Lake Resources

Lake Resources NL Expansion Strategy to Fast-track Lithium Projects Initiated

Clean lithium developer Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF) is bringing forward a US$15 million program across its three 100-percent owned projects – Olaroz, Cauchari and Paso – for drilling and brine testing to fasttrack these projects into feasibility studies in the TARGET 100 Program.

Lake has initiated an expansion and integration strategy to fast-track its portfolio of assets in Argentina to deliver the TARGET 100 Program – being the aspirational goal to produce annually 100,000 tonnes of high purity lithium to market by 2030.

A separate exploration and testing team dedicated to rapid development across Lake’s three other brine projects in Argentina will be utilising the comprehensive data set developed during the Kachi project’s direct extraction processing test work.

The drilling program has started with the first rotary well of a 4000m 10-hole program, in the northern areas of the Olaroz leases, which cover a 30km long area on the eastern side of established lithium producers. These projects are located in Jujuy province, in the north-west of Argentina, close to the Allkem (Orocobre) Olaroz operation and the Lithium Americas – Ganfeng JV Cauchari project.

The drill wells are designed to quickly quantify brines identified, develop the aquifers, and conduct pumping tests and provide data for initial feasibility studies. Rotary wells will be followed later by diamond holes.

Brines will be sampled and tested with environmentally friendly direct lithium extraction method, similar to previous work conducted on Kachi project lithium brines.

“Direct lithium extraction, to be used on Lake’s multiple lithium projects, can deliver scalable projects faster to market and supply rapidly increasing demand”, Lake’s Managing Director, Mr Steve Promnitz, said.

Lake’s Chairman, Mr Stu Crow, said that discussions with potential partners to assist the fast-tracking of these assets into production is underway as part of Lake’s ongoing discussions with battery metals customers and Lake’s desire to become an integrated and valuable part of the global supply chains.

Mr Crow also said the four reasons in making the formal decision to expand the Kachi project has also given the company confidence to fast-track expansion and integration of Lake’s other assets in Argentina:

1. the increasing demand by prospective offtake partners for a secure supply chain of environmentally friendly high purity lithium carbonate;

2. the indicative support to fund new projects by Export Credit Agencies and the international bank panel. The UK and Canada Export Credit Agencies have already indicated a willingness to project debt finance around 70 percent of the Kachi project’s capital requirements (ASX announcement 11 Aug 2021);

3. the supportive investment policies of the Argentine Government who have announced a process to lower export taxes as part of the Strategic Plan for Mining Development;

4. the confidence of technology partner Lilac Solutions that its modular direct lithium extraction technology is scalable and cost effective.

“This, combined with increasing customer and consumer scrutiny around the environmental credentials of lithium production; and concerns about security of supply has given us the confidence to fast-track these developments,” Mr Crow said.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/13B49H0D

About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost.

This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.

Source:
Lake Resources NL

Contact:
Steve Promnitz
Managing Director
T: +61-2-9188-7864
steve@lakeresources.com.au

For media queries, please contact:
Nigel Kassulke at Teneo
M: +61-407-904-874
E: Nigel.Kassulke@teneo.com

News Provided by ABN Newswire via QuoteMedia

LLKF
The Conversation (0)
Cleantech Lithium

DLE Pilot Plant First Stage Production Completed, Downstream Process Optimised with Sample of Battery-Grade Lithium Produced

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces completion of the first stage of production from the Company´s DLE pilot plant operations and results from successful downstream process test work to produce battery-grade lithium carbonate by process partners in North America.

Keep reading...Show less
White Cliff Minerals

Appointment of Strategic Advisor

White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce the appointment of John Hancock (“John”) as a Strategic Advisor to the Board of White Cliff Minerals Ltd. The Company expects significant growth with its current and future portfolio of projects in the coming 12 months and is working now to secure appropriate personnel to assist with this.

Keep reading...Show less
Neon battery and lightning shapes.

Top 3 ASX Lithium Stocks of 2024

Global demand for lithium-based power presents a significant opportunity for Australia, the top lithium-producing nation. As countries and companies establish their positions in the battery value chain, Australia has the ability to leverage its strong output and vast reserves to shape the industry landscape into the 2030s.

The future of lithium demand relies heavily on the growth of the electric vehicle (EV) market, and in recent years its rapid expansion has led to much higher mining of the commodity — so much so that the market has entered a surplus.

This oversupply kept lithium prices subdued in the first half of 2024, but experts continue to forecast a bright long-term outlook for the essential battery material as countries around the world pursue net-zero goals.

Keep reading...Show less
White Cliff Minerals

Further IOCG, Copper and Epithermal Mineralisation Discovered at Great Bear Lake U-Cu-Ag-Au Project

Works commence at Nunavut Cu-Ag-Au Project

White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that further widespread, IOCG-U polymetallic, mineralisation has been visually observed during the maiden fieldwork program at the 100% owned Great Bear Lake U-Cu- Au-Ag Project in northern Canada and that works have now commenced at the 100% owned Nunavut Cu-Ag-Au Project.

Keep reading...Show less
Lithium periodic symbol leaning against lithium ore and blue batteries.

Top 6 Lithium Stocks of 2024

Now that Q2 has come to a close, it's time to look at the year's best-performing lithium stocks on Canadian, US and Australian exchanges.

While oversupply and weak prices kept some companies from registering big gains during the first half of 2024, others like those below still saw share price grow.Unlike the fluctuations observed in 2023, the lithium market has exhibited greater stability during the first half of 2024.

However, influenced by weak prices in China, the lithium hydroxide market has seen prices remain lower than anticipated.

Market oversupply prompted some lithium producers to trim 2024 output targets in hopes that some of the excess would be absorbed in the market.

Keep reading...Show less
Lithium periodic symbol and Canadian flag.

Top 5 Canadian Lithium Stocks of 2024

Continued surpluses in the lithium market have weighed down prices and impeded the sector’s growth during the second quarter of 2024. The excess has been attributed to heightened production in 2021 and 2022 amid higher lithium prices.

According to a July Fastmarkets report, increased lithium demand is fully priced into the market. China's lithium carbonate equivalent production from lepidolite rose by 126 percent year-over-year in April, while spodumene production increased by 109 percent. The accumulation of inventory suggests that there is no immediate supply shortage, but time is needed for demand to absorb the surplus.

With so much excess in the market, many lithium producers and explorers have struggled to see positive share price activity. However, several Canadian-listed lithium companies were able to see some growth during the first half of the year.

Keep reading...Show less

Latest Press Releases

Related News

×