CleanTech Lithium PLC, an exploration and development company advancing lithium projects in Chile, has confirmed that the drilling of the second well has started in the recently commenced drilling programme at Laguna Verde.
Two drill rigs are now operating simultaneously with the first well already reaching a depth of 300 m and samples being collected for analysis. The drilling programme at Laguna Verde aims to convert resources into reserves, to upgrade the existing JORC resource estimate of 1.8 million t of lithium carbonate equivalent (LCE) and further establish the commercial opportunity for CTL’s brine-based lithium project.
- First well LV07 started on 4th January and to date has reached 300 m of the target 730 m, the deepest target depth drilled at the project.
- Second well LV11 started on 17th January with a targeted depth of 550 m.
- Two drill rigs are now operating simultaneously and running 24 hours a day to accelerate the drilling programme.
- The programme has been designed in collaboration with Montgomery & Associates, a leading hydrogeology and resource evaluation consultancy.
- Results from the drilling and planned pump test and reinjection tests will be reported to the market on an ongoing basis during 1H24.
- Generation of updated JORC reserve report is targeted for July 2024.
Aldo Boitano, Chief Executive Officer, CleanTech Lithium said: “After the successful fundraise towards the end of 2023, we have started off the new year with an active drilling programme to further advance our resource evaluation at the Laguna Verde lithium project.
“We are happy with the progress made already by the team at Laguna Verde and look forward to maintaining this momentum throughout the drilling programme. With more wells planned in the first half of the year, the data collected will be analysed on an ongoing basis, will feed into a JORC reserve report, and will update our existing resource estimate of 1.8 million t of LCE. This is yet another positive step towards increasing the commercial value of the project before we engage with strategic partners looking for a reliable supplier of lithium.”
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