Neo Lithium announces positive new drill and testing results from Argentina lithium project
Neo Lithium Corp (CVE:NLC) (OTCMKTS:NTTHF) announced Monday that further drilling at its 3Q lithium project in Argentina revealed that high-grade lithium mineralization extended deeper than previous work had shown.
Earlier drilling at 3Q had stopped at 100 metres depth, but today’s announcement extends this limit to 160 metres.
"The high-grade zone in the northern end of the 3Q project has been drilled in the past down to only 100 metres with PB-R-18. Results of the new hole, PB-1-R24 extends the high-grade zone down to 160 metres," said Waldo Perez, President and CEO of Neo Lithium in a statement. "We will continue our efforts to extend the resource of the high-grade zone at depth in order to hopefully increase high grade reserves at the final feasibility stage."
The Toronto-based company also completed a total of 22 pump tests on the lithium brine project that provided stable lithium production. The yield was approximately 10%, which is in line with the hydrogeological model of Neo Lithium’s pre-feasibility study.
"These long-term pump test results validate our extensive pump tests database," added Waldo Perez. "This salar has a very high productivity and only 5 wells are required for the full production of 20,000 LCE described in the prefeasibility study."
The 3Q project is located in Argentina’s Catamarca province, the largest lithium producing area in the country. The project is a high-grade lithium brine lake and salar complex in what is known as the “Lithium Triangle” in Latin America, an area known for its proliferation of lithium deposits.
Shares of Neo Lithium were trading at C$1.06 in Canada and US$0.79 in the US on Monday morning.