Lithium Energy Ltd (ASX:LEL) has further extended the massive intersections of conductive brines at its flagship Solaroz Lithium Brine Project in Argentina, situated in the heart of South America’s lithium triangle.
The brine intersections at the fourth and fifth holes drilled so far at the site extended up to around 473.5 metres, with lithium brine concentrations over 480 mg/L encountered as drilling enters into the lower aquifer.
The company is one of only three groups that control the lithium concession rights on the Olaroz Salar, with the remainder held by Allkem Limited and Lithium Americas Corporation.
With three rigs soon to be operating concurrently, LEL is rapidly advancing towards defining its maiden JORC resource at Solaroz, and the US10.6 million Allkem/Livent merger is a clear endorsement of the company's strategy to accelerate the development of Solaroz alongside Allkem.
Extending "outstanding intersections”
LEL executive chairman William Johnson said: The $10.6 billion merger of Allkem and Livent highlights the world-class location of the Olaroz Salar in Argentina, where Allkem shares the lithium rights with Lithium Energy (Solaroz) and Lithium Americas Corporation.
“Drilling continues to extend outstanding intersections of lithium-rich brines at Solaroz, with 473.5 metres of brines now encountered in SOZDD004 so far and 417.5 metres in SOZDD005.
“Further assay results to current drill hole depth (almost 800 metres at SOZDD004) are yet to be received, with potential for the intersections to therefore increase even further in each hole.
“As previously reported, the significance of these intersections at SOZDD004 and SOZDD005 cannot be overstated as they highlight the continuity of massive zones of lithium-rich brines along a ~15-kilometre zone between previously drilled Solaroz drillholes SOZDD001 and SOZDD003.
“With three rigs soon to be operating concurrently, we are excited to be rapidly advancing towards defining our maiden JORC resource at Solaroz and consider the Allkem/Livent merger as a clear endorsement of our strategy to accelerate the development of Solaroz alongside Allkem.
US$10.6 billion merger
Lithium Energy’s Solaroz Project comprises a substantial portion of the lithium rights in the Olaroz Salar basin that hosts Allkem’s flagship Olaroz Lithium facility.
Earlier this week, Allkem revealed a US$10.6 billion merger with lithium processing technology company, Livent Corporation.
This merger highlights the premium value being placed on large-scale lithium brine projects in Argentina, where Argentina is regarded as the country with the most supportive jurisdiction for lithium production within South America’s prolific lithium triangle.