Millennial Lithium Corp. (ML: TSX.V) (A3N2:GR: Frankfurt) (MLNLF: OTCQB) (“Millennial” or the “Company”) is pleased to report positive drilling and analytical results from the latest complete exploration wells at its Pastos Grandes Project in Salta, Argentina. All four new exploration holes (PGMW18-12—15) completed to date have terminated in thick lithium-bearing brine zones with Hole 15 intersecting lithium grades reaching up to 500 mg/L Li with the lithium horizon displaying a thickness of 236 metres.Millennial CEO, Farhad Abasov, commented: “We are very encouraged to see that drilling on the REMSA license at Pastos Grandes salar continues to encounter very thick lithium brine-bearing sequences significantly extending the area of known lithium-rich brine further south. We continue to drill on the REMSA license, seeking to expand the lithium resource in support of the project’s Feasibility Study.”
Exploration holes PGMW18-12, PGMW18-13, PGMW18-14 and PGMW18-15 were drilled to depths of 554 metres (m), 559m, 635m and 594m respectively and all wells terminated in brine-bearing sand. These holes confirm the extension of the brine on to the contiguous REMSA license south of the original core Pastos Grandes licenses. The first three holes are located in a north-south line extending south from PGMW17-04, extending the area of known mineralization a further 3,000m into the REMSA license. Hole PGMW18-15 is located approximately 2,000m to the west of the north-south line and also intersected a thick lithium-bearing brine horizon (see Table 1). All wells bottomed in Li-bearing brine hosted by fine to coarse-grained sand which acts as a strong aquifer.
Exploration well PGMW18-12, drilled to a final depth of 554m, and was sampled using a double packer system, as were all four wells discussed in this release, which is designed to isolate sample intervals. Six brine samples were collected from well PGMW18-12 from 383m to 504m (121m interval) outlining a robust brine horizon grading 491 mg/L Li over a minimum of 121m and bottomed in a flowing sand unit which prevented additional sampling at the bottom of the hole. Impurity levels in the brine are lower than previous drilling at Pastos Grandes with a Mg/Li of 5.8 and a SO4/Li of 17.6. The chemistry of this brine horizon supports the general interpretation that lithium grades are increasing to the south and impurities are decreasing. For reference, the average resource grade for the northern Measured + Indicated resources is 445 mg/l Li, the average Mg/Li is 6.3 and the average SO4/Li is 18.2 (see news release dated Nov. 29, 2017).
Table 1 Summary of Current drill results.
|HOLE ID||FROM (m)||TO (m)||THICKNESS (m)||Li (mg/l)||Mg/Li||SO4/Li|
Well PGMW18-13 is located approximately 1500m south of PGMW18-12 and was drilled to a depth of 559m with 5 samples taken in the lithium-rich horizon. The lithium-bearing aquifer in this well is located at a greater depth, from approximately 450m to the bottom of the well. The increase in the thickness of the overlying halite unit suggests that this location may be located closer to the basin depocenter. Well PGMW18-13 remains open at depth, yielding 55m of lithium-brine with an average grade of 414 mg/L Li from 499m to 554m with a Mg/Li of 6.9 and a SO4/Li of 23.9. This hole bottomed in lithium brine rich sands as the hole was terminated due to limitations of the drilling machine.
Exploration well PGMW18-14 is located approximately 1500m south of well PGMW18-13 near the southern limit of the REMSA license and was drilled to a depth of 635m. 12 samples were taken over the lithium-rich interval. Lithium-rich sand and silt were intersected from 306m to 635m (329m); this interval yielded 432 mg/L Li, a Mg/Li ratio of 6.2 and SO4/Li of 20. Well PGMW18-14 also bottomed in lithium-brine bearing sand, similar to wells PGMW18-12 and PGMW18-13.
Lithium-rich brine was also intersected in well PGMW18-15 located approximately 2,000m southwest of PGMW18-12. This well displays a marked difference in geology, suggesting that that this hole is further removed from the basin depocenter. In the hole the halite horizon extends to only 170m deep followed by fine and coarse sand to the bottom of the hole at 594m. 27 samples were taken over the main 511m lithium brine interval, the thickest interval intersected to date. The brine-bearing section at this location contains an average grade of 451 mg/L Li with 5.8 Mg/Li. Within this thick lithium-rich aquifer is a higher grade zone from 358m to 594m (thickness of 236m) which yielded 500 mg/L Li and Mg/Li of 5.5. Sulphate analyses are pending and expected later in September.
A seismic survey was recently completed on the REMSA license, the results from which will greatly help with the interpretation of the latest drilling results and resource estimation. The results of that survey will be reported as they are received and the information is incorporated with existing drill results and CSAMT survey results over the same area.
Exploration drilling is ongoing with a rig currently at PGMW18-16 located 1200m southeast of PGMW18-12 currently at a depth of 602m and the second rig mobilizing to REM-01(1500m west of PGMW18-12). In addition, pumping tests are underway at PGPW17-4 and pilot evaporation ponds, approximately 3.25 ha in size, are being filled with brine to provide concentrated Li plant-grade feed for the Company’s pilot plant.
Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate QA/QC program in place for ensuring accuracy and precision of the analytical results.
The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.
This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.
To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email firstname.lastname@example.org.
MILLENNIAL LITHIUM CORP.
President and CEO, Director
NEITHER THE 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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.