TIDMCTL
RNS Number : 8646Y
CleanTech Lithium PLC
08 January 2024
8th January 2024
CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the
"Company")
New Resource Drilling Programme Commences at Laguna Verde
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF )
commences new drilling programme at the Laguna Verde project and
outlines planned activity.
Highlights:
-- Drill rig mobilisation and establishment of drillers camp and
support services now completed with the drilling of the first of
five planned wells, LV07 (see figure 1), having started on 4
January 2024
-- Drill programme to target upgrade of existing JORC resource
and to convert resources into reserves
-- Generation of a reserve estimate of lithium carbonate
equivalent (LCE) is to be included in the Project's pre-feasibility
study and ultimately the project's production plan
-- CTL has engaged leading hydrogeology and resource estimation
consultant Montgomery & Associates for the resource drill
programme and JORC reserve report
-- The programme will include reinjection testing to further
define the brine extraction and reinjection model, as the Company
continues to be a leader in advancing a direct lithium extraction
(DLE) based sustainable lithium production model in Chile.
Aldo Boitano, Chief Executive Officer, CleanTech Lithium said:
"We are excited to start off the new year with another active
drilling programme at our flagship project, Laguna Verde. The aim
of this drilling programme is to upgrade the current JORC resource,
converting resources into reserves. This provides a key input into
the pre-feasibility study and will inform the environmental impact
assessment, all of which will support CTL's conversations with
potential strategic partners.
We are working with a leading international consultant,
Montgomery & Associates, to deliver the resource drill
programme which will include reinjection testing. The reinjection
of spent brine is key to minimizing aquifer depletion. Furthermore,
we are expecting results from our DLE test work and first eluate
production from our pilot plant in the coming weeks. We are looking
forward to a busy and highly productive 2024."
Figure 1: LV07 drill rig in place with work tent - early
January 2024
---------------------------------------------------------
Resource Drill Programme
At Laguna Verde a resource drill programme is planned to convert
existing Measured and Indicated resources of 1.1 million tonnes LCE
into Reserves. The existing JORC compliant total resource estimate
of 1.8 million tonnes of lithium carbonate equivalent (LCE) is
based on six wells completed in 2022 and 2023. A further five wells
are planned to be completed in the first half of 2024, as shown in
figure 2, which will contribute to a new JORC compliant reserve
report targeted for completion in July 2024. The Company has
engaged Montgomery & Associates, a leading hydrogeological
consultant, for the 2024 programme.
Figure 2: Drill Plan Map Showing Previous and Planned Well
Locations
-----------------------------------------------------------
The drill programme will comprise four diamond drill holes and
one wide diameter reverse circulation well (LV09) which will be
used for planned extraction and reinjection tests. The data
generated from this testing will be used in the key hydrogeological
models for the project, being the water balance model for the basin
and the groundwater flow model, that are used in reserve
estimation, feasibility studies, the Environmental Impact
Assessment (EIA), and ultimately the project's plan for
production.
The drilling contractor has mobilised equipment, installed the
drillers camp and completed access roads for the planned new
wells.
Figure 3: Mobilisation of Equipment and Drillers Camp - late
December 2023
Drilling of the first planned well, LV07, started on 4 January.
LV07 will be targeting a depth of up to 700m based on the results
of the gravity survey in 2023, which is the deepest target depth
drilled at the project to date. Two drill rigs will be used to
accelerate the programme. Results from the drilling and
hydrogeological evaluations will be reported to the market on an
ongoing basis during 1H 2024.
Direct Lithium Extraction Process Test-work Update
The Company is nearing completion of important DLE test work
which will be reported to the market. Trials using the brine from
the Company's projects have been ongoing, utilising CTL's lab-scale
DLE carousel unit in Copiapó as well as at the facilities of the
Company's DLE process partners. These trials provide information on
key operating parameters that will be applied as the Company ramps
up the production of DLE eluate from its pilot plant, with first
eluate production expected in the coming weeks.
**ENDS** For further information contact:
=====================================
CleanTech Lithium PLC
Aldo Boitano/Gordon Stein Jersey office: +44 (0) 1534 668
321
Chile office: +562-32239222
Or via Celicourt
Celicourt Communications +44 (0) 20 7770 6424
Felicity Winkles/Philip cleantech@celicourt.uk
Dennis/Ali AlQahtani
Dr. Reuter Investor Relations +49 69 1532 5857
Dr. Eva Reuter
Harbor Access - North +1 475 477 9401
America
Jonathan Paterson/Lisa
Micali +569 95348744
Ernesto @publicoporternovelli.cl
Porter Novelli - Chile
Ernesto Escobar
+44 (0) 207 628 3396
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Asia Szusciak
Fox-Davies Capital Limited +44 (0) 20 3884 8450
(Joint Broker)
Daniel Fox-Davies daniel@fox-davies.com
Canaccord Genuity Limited +44 (0) 207 523 4680
(Joint Broker)
James Asensio
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Notes
About CleanTech Lithium
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an
exploration and development company advancing sustainable lithium
projects in Chile for the clean energy transition. Committed to
net-zero, CleanTech Lithium's mission is to produce material
quantities of battery grade using sustainable Direct Lithium
Extraction technology, powered by renewable energy, the Company
plan to be the leading supplier of 'green' lithium to the EV and
battery manufacturing market.
CleanTech Lithium has four lithium projects - Laguna Verde,
Francisco Basin, Llamara and Salar de Atacama - located in the
lithium triangle, the world's centre for battery grade lithium
production. The two major projects: Laguna Verde and Francisco
Basin are situated within basins controlled by the Company, which
affords significant potential development and operational
advantages. All four projects have direct access to existing
infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for
processing and reducing the environmental impact of its lithium
production by utilising Direct Lithium Extraction. Direct Lithium
Extraction is a transformative technology which removes lithium
from brine, with higher recoveries and purities. The method offers
short development lead times, low upfront capex, with no extensive
site construction and no evaporation pond
development so there is no water depletion from the aquifer. www.ctlithium.com
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