we see at Pastos Grandes. . .we look forward to advancing this project in 2017.”
Analyst Paul Renken of VSA Capital, in a Jan. 26 report initiating coverage on Millennial Lithium, noted that the company holds “prime acreage in lithium hot spot” with “tenements in three project basins in the highly prospective Salta and Jujuy Provinces, NW Argentina, within the area known as the Lithium Triangle. . .ML has the option to purchase 100% …read more