Lithium Energy (ASX:LEL) hit confidence milestone at Solaroz LithiumOctober 26, 2023
Continued drilling on the brines of Solaroz has upgraded a large portion of Lithium Energy‘s 3.3Mt Lithium Carbonate Equivalent JORC resource in the heart of the Lithium Triangle in Argentina.
A total of 2.4Mt of Lithium Carbonate Equivalent was converted into the Indicated category and within that sits a high grade 1.2Mt core holding an average concentration of 400mg/l lithium.
Lithium Energy is one of just three groups controlling lithium rights over an Olaroz Salar playing host to one of Argentina’s largest mines, and an increased confidence on a substantially sized and graded resource further reinforces its position.
Lithium Energy Executive Chairman William Johnson said it was a very significant milestone, and the Indicated resources will now underpin the project’s soon-completed Scoping Study from industry leader Hatch.
“Solaroz is located on the Olaroz Salar in North-West Argentina, one of the best locations in South America’s ‘Lithium Triangle’ for developing large scale lithium brine operations, as evidenced by our Olaroz neighbours Allkem and Lithium Argentina,” Mr Johnson said.
“Allkem has reported production of lithium carbonate from Olaroz since 2015 using traditional brine evaporation, with latest reported cash costs of only US$4,149/tonne LCE and high margins per tonne of LCE.”
The resource comes from a little over 4600 hectares of the company’s 12,000 of concessions at Solaroz, and the plan is more drilling and resource expansion.
Mineralisation remains open at depth within the project’s Deep Sand unit and the underlying bedrock sediments which remain improperly tested, and the company eye more growth from the Northern block of concessions which have only seen a lone, limited drill hole.
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