Lake Resources NL (ASX:LKE) Managing Director Steve Promnitz was featured in an interview with the Finance News Network about the company’s latest drill results and upcoming plans.
Lake Resources NL (ASX:LKE) Managing Director Steve Promnitz was featured in an interview with the Finance News Network about the company’s latest drill results and upcoming plans. Lake Resource’s Cauchari lithium brine project is surrounded by major players, such as Lithium Americas Corp. (TSXV:LAC), SQM (NYSE:SQM), Ganfeng Lithium and Advantage Lithium Corp. (TSXV:AAL).
According to Promnitz, the recent drill results returned 480 milligrams per liter lithium, which holds three implications for the company. Promnitz stated that the company could get better numbers or target deeper horizons, but is content with being able to demonstrate that it has similar brines to its neighbors.
“First of all, they’re similar results from similar horizons as the project right next door to us, and the project right next door to us is called Cauchari, as well. Ganfeng, the number two lithium producer, has just paid nearly US$400 million to buy half of that, and the best of all is that its proof positive of a long-held theory of ours. That we can drill alongside these major projects on the margins, and actually find the same sort of results,” said Pomnitz.
Promnitz also provided an update for Lake Resources’ flagship Kachi project. Lake Resources is currently developing a pre-feasibility study for the project. The company is in the design and engineering stage of its pilot plant for direct lithium brine extraction. The company expects the plant to be operating by the end of 2019.
With Cauchari moving forward, Lake Resources intends to start drilling at the Olaroz project next door.
To watch the full interview, click here.