Lithium producer, Orocobre Limited (ASX: ORE) today announced the drilling update on the brine sampling of diamond core holes at Cauchari in Jujuy Province, Argentina.
The brine sampling results relate to two diamond core holes CAU20 and CAU21 demonstrating the update on Phase III infill drilling at Cauchari, a joint venture property with Advantage Lithium Corporation. The joint venture partner of exploration program holds 75% of Cauchari while Orocobre owns 33.5% of Advantage Lithium’s issued capital and 25% directly in the joint venture.
CAU20 is a resource hole drilled in the northern part of the NW Sector between previous holes CAU07, CAU17 and CAU18. The completion of systematic brine sampling confirmed high quality 629 mg/l lithium and 4,537 mg/l potassium from 113-318 metres depth in CAU20. This brine sampling result is said to be similar to those of Orocobre’s Olaroz project, just adjacent to Cauchari.
CAU21 is also a resource hole drilled between previous holes CAU07 and CAU16 in the north of the NW sector. In the results announced this morning it was unveiled that 607 mg/l lithium and 4,691 mg/l potassium from 125-265 metres depth exist in that area. The company said that samples were recorded at standard 12 metres intervals.
This NW Sector drilling results also confirmed a very low Mg/Li ratios and low SO4/Li ratios along with low boron and calcium concentrations which is excellent for conventional brine processing. Orocobre informed that drill holes have primarily encountered the gravels and sandy sediments that are anticipated to have excellent permeability and high drainable porosity which will support high pumping rates.
Further, in relation to pumping test which is to be carried out for 30 days on test production well CAU07 and CAU11 in the NW Sector and in the SE Sector, respectively, the company said that activities are underway for the installation of monitoring wells, pipelines and other infrastructure.
Along with announcing drilling result at CAU20 and CAU21, the company provided drilling update on CAU24 in the southern portion of the NW Sector. Hole CAU24 is said to be completed which confirms the intersection of a sequence of sandy sediments and gravels below an underlying salt and surficial clay units. It indicated that brine resources are normally in permeable sand dominated units which continue over a 20 km distance north to CAU18.
Dually Listed on Australian Securities Exchange and Toronto Stock Exchange, Orocobre Limited is a global boron producer and lithium carbonate supplier.
Following the announcement of drilling results, Orocobre’s share price edged up by 1.38% to $3.670 on 19 September 2018 (1:30 PM AEST). The stock has seen a performance change of -16.82% over the past one year.
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