The most recent drill results from Millennial Lithium's Pastos Grandes
project in Argentina show the lithium grades extend to depth.
Millennial
Lithium Corp. (ML:TSX.V; MLNLF:OTCQB) reported that two holes drilled
vertically to 355 meters and 400 meters at the Pastos Grandes project in
Argentina in the Lithium Triangle have returned high lithium grades to depth. The Lithium
Triangle is the area where Argentina, Bolivia and Chile meet and is home to
over half of the world's identified supply of lithium. The two holes
Millennial Lithium drilled in the northern part of the salar, according to
the company, "ended in brine bearing formations and confirm that the
salar's brine carrying capacity extends to much greater depths than
encountered in previous exploration."
The company noted that its drilling has been confined to the northern part
of the salar and it is in negotiations to expand the southern land package.
"Future drilling will include the Southern end of the salar where
lithium values are expected to be higher. Two historical holes drilled by Eramine
SA in 2011, in the southern portion of Pastos Grandes returned average
lithium grades of 558 mg/L and 566 mg/L, significantly higher than Eramine
drill holes in the Northern portion."
Iain Scarr, AIPG CPG., VP Development and Exploration, commented, "We
are very pleased that our work has improved on historical results and has
significantly increased the potential we see at Pastos Grandes. . .we look
forward to advancing this project in 2017."
Analyst Paul Renken of VSA Capital, in a Jan. 26 report initiating
coverage on Millennial Lithium, noted that the company holds "prime
acreage in lithium hot spot" with "tenements in three project
basins in the highly prospective Salta and Jujuy Provinces, NW Argentina,
within the area known as the Lithium Triangle. . .ML has the option to
purchase 100% of the Pastos Grandes project, the more advanced of the three
land holdings." Historic work at Pastos Grandes "identified salar
brines with Li contents of 400mg/l to 600mg/l from surface with assays as high
as 3,000mg/l."
Renken stated, "We expect the company to declare a maiden resource
during H1 2017 for which it is fully funded with a PEA to follow soon after.
The land position which ML holds is highly prospective with known lithium
bearing salars that could rapidly be brought into production, making the
shares a compelling early-stage opportunity. "
"ML represents a compelling entry into the prime lithium producing
region of the world the Lithium Triangle. They have acquired strategically
placed land packages upon or adjacent to known lithium brine bearing salars
that are in various stages of current exploration and development. ML has
raised sufficient capital in early funding to bring its primary project,
Pastos Grandes, to NI43-101 compliant resource over the course of 2017,"
said Renken.
Renken concluded that "these attributes give ML the early developer
advantage over many of its peers in the Triangle which will need longer
property assessment periods. We also foresee a development capex cost
advantage for ML at Pastos Grandes versus other salar developers in Argentina
and elsewhere in the Lithium Triangle given its more compact basin and
property position more in keeping with the appetite to fund by investors at
this time than larger, riskier situations."