The project borders on advanced development projects and may contain high-grade extensions of the region’s lithium brines.
Lake Resources NL (ASX: LKE) has made progress in drilling its Cauchari Lithium Brine project in Argentina, with two rigs currently on site working on the four-hole 1,500-meter program.
The drilling is expected to support geophysical work which has shown a probable extension to high grade lithium brines from adjacent properties.
The Cauchari project area borders the Ganfeng Lithium and Lithium Americas (TSX: LAC) Mariana Lithium-Potash Project joint venture and the Orocobre Limited (ASX: ORE) and Advantage Lithium Corp (CVE: AAL) joint venture Cauchari Project.
Third-party drilling results near the Cauchari lease line include 600 to 705 milligrams per liter of lithium with high flow rates.
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A rotary drilling rig is drilling 100-meter pre-glue holes through the gravel to speed up diamond drilling in the targeted brines.
The diamond drill rig has advanced on the first drill hole and is currently approximately 110 meters away.
The rotating rig has completed the 100-meter-deep pre-collar at the second drill hole, which will help the diamond rig move through the upper gravel in the brine sequence.
The two holes are 2,500 meters apart.
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Lake also established an unsecured loan facility of $ 500,000 at a commercial interest rate with a current shareholder.
The facility will be available immediately for short-term financing of exploration activities, including the Cauchari drilling.
The Argentina-focused lithium explorer is in talks with a number of potential strategic investors to advance its projects through the pre-feasibility and feasibility stages.