Strike Resources Announces Commencement Of Lithium Project Work Programme In Argentina

Strike Resources Announces Commencement Of Lithium Project Work Programme In Argentina

On 17th April 2019, Strike Resources Limited (ASX: SRK) announced that it has commenced a work programme at Solaroz Lithium Brine Project in Argentina. This development occurred after the positive meeting with the Secretary of Mines of Jujuy Province in Argentina. The company has started works on preparing an Environmental Impact Assessment (EIA) for the project. It will further include collecting and monitoring baseline environmental data and preparing a detailed proposed fieldwork programme for submission to the Jujuy Mining Authority (the provincial authority responsible for approving exploration and mining activities at Solaroz).

In a nutshell, the Environmental Impact Assessment comprises Environmental Information, Description of the Fieldwork, Environmental Impact, and Environmental Prevention and Mitigation.

The work under Environmental Information involves assessment of the location of the project; geomorphological units; weather description of the area; hydrological bodies in the area; depth of groundwater; water destination; soil use and destination; identification of protected areas; sites with historical, cultural, archaeological or paleontological value.

Description of the Fieldwork includes the objective of the exploration works; access to the project; fieldwork that will be developed; camp and facilities; number of employees; water source, quality and consumption; energy, type and use; chemicals, fuels and lubricants.

Environmental Impact involves the environmental impact of exploration works to geomorphology, water, soil, flora, fauna and the sociocultural environment.

Environmental Prevention and Mitigation consist of measurement and, where applicable, prevention and mitigation of any environmental impacts.

The abovementioned assessment will cover exploration works for a two-year period, which will involve a number of baseline studies and a process of consultation with impacted local communities. It is expected that preparation of the EIA (including community consultation) will take approximately three months.

The company’s proposed exploration programme (subject to granting of the EIA Report) will consist of geophysical surveys, followed by drilling, sampling and flow rate testing. The group is looking forward to working with the local communities, its local partner, Hanaq Argentina S.A. and the Jujuy Mining Authority to successfully advance the Solaroz Project.

The Solaroz Project is located at Salar de Olaroz Basin in North-West Argentina surrounded by TSX-listed Lithium Americas Corporation (TSX: LAC) and Orocobre Limited (ASX:ORE). The company acquired a 90% stake in 12k hectares of this highly-prospective lithium concessions in March 2019.

In its H1 FY19 results, the company reported a decrease in the revenue from $248,326 in H1 FY18 to $175,979 in H1 FY19. Its total expenses increased from $625,820 in H1 FY18 to $857,629 in H1 FY19. Its loss after tax increased from $377,494 in H1 FY18 to $681,650 in H1 FY19.

On the stock information front, at the time of writing (on April 17, 2019, AEST: 01:00 PM), the stock of Strike Resources was trading at $0.084, down 1.176% with a market capitalisation of ~$12.35 million. Today, it touched day’s high at $0.084, which was also its day’s low with a daily volume of 15,000. Its 52 weeks high was at $0.105 and 52 weeks low at $0.042, with an average volume of 522,434. Its absolute return for five years, one year, six months, and three months are 88.89%, 41.67%, 63.46%, and 84.78%, respectively.


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