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 8,664 hectares, making Millennial the most active company in this expansive salar.
The project’s previous operator spent over $5 million CDN in development work at Pastos Grandes. This included six exploration wells, which encountered prospectively economic grades.
Drilling by Millennial attests to the presence of increasingly superior grades at depths to 600 meters.
Pastos Grandes has the potential to go into production within 2 years.
Millennial has completed a preliminary economic assessment (PEA).
No known environmental obstacles to slow down the company’s aggressive timeline towards a production decision.
The Company has acquired 100% of the Pastos Grandes Lithium Project in Salta Province Argentina.
An additional 4,236 hectares have been granted by the government of Salta.
Salar contains brines with a density of 1.2+ and Li contents of 350mg/l to 600mg/l, with some values exceeding 3000 mg/l lithium.
SUCCESSFUL PHASE II DRILL RESULTS,
RESOURCE AND PEA
Following the success of the Phase I confirmation drilling program, Millennial proceeded immediately to Phase II – resource estimation. Drilling to date includes 21 core and rotary exploration holes, and 2 production-scale pumping test wells amounting to a total of more than 9,000 meters.
The exploratory drilling confirmed that the brine is present to far greater depths than previously believed, and was conducted with the goal of estimating a resource. The resource estimate, released December 2017, just 14 months after the start of the program, amount to 2.1MMT in the measured and indicated category and an additional 0.9MMT inferred.
At the same time, Millennial commissioned WorleyParsons to complete a Preliminary Economic Assessment. The study, completed in February, recommended continuing towards a DFS, finding an after-tax NPV8 of $824 million, based on production of 25 thousand tonnes per year lithium carbonate over a mine life of 25 years. Of course, PEA is, as the name implies, preliminary in nature and there is no certainty that the assessment will be realized; it includes inferred resources that are considered too speculative geologically to have the economic consideration applied to them to be categorized as mineral reserves.
“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