PASTOS GRANDES PROJECT
The Company’s advanced-stage flagship project is the Pastos Grandes Lithium Project in Salta Province, Argentina.
TIMELINE TO PRODUCTION
SPENT IN DEVELOPMENT
The Pastos Grandes Lithium Project currently covers over 6,361 hectares, making Millennial the most active company in this expansive salar.
The project’s previous operator, Eramine Sudamerica SA, spent over $5 million CDN in development work at Pastos Grandes. This includes six exploration wells, which encountered prospectively economic grades.
Recent drilling by Millennial attests to the presence of increasingly superior grades at depths to at least 352 meters.
Pastos Grandes has the potential to go into production within 3 years.
Millennial is anticipating the completion of a preliminary economic assessment (PEA) by the summer.
No environmental obstacles exist to slow down the company’s aggressive timeline towards a production decision.
The Company has an option to acquire 100% of the Pastos Grandes Lithium Project in Salta Province Argentina.
Applications for an additional 4,236 hectares have been submitted to the government of Salta.
Salar contains brines with a density of 1.2+ and Li contents of 400mg/l to 600mg/l, with some values exceeding 3000 mg/l lithium.
SUCCESSFUL PHASE I DRILL RESULTS
A test hole drilled at Pastos Grandes in December, 2016, to a target depth of 352 metres encountered lithium brine throughout the hole. This reinforces the theory that the lithium resources at Pastos Grandes are much larger than was previously believed.
By way of explanation, the past project operator at Pastos Grandes only drilled into lithium brine to a maximum targeted depth of 160 metres, unaware of the salar’s greater potential at depth.
Vice President of Exploration and Development, Iain Scarr, also notes that grades are expected to improve at depth because lithium is denser than water and concentrates as it sinks.
“These results exceed our expectations in terms of brine availability and flow. We are excited to be able to advance this program to pumping trials,”
– Iain Scarr