BRISBANE, Australia,
Nov. 27, 2018 /CNW/ -- Orocobre
Limited (ASX: ORE, TSX: ORL) ("Orocobre" or "the
Company") provides the following general update on activities
at the Cauchari JV property located in Jujuy Province, Argentina.
The exploration program is being managed by JV partner
Advantage Lithium Corp. ("Advantage Lithium") (TSX
Venture: AAL) (OTCQX: AVLIF) who hold 75% of Cauchari. Orocobre
owns 33.5% of Advantage Lithium's issued capital and 25% directly
in the joint venture.
Highlights:
- The Phase III infill drilling and resource conversion program
is close to completion in the NW Sector and continues in the deep
sand unit in the SE Sector. The program is currently on track to
upgrade the current Inferred Resource to Measured and Indicated
Resources by early 2019
- Drilling of holes CAU22, CAU25, CAU27 and CAU19 recently
completed in the SE Sector
- Drilling of holes CAU28 and CAU29 completed to extend the NW
Sector resource area further south, increasing it by ~20%. Drilling
identified the presence of an extensive (>300 m thick) sequence of sand and gravel in the
southern continuation of the NW Sector
- Constant-rate pumping test completed in CAU11 to simulate
long-term production; CAU07 pumping test to begin within 2
weeks.
Managing Director & CEO Richard
Seville commented: "I am very pleased that the current Phase
III drilling program has expanded the footprint of the resource
area, as we rapidly progress towards updating the current resource
to Measured and Indicated categories. The current constant rate
pumping test that was completed on 25th November
provided important information on the basin hydrology. We are now
well advanced with the Environmental Impact Assessment and are in
the final stages of selecting engineering consultants to deliver
the Definitive Feasibility Study for the project".
NW Sector Drilling Update
Drilling is close to completion in the NW Sector with holes
CAU28 and CAU29 completed since the last update on activities when
CAU24 was completed. CAU28 and CAU29 extend the June 2018 resource area some 5 km further to the
south and increase the area for the update of the NW Sector
resource by approximately 20%.
CAU28 and CAU29 are located 2.6 km and 5.1 km, respectively,
south of CAU24. It should be noted that brine mineralisation is
still open to the south in the JV properties. These drill holes in
the NW Sector have intersected an extensive sequence (over
300 m) of sand and gravel, which
appears to have high porosity and permeability, making it
attractive for future brine extraction. CAU23 is located in the NW
Sector between holes CAU15 and CAU24.
SE Sector Drilling Update
CAU25 and CAU27 have been completed along the eastern edge of
the SE Sector. These holes were completed at depths of 427 and
473 m respectively and intersected a
sequence with some sandy material interbedded with halite and clay
units.
CAU19 has been completed in the southwest of the SE Sector to a
depth of 519.5 m. This hole
intersected the deep sand unit from 434
m to 519.5 m (a thickness of
>85 m), with sandy units
continuing at the end of the hole. CAU19 is close to the southern
boundary of the property and confirms the extension of the deep
sand into this area.
Pumping Tests
The constant rate pumping test has been completed on test
production well CAU11 in the SE Sector, following completion of a
variable rate test to confirm the pumping rate for the constant
rate test. Brine concentrations were monitored throughout the test,
in addition to water levels in the pumping well and a network of
surrounding observation wells. The final preparations are currently
underway for the CAU07 pumping test in the NW Sector.
The tests will provide additional information on aquifer
characteristics as an input to the three-dimensional groundwater
model that is being developed to estimate lithium reserves and to
develop a production schedule for the project.
Definitive Feasibility Study Consultant Selection
Proposals were received from four international engineering
companies in response to a request for proposal by the company for
the Definitive Feasibility Study engineering for all aspects of the
company's Cauchari project. The company is in the final stages of
selecting one of these companies for the DFS engineering.
Environmental Impact Assessment
The company and consultants continue to advance the
Environmental Impact Assessment, with preparation of key chapters
for the EIA document underway.
For more information please contact:
Andrew Barber
Investor
Relations
Manager
Orocobre
Limited
T: +61 7 3871
3985
M:+61 418 783
701
E: abarber@orocobre.com
W: www.orocobre.com.au
Qualified Person's/Competent Person's Statement
The information in this report that relates to exploration
reporting at the Cauchari JV project has been prepared by Mr.
Murray Brooker. Murray Brooker is a geologist and hydrogeologist
and is a Member of the Australian Institute of Geoscientists. Mr.
Brooker is an employee of Hydrominex Geoscience Pty Ltd and is
independent of Orocobre. Murray has sufficient relevant experience
to qualify as a competent person as defined in the 2012 edition of
the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. He is also a "Qualified Person" as
defined in NI 43-101. Murray Brooker
consents to the inclusion in this announcement of this information
in the form and context in which it appears.
About Orocobre Limited
Orocobre Limited (Orocobre) is
a dynamic global lithium carbonate supplier and an established
producer of boron. Orocobre is dual listed on the Australia and Toronto Stock Exchanges (ASX:
ORE), (TSE: ORL). Orocobre's operations include its Olaroz Lithium
Facility in Northern Argentina,
Borax Argentina, an established Argentine boron minerals and
refined chemicals producer and a 33.5% interest in Advantage
Lithium.
For further information, please visit www.orocobre.com
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SOURCE Orocobre Limited