TIDMCTL
RNS Number : 3733A
CleanTech Lithium PLC
22 January 2024
22(nd) January 2024
CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the
"Company")
Drilling Update at Laguna Verde
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF ), an
exploration and development company advancing lithium projects in
Chile, confirms 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 metres 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 tonnes of lithium carbonate
equivalent (LCE) and further establish the commercial opportunity
for CTL's brine-based lithium project.
Highlights:
-- First well LV07 started on 4(th) January and to date has
reached 300 metres of the target 730 metres, the deepest target
depth drilled at the project
-- Second well LV11 started on 17(th) January with a targeted depth of 550 metres
-- 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 1H 2024
-- Generation of updated JORC reserve report is targeted for July 2024
-- A webinar with Executive Chairman, Steve Kesler and CEO, Aldo
Boitano, will be held on Wednesday 24(th) January at 6:00pm (GMT) -
Please register in advance here
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 and will feed into a JORC reserve report and will
update our existing resource estimate of 1.8 million tonnes 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."
Figure 1: LV11 drill rig in place - early January 2024
Figure 2: Technical staff inspecting samples at LV11 - early January 2024
Re-cap on Resource Drill Programme
Figure 3: Drill Plan Map Showing Previous and Planned Well
Locations
At Laguna Verde there is an existing Measured and Indicated
resources of 1.1 million tonnes LCE which makes up the majority of
the total JORC compliant resource estimate of 1.8 million tonnes
LCE. The drill programme aims to convert the Measured and Indicated
component of the resource estimate into Reserves. The existing
resource 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 3, which will contribute to a new JORC
compliant reserve report targeted for completion in July 2024. The
Company has engaged Montgomery & Associates (M&A), a
leading hydrogeological consultant, for the 2024 programme with
technical staff from both CTL and M&A running a 24-hour
operation at the project site.
Company webinar
To discuss the drilling programme and latest corporate activity,
a webinar with the Company will be held on Wednesday 24(th) January
at 6:00pm (GMT) - Please register here to receive the link to the
webinar and investors are welcome to submit questions in advance to
daniel@fox-davies.com who will be hosting the webinar.
**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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END
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