Launch of Lake Resources NL (ASX:LKE) expansion strategy to accelerate lithium projects

Sydney, Australia, February 14, 2022 – (ABN Newswire) – Clean Lithium Developer Lake NL Resources (ASX:LKE) (HAM:LK1) (OTCMKTS:LLKKF) has a $15 million program on its three 100% owned projects – Olaroz, Cauchari and Paso – for drilling and brine testing in order to accelerate these projects into feasibility studies under the TARGET 100 program.

Lake has launched an expansion and integration strategy to accelerate its portfolio of assets in Argentina to execute the TARGET 100 program – being the ambitious goal of bringing 100,000 tons of high purity lithium to market annually by 2030.

A separate exploration and testing team dedicated to the rapid development of Lake’s other three brine projects in Argentina will use the full data set developed during the Kachi Project Direct Mining Processing test work.

The drilling program began with the first rotary well of a 4,000m 10-hole program, in the northern areas of the Olaroz concessions, which cover a 30km long area on the east side of established lithium producers . These projects are located in the province of Jujuy, northwest of Argentinanear Allkem (Orocobre) Operation Olaroz and Lithium Americas – Ganfeng JV Cauchari project.

The boreholes are designed to quickly quantify identified brines, develop aquifers, perform pumping tests and provide data for early feasibility studies. Rotary wells will be followed later by diamond drilling.

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

“Direct lithium mining, for use on Lake’s multiple lithium projects, can deliver scalable projects to market faster and meet rapidly increasing demand,” said Lake’s general manager, Mr. Steve Promnitznoted.

president of the lake, Mr. Stu Ravensaid discussions with potential partners to help accelerate these assets into production are ongoing as part of Lake’s ongoing discussions with battery metals customers and Lake’s desire to become an integrated part and valuable part of global supply chains.

Mr Raven also stated that the four reasons for making the formal decision to expand the Kachi project also gave the company the confidence to accelerate the expansion and integration of Lake’s other assets into Argentina:

1. Growing demand from potential supply partners for a secure supply chain of environmentally friendly high-purity lithium carbonate;

2. Indicative support for the financing of new projects by export credit agencies and the international banking panel. the UK and Canada’s export credit agencies have already indicated their willingness to project debt financing of approximately 70% of the Kachi project’s capital requirements (ASX announcement August 11, 2021);

3. the favorable investment policies of the Argentine government which announced a process of reduction of export taxes within the framework of the Strategic Plan for mining development;

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

“This, combined with customer and consumer scrutiny of the environmental credentials of lithium production and concerns about security of supply, has given us the confidence to accelerate these developments,” Mr Raven noted.

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In regards to Lake NL Resources:

Lake NL Resources (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer using clean direct extraction technology to develop sustainable, high-purity lithium from its flagship product Kachi Projectas well as three other lithium brine projects in Argentina. The projects are located 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, responsible, environmentally friendly and competitive supplier of high purity lithium that is easily scalable and in demand by EV and Tier 1 battery manufacturers.

Contact :

Steve PromnitzGeneral manager
Phone. : +61-2-9188-7864
[email protected]

For media inquiries, please contact:Nigel Kassulke at Teneo
M: +61-407-904-874
Email: [email protected]

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