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 exploration wells at its Pastos Grandes Project in Salta, Argentina. Two new exploration holes (PGMW18-16 and 17) have intersected, and bottomed in, lithium-bearing brine zones, with PGMW18-17 intersecting positive lithium grades in a 545 meter thick lithium-bearing horizon, including a high grade of 701 mg/L Li. A 40 person camp is being installed at the site, including a state of the art solar-hybrid power system as work advances at the site on a pilot plant to produce battery grade lithium carbonate.Millennial is also pleased to announce that it has engaged Credit Suisse to act as a lead financial advisor to assist the Company with respect to potential future project financing alternatives and ongoing strategic discussions.
Millennial CEO, Farhad Abasov, commented: “We are very encouraged to see that drilling on the REMSA license at Pastos Grandes salar continues to encounter lithium-rich brine, significantly extending the area of known lithium-rich brine further west toward the edge of the salar. Millennial has already started a full feasibility study on its lithium brine project in Pastos Grandes, Salta, which is scheduled to be completed in Q2 2019. Millennial is fully funded to complete the feasibility study as well as all other programs with a very strong cash balance of C$56 million. The Company is embarking on a process of securing construction financing which is planned to be concluded in 2019.”
Exploration holes PGMW18-16 and PGMW18-17 were drilled to depths of 641 metres (m), and 605m respectively and both wells terminated in brine-bearing sand. These holes confirm the extension of the brine on to the contiguous REMSA license southeast and southwest of the original core Pastos Grandes licenses suggesting additional potential to expand the currently calculated resource beyond the initial Pastos Grandes licenses.
Exploration well PGMW18-16, drilled to a final depth of 641m close to the southern margin of the basin, was sampled using a double packer system which is designed to isolate sample intervals. Thirteen brine samples were collected from between depths of 75m to 641m (566m interval). This area was found to be dominated by halite with minor sand and clay seams. A zone of halite with sand and minor clay from 306m to 374m (68 m thickness) yielded an average of 499 mg/L Li with an Mg:Li of 7.1 and an SO4:Li of 21.2. The well bottomed in a halite-sand unit which yielded 495 mg/L Li, an Mg/Li of 6.5 and an SO4/Li of 22.9 from 624m to 641m (see Table 1) indicating the lithium zone remains open at depth. Exploration well PGMW18-16 is located approximately 2 km southeast of well PGMW18-12 and the significant halite section in this well suggests it may occupy the depocenter of the basin.
Table 1 Summary of Current drill results.
|HOLE ID||FROM (m)||TO (m)||THICKNESS (m)||Li (mg/l)||Mg/Li||SO4/Li|
Well PGMW18-17 is located approximately 1500m southwest of PGMW18-12 and was drilled to a depth of 605m. Twenty-nine brine samples were taken by packer sampling with the well dominated by halite from surface to 194m and then by fine- to medium-grained sand to the bottom of the well. The entire section in well PGMW18-17 is enriched in lithium returning 444 mg/L Li from 60m to 605m (545m thickness) and an Mg/Li of 6.0. The maximum Li value obtained was 701 mg/L Li at a depth of 135m. Well PGMW18-17 bottomed in lithium brine rich sands (last sample returned 519 mg/L Li) as the hole was terminated at 605m due to limitations of the drilling machine.
Exploration drilling is ongoing with a rig currently at PGMW18-18, located approximately 2000m south of PGMW18-15 in the southwest corner of the REMSA license. Drilling is currently at a depth of 389m; the second drilling machine is mobilizing to PGMW18-19 located about 1,000m northeast of PGMW18-12. In addition, the 21 day pumping test at PGPW17-04 has been completed and data compilation is underway. Two pumping well drill machines have been mobilized to site to expedite additional pumping tests. Pilot evaporation ponds, approximately 3.25 ha in size, have now been filled with brine to provide concentrated Li plant-grade feed for the Company’s pilot plant. The Company has posted a recent time-lapse video of the construction of the pilot ponds and the reader is encouraged to visit the Company’s website, www.millenniallithium.com, and view the ongoing progress at its Pastos Grandes Project.
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
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